First Direct - Credit Report

meer53

Surely a credit file is supposed to indicate how you manage your financial affairs ? For example, if someone is having direct debits/standing orders/cheques returned on a regular basis, and this information isn't shown anywhere, how could any lender make a responsible lending decision ?

A_Flock_Of_Sheep

I would think that it is not a Bank's position to record failed Direct Debits to CRA's but more the organisation that is being paid and not receiving payment.

Perhaps it is best to not pay by Direct Debit then you cannot rack up any Bounced dots on your file. Perhaps pay by cheque o by Cash at PayPoint.

We pay nothing by Direct Debit and tend to use PayPoint or Cheque. Always check you have enough money before writing a cheque.

There is much to be said for the traditional ways.

izools

A_Flock_Of_Sheep wrote: »

I would think that it is not a Bank's position to record failed Direct Debits to CRA's but more the organisation that is being paid and not receiving payment.

Perhaps it is best to not pay by Direct Debit then you cannot rack up any Bounced dots on your file. Perhaps pay by cheque o by Cash at PayPoint.

We pay nothing by Direct Debit and tend to use PayPoint or Cheque. Always check you have enough money before writing a cheque.

There is much to be said for the traditional ways.

You can be assured that the type of customer who bounces DDs will also be the type of customer who bounces Cheques and Standing Orders from time to time...

iNewlywed

I had a credit card with first direct from years ago and after losing my job I got behind on payments. They stopped the card and I make monthly payments to pay this off. However back in employment and after deciding to open a current (1st) account with them, I rang to check my cc account wouldn't cause any trouble and opened the account. I opened the account without an overdraft, was sent all the paperwork and after numerous calls with First Direct to put things in place had my pay put in.

At this point, I am stopped from transferring money, and told it is a complete surprise that "someone like you" could have opened the account in the first place!!! I am absolutely furious. The amount owed was less than my monthly salary and to be talked down to by some condescending call centre worker really put me over the edge! For a bank that prides itself on its customer service this is completely despicable.

Don't waste your time banking with these awful lot.

A_Flock_Of_Sheep

iNewlywed wrote: »

I had a credit card with first direct from years ago and after losing my job I got behind on payments. They stopped the card and I make monthly payments to pay this off. However back in employment and after deciding to open a current (1st) account with them, I rang to check my cc account wouldn't cause any trouble and opened the account. I opened the account without an overdraft, was sent all the paperwork and after numerous calls with First Direct to put things in place had my pay put in.

At this point, I am stopped from transferring money, and told it is a complete surprise that "someone like you" could have opened the account in the first place!!! I am absolutely furious. The amount owed was less than my monthly salary and to be talked down to by some condescending call centre worker really put me over the edge! For a bank that prides itself on its customer service this is completely despicable.

Don't waste your time banking with these awful lot.

I think First Direct are an income based lender and don't look beyond that. I know someone with lots of savings but a low income and no debts but they didn't want them.

I think they want people who pay in the £1,500 per month and don't care if they spend the lot in month but are fine as long as another £1,500 goes in.

I went with them after seeing all the good hype on here and got £100 plus £25 through an introduction. I thought they were rubbish so grabbed the £100 leaving gift. To my mind they are OK to fleece like Santander. Long term I think I prefer the local personal touch of the Cumberland BS who don't seem to need to market £100 joining gifts to get local people to open accounts.

TheEffect

I don't think they're an income-based bank at all. I'm a student and have a 1st account with them. I opened it on my gap year when I was earning £800/month.

A_Flock_Of_Sheep

TheEffect wrote: »

I don't think they're an income-based bank at all. I'm a student and have a 1st account with them. I opened it on my gap year when I was earning £800/month.

They are because they charge I think £10 pcm if you pay in less than £1,500 pcm

meer53

A_Flock_Of_Sheep wrote: »

They are because they charge I think £10 pcm if you pay in less than £1,500 pcm

Not if you have another product with them, say a savings account or Credit Card, the fee is then waived. It's easy to avoid the fee. Not many people will be paying it. My son got an account with them when he was at Uni and had a part time job.

Gromitt

A_Flock_Of_Sheep wrote: »

They are because they charge I think £10 pcm if you pay in less than £1,500 pcm

I opened a savings account with them at the same time and they stated that this 'additional product' meant no fee was applied (I was going to close the account when they brought out the fee).

MoneySaverLog

iNewlywed wrote: »

I am stopped from transferring money, and told it is a complete surprise that "someone like you" could have opened the account in the first place!!!

Don't waste your time banking with these awful lot.

That is disgusting, who are they to judge? I'm surprised at First Direct though, they are supposed to be one of the more 'customer focused' banks.

I'd insist on speaking to their manager, and make a formal complaint.