Messed up the first Hurdle

DNW_2

Long time lurker, newbie poster

Just wanted to post a quick public rant at myself and to see if we really have messed up big time at the first hurdle.

Myself and partner are in a lot of debt and have spoken to CCCS who told us the very first thing we need to do is to open a basic bank account. We went today to the Co-Op, and the snooty woman somehow talked us up from a cashminder into a current account - but instead of the application sailing through, it has been referred. We were totally dishonest about how much we owed and ODs etc as we both felt hugely embarrassed and slightly intimidated in front of this rather posh lady, and I'm now terrified that we'll be adding some kind of fraud charges on top of all our other debts.

I'm so annoyed with myself, I went and asked specifically for the cashminder account only to be told that we don't need that and a current account would be much more suitable, and shame on me for not sticking to my guns with the account that we wanted.

What have we done? Will be be blacklisted completely now? Or is there a chance that they might offer us a downgraded cashminder account as we're unlikely to be eligable for a current account when they hear that my OH has an overdraft that we didn't declare.

Can't believe we've messed up so soon in to what will be a *very* long journey _pale_

izools

DNW wrote: »

Long time lurker, newbie poster

Just wanted to post a quick public rant at myself and to see if we really have messed up big time at the first hurdle.

Myself and partner are in a lot of debt and have spoken to CCCS who told us the very first thing we need to do is to open a basic bank account. We went today to the Co-Op, and the snooty woman somehow talked us up from a cashminder into a current account - but instead of the application sailing through, it has been referred. We were totally dishonest about how much we owed and ODs etc as we both felt hugely embarrassed and slightly intimidated in front of this rather posh lady, and I'm now terrified that we'll be adding some kind of fraud charges on top of all our other debts.

I'm so annoyed with myself, I went and asked specifically for the cashminder account only to be told that we don't need that and a current account would be much more suitable, and shame on me for not sticking to my guns with the account that we wanted.

What have we done? Will be be blacklisted completely now? Or is there a chance that they might offer us a downgraded cashminder account as we're unlikely to be eligable for a current account when they hear that my OH has an overdraft that we didn't declare.

Can't believe we've messed up so soon in to what will be a *very* long journey _pale_

Don't worry, they won't CIFAS you.

They only ask how much you owe to help aid the affordability calculator which may or may not set lending limits if you pass the credit score.

If you lied about your employer, address, or salary, that might be a different matter but even then it would only cause a decline and nothing else.

CIFAS markers are typically added for purposefully lying about how long you've lived at your address in an attempt to hide adverse data at a prior address, or lying about your employer and the underwriters finding out your on JSA etc.

To be honest though it sounds like you were mis-sold. You specifically asked for a product which you were talked out of spuriously.

Do you owe any money to Nationwide? If not, you might do well to open a Nationwide Cash Account

http://www.nationwide.co.uk/current_account/managing_your_account/cash_card_account.htm

This has to be done in branch via a postal application form, but the account offers the same facilities as the Co-Op Cashminder and is open to those with bad credit.

And don't worry about lying on any future applications, basic accounts are tailored to people in your circumstances so they expect large figures and delinquent accounts.

Good luck! :beer:

bengal-stripe

DNW wrote: »

We were totally dishonest about how much we owed and ODs etc.......

Why did you lie in the first place?

Svenena

bengal-stripe wrote: »

Why did you lie in the first place?

DNW wrote: »

as we both felt hugely embarrassed and slightly intimidated in front of this rather posh lady,

It's understandable (although not advisable!).

DNW_2

Thanks Izools, we don't owe Nationwide anything so will try them if this co-op account does get refused.


@bengal-stripe - embarrassment/shame/expectation of being auto refused any account if full debts were admitted. All of these reasons and more. The advisor was rather well to do and I felt very small in front of her. I'm not proud of the mess we have got into, but I am determined to get out of it.

Witlim

DNW wrote: »

We were totally dishonest about how much we owed and ODs etc as we both felt hugely embarrassed and slightly intimidated in front of this rather posh lady, and I'm now terrified that we'll be adding some kind of fraud charges on top of all our other debts.

_pale_

They say why in the very next sentence...

Witlim

Well done DNW for being prepared to sort this out. I'm sure you will succeed and you will have a lot of support from this forum.

Good Luck.

Inactive

DNW wrote: »

Thanks Izools, we don't owe Nationwide anything so will try them if this co-op account does get refused.


@bengal-stripe - embarrassment/shame/expectation of being auto refused any account if full debts were admitted. All of these reasons and more. The advisor was rather well to do and I felt very small in front of her. I'm not proud of the mess we have got into, but I am determined to get out of it.

She wasn't " well to do " if she was, she probably would not have been working, and certainly not as a bank clerk.

She probably was just plain arrogant.

Good luck in sorting this out.:)

DNW_2

Thanks folks for the good wishes, after the initial panic that followed my LBM, I'm battening down the hatches and feeling a bit more ready for the rough ride ahead now

Had some good news today - they refused us for a current account (no surprise there!) but have approved the cash minder account which is what we wanted in the first place :T

I'm not sure if we've cocked up anyway though as going through some of the mountain of unopened CC statements tonight I found that GE Money might be/(is?) linked to Co-op.. can anyone confirm this here or should I post a new thread for it?

ironlady2022

Banks will always try and upsell you. The thing is people want Cashminders or 'basic accounts' for different reasons. A basic account to one person means something completely different to another. And as for the not disclosing the whole story, this would have contributed to the fact that the Advisor thought their standard current account would go through. Had you been up front and honest with her or stopped her half way and be adamant that you wanted the CASHMINDER, then you would have been fine.

DNW_2

I realise that now, but I didn't at the time I completely admit to being more than a bit naive, it's about 20 years since I opened a new bank account, I'd literally only had my LBM and spoken to CCCS the night before so was feeling more just than a little scared of what's to come and I wasn't expecting the questions - I simply panicked.