Very Impressed with Co-Op.

Big_Poppa_2

Just a quick post to confirm a few things that i saw disputed alot when i was researching for Bankrupcy.

Opened a Co-Op Cashminder the same day I went bankrupt, I would strongly recommend doing that and not waiting for the bankrupcy to hit your file. I think that's where some people are failing a credit check, if they even perform one. Took them 3 days to open it, and over a week to send out my card and pin number. so I imagine they do some sort of check, that some people aren't passing, however minor.

-Full Visa Debit Card. I know people will reply saying 'no it isn't, it's an electron card without electron written on it', but I can assure you mine is. Just used it on an american site that doesn't take Electron obviously, and it worked. Probably the people who already had an electron still have an electron card number, but new people like me must get a newly issued Visa number. Pretty great, since i do 100% of my shopping & bill paying online, and only ever carry about a tenner in cash on me at any time, I really would struggle badly without a proper card. Even for 1 year.

-Works on Paypal.

-Direct Debits and standing orders and full online banking.

-Paying in from the post office without need for the paying in book. Money credited into account instantly.

So it's pretty great. And I'll be keeping this account forever now I think. No point upgrading, because I never intend to go a penny in debt again in my life.

One thing I'd say is I think they'll make it far harder to go bankrupt sooner or later. I'm using this account thinking "There's not much of a catch here at all, except that I don't have a chequebook or an overdraft." And my OR call lasted about 10 minutes, with no punishments.

Just seems very easy to me. and I've gone from about 12k in debt to 3k UP!!! in the space of 2 weeks. So anyone thinking of doing it, unless you stand to be homeless or really messed up, i say go for it. Sounds bad, but that's my honest account of the situation.

nervousmother

Well dont try your co-op card with tesco.com the order will go through then they will phone you up just before your delivery is due to say there is a problem with your card. The card is supposed to be a full visa debit but the retailers need to update their systems.

Iv not known a OR call last 10 mins before, ooo sorry the first one I had after court lasted that, a few weeks later i had another call with them that lasted 40 mins (and i only had 3 debts all banks..) I had to borrow money off family in order to keep my car, put out the beggin cap in order to keep a roof over my childrens heads.. I did not earn enough money in order to pay into a IPA but many have to and that lasts for 3 years.


If your credit record is shot you can find it hard to rent a house, get a mobile phone even change utility companies..

I am glad you have found it easy, but not a good idea to give the impression it will be the same for everyone.

Holes_in_my_pocket

My telephone interview was to tell me that i wasnt getting a interview, call lasted 2 mins

Big_Poppa_2

nervousmother wrote: »

If your credit record is shot you can find it hard to rent a house, get a mobile phone even change utility companies..

I know that but if you're someone who is needing to go bankrupt like i was, then you'll be starting to miss payments and your credit rating will be shot, anyway. So it's a null point. And it makes continuing the payments a complete waste of money. The day I decided to go BR was the day I tried to claim my Graduate Loan from the bank, to consolidate my debts with 3 or 4 banks/cards. They said no because of my credit rating or something, so I knew I may aswell at that point. Only worth paying the repayments if you're doing it to keep your credit rating in tact for a specific reason.

OR call was ten minutes, maybe less. He had actually mailed me a time for him to call, but just rang me up anyway the day after my BR hearing and said ignore the letter, this is the interview. I also didn't take any advice from debt places, just told the judge I did. There was no point, i was insolvent, I had made my mind up and used the internet for my research. so i didn't need any advice.

All in all I'd say there's far more reasons to go BR than to just keep going further into the hole of debt. All the things like you can't have a bank account, wages surplus, DOLE surplus, won't be able to rent, etc etc. Is mostly just scare tactics. The debt is the problem, and BR clears the debt, at the end of the day.

Big_Poppa_2

johnmorgan12 wrote: »

Might try a cashminder as got a barclays card and its... ahem not great! only works in the cash point!

You should. This is a full account, full Visa card & all.

chux_2

Bigpoppa is right, I was made bankcrupt yesterday. I went straight from the court to the co-op, told them I was just made br and they are one of my creditor(had consolidation loan from them). They said no problem and opened an account for me, no I.D needed as I she said I came up on the electral register. The account will be functional in a few days I was told, I aske the lady why and she explained they check your details for money laundering thats why it takes a few days, there is not credit check. By the way she confirmed I am definately getting a visa debit card. I did the same with barclays today and they open a basic account for me. They are also one of my creditors. I called the the insolvency service and they told me after bankcrutcy you can open an accout with your credit and they cannot touch your money because your br has wiped out the debt you had with them.

MicheH

Just remember, although they're BR friendly, they're still a bank and still want to make money out of you.. I've already been contacted by the Coop offering me their insurance services, also asking why I chosse the cashminder account, when I told him I received 'ooooh, tut, you'll have difficulty finding insurance with BR'

I wish I didn't need a bank account at all.

ladylumps45

3k up in 2 weeks? how come?

MicheH

I'm choosing not to read this thread any more, i'm sitting here annoyed.. easy, 3K up, dole? I just don't understand and really don't want to

philnicandamy

MicheH wrote: »

Just remember, although they're BR friendly, they're still a bank and still want to make money out of you.. I've already been contacted by the Coop offering me their insurance services, also asking why I chosse the cashminder account, when I told him I received 'ooooh, tut, you'll have difficulty finding insurance with BR' although....most definatley NOT true small few insurance firms cover bankruptcy including the co-operative :rolleyes:

I wish I didn't need a bank account at all.

although they wont offer a bank account upgrade to a discharged bankrupt for 6yrs

philnicandamy

One thing to remember BP....bankruptcy is a last resort to some and NO two cases are the same so what you suggest to one person may not always happen to someone else and most certainly a fair few people here including me have had their lives turned upside down by bankruptcy....its really not the simple way out most people portray like yourself

But due to the nature of this site your entitled to your honest comments....even though they come across as being a little cocky (posts like this in the past have caused no ammount of damage & trolling...ending in every bankrupt here being called all the names under the sun)