The Sub Prime Credit Thread - Part IV

ElkyElky

fairmorn308 wrote: »

Need some advice.

What sort of account can i get that i can pay into but there is a limit of when i can withdrawl the money as i think this is the only way i will mange to save money. these online instant access saving accounts are useless for me.

There are savings accounts such as a Halifax monthly saver which you must save between £25 and £300 each month and it is locked for 1 year so you cannot withdraw from it.

I believe most banks have a monthly saver like this.

Unless you're willing to apply for a bond (2-5 years with a minimum deposit usually £1k) then the best thing in your situation is to try and get into the saving habbit and resist withdrawing (plus its rewarding watching your balance grow and grow).

slykal

ElkyElky wrote: »

One would have to use their cheques. Vanquis does not support super balance transfers, which is a good thing. The transaction will be treated as cash and you will be charged a crazy ridiculous amount of interest, not to mention a fee, usually 3%.

Thanks for the quick response. The reason I asked is because I found this on their site:

"2. Does your bank account need a top up before pay day?
Transfer cash from your Vanquis account into your bank account by calling us on 0871 770 5555*. Please have your bank account number and sort code ready when you call us. The cash will reach your bank account in around 3-4 working days.

:huh:

I just checked the Credit card cheques summary box (on one of the letters they sent to me) and the the cheque interest rate is the same as the cash interest rate.

fairmorn308

ye I think i might be ok tbh cause now i dont have any debt outgoings i think i will enjoy seeing my bank balance going up instead of down all the time. Not sure if should put money into a savings account or just keep in current account cause am not sure if i will need money any time soon or not

ElkyElky

slykal wrote: »

Thanks for the quick response. The reason I asked is because I found this on their site:

"2. Does your bank account need a top up before pay day?
Transfer cash from your Vanquis account into your bank account by calling us on 0871 770 5555*. Please have your bank account number and sort code ready when you call us. The cash will reach your bank account in around 3-4 working days.

:huh:

I just checked the Credit card cheques summary box (on one of the letters they sent to me) and the the cheque interest rate is the same as the cash interest rate.

Yeah, they can transfer the cash straight in to your bank account but it's just a bog standard cash transfer, no different to withdrawing cash from an ATM.

noah271007

fairmorn308 wrote: »

Regarding to this outcome they are still reporting as me having a current account with them.

Sorry Fairmorn about the mix up earlier, NID correctly pointed out it is Seeya who has 2 defaults and not you! Silly me!:o

Thanks for posting the letter from RBS, it seems their policy is anyone who has previously defaulted with them, no matter how long ago will not open new accounts with them EVER...or am i wrong? Is this standard practice for other banks as well?

slykal

ElkyElky wrote: »

Yeah, they can transfer the cash straight in to your bank account but it's just a bog standard cash transfer, no different to withdrawing cash from an ATM.

Oh ok... so I guess cheques would be better then; same interest rate but no fees.

:beer:

A bit off-topic;

A few years back, I had no credit history or bank accounts - I applied to several banks at the time and was declined by many; Lloyds, Abbey and Barclays. I received the standard "declined because of credit scoring" letter from all of them. I eventually got a Citibank account and an HSBC account.

Flash forward to a year and a half ago I was starting a new business and I needed a business account. Someone advised against having a business account where you have your main account (HSBC) so I decided to try Barclays Bank - After discussing the merits of getting a Barclays Business account the banker I spoke to insisted that I need to open a Current account before I got the Business account - he then took me to a Personal Banker who was going to assist with the current account; she started the application on her computer but it refused to accept my name and DOB :rotfl:
I was there for over two hours while she called the head office but they couldn't help her. I eventually had to leave and a couple of days later I got a call from them saying my application for the current and business account had been rejected without any tangible reason. The following day I opened an HSBC Business Account.

Six months ago I went with a friend to a Barclays branch in central London. He was opening a student account and the banker who helped him happened to be an old friend of mine - I told her about my last experience with her bank and she was surprised; she asked if I had any adverse data on my credit report and I didn't and she told me me she would help me open a current account while we were there - a few minutes later I had an account number and sort code (Barclays Premier), I went home thinking my Barclays troubles were behind me.

Not up to a week after my account was opened I received a letter for Barclays stating that my account had been closed with immediate effect :eek:
I was shocked.. I wonder if anyone has experienced anything similar lol! My credit history is clean, no CIFAS or GAIN data... what have I done to Barclays?

fairmorn308

am not sure. but i dont understand why there still reporting that i have a account with them tho

stephane_2

slykal wrote: »

Oh ok... so I guess cheques would be better then; same interest rate but no fees.

:beer:

A bit off-topic;

A few years back, I had no credit history or bank accounts - I applied to several banks at the time and was declined by many; Lloyds, Abbey and Barclays. I received the standard "declined because of credit scoring" letter from all of them. I eventually got a Citibank account and an HSBC account.

Flash forward to a year and a half ago I was starting a new business and I needed a business account. Someone advised against having a business account where you have your main account (HSBC) so I decided to try Barclays Bank - After discussing the merits of getting a Barclays Business account the banker I spoke to insisted that I need to open a Current account before I got the Business account - he then took me to a Personal Banker who was going to assist with the current account; she started the application on her computer but it refused to accept my name and DOB :rotfl:
I was there for over two hours while she called the head office but they couldn't help her. I eventually had to leave and a couple of days later I got a call from them saying my application for the current and business account had been rejected without any tangible reason. The following day I opened an HSBC Business Account.

Six months ago I went with a friend to a Barclays branch in central London. He was opening a student account and the banker who helped him happened to be an old friend of mine - I told her about my last experience with her bank and she was surprised; she asked if I had any adverse data on my credit report and I didn't and she told me me she would help me open a current account while we were there - a few minutes later I had an account number and sort code (Barclays Premier), I went home thinking my Barclays troubles were behind me.

Not up to a week after my account was opened I received a letter for Barclays stating that my account had been closed with immediate effect :eek:
I was shocked.. I wonder if anyone has experienced anything similar lol! My credit history is clean, no CIFAS or GAIN data... what have I done to Barclays?

Did you go back to see your friend at Barclays to ask for clarification? She should be able to found that. Have you had any kind of accounts with Barclays before?

slykal

stephane wrote: »

Did you go back to see your friend at Barclays to ask for clarification? She should be able to found that. Have you had any kind of accounts with Barclays before?

I spoke to her after my account got closed; she said she doesn't understand why but I should write the head office and attach a copy of my credit report but I didn't think it was worth it. That was my first account with them, never had Barclays account or product before that.

noah271007

Perhaps, and maybe perhaps you have a similar name and dob to someone else (do you have a common full name?) who used to have barclays accounts and got themselves bankrupt/defaulted owing barclays £££. That person would appear to be on the blacklist. You mentioned about Barclays's computer system who would not accept your name and dob, so that would suggest something of the above. I might be completely wrong.