Parachute Account Assistance

RachelKC

Hi Martin,

Am about to embark on claiming 3k of bank charges from Bank of Scotland for my parents. Have spoken to them about setting up a parachute account but would you advise switching their income and standing orders to the new account (assuming alliance and Leicester say yes) before tackling the old bank - obviously they would not close the old account just leave it in limbo while the letters go in and out. Oh and they have an overdraft to move! Will alliance and leicester give them an overdraft account without any transactions ever heading their way? Have scoured the site for suggestions about quite what order to do this in. Trying to get this going before the ruling and currently two days overdue with first child too!!

Hope its not inappropriate posting on this thread but dont want to get this wrong!

Many thanks
Rachel

Fungas

OK; I've read the FAQs, and claims process documentation...

I've sent my first statement request letter off. But, regarding opening a 'parachute' account, has anybody found a way to actually open a current account without committing to paying in a regular some of money each month? Or, is the tack to simply have a basic deposit account on standby, that could be upgraded to a current (and direct debit-paying) account at a moments notice, if and when the need arises?

helptheden

Hi,
I am currently trying to help my parents get out of there current financial situation. They have received large amount of bank charges over the past 6 years, I am encouraging them to claim these charges back.

Having read the article on the process, my parents are worried that their bank (Nationwide) will close the account in the event that they claim. The first step is to open a parachute account. My parents believe that due to their bad credit rating, it is unlikely that they would be able to open a new bank account.

Are banks unlikely to provide accounts for people with bad credit rating? Is there any other type of accounts that can provide bank account type services (direct debits, debit card etc) that are accessable to people with bad credit record?

I expect that bank charges could run into the thousands and therefore want my parents to get this money back to help them in there current position..

Any advise would be appreciated.

Thanks

ciderwithchips

Many of us are facing regular and unfair bank charges because we are on lower incomes, and in part consequence may not have a good enough credit rating to open a new bank account elsewhere. Whilst I'm fortunate enough to have all my bank statements dating back since 1999, I have not got a good enough credit rating to open another bank account, or indeed to risk the threat of having my present current account shut down - I've been with my caring, sharing bank since 1986, and they also handle my mortgage (I have not moved house since 1992, and could not, even if I wanted to - poor credit rating..)

My bank owes me well over £2000 but what am I to do???

michelleshoc

I thought I would update with my exp with Citi as they hwere discussed in length earlier in thios thread. I applied online and received the pack asking for proof of ID etc. I rand them and said did this mean I was definite accepted and a call centre person confirmed I was. After a while when receiving nothing else from them I telephoned again to be told that I had been declined and letter in post. My circumstances are in a DMP with cccs, in f/t employment an d currently banking with shabbey. Interestingly Nissan have just agreed a 2 yr agreement for the balloon payment on my car so thats good news as I would have trouble with work and life in general without it.
Have now applied with N&P so fingers crossed.

michelleshoc

Note to self.
Spell check before submitting

vulcanbomber

I am with First Direct & was wondering if I should open my parachute account before enquiring about what my charges may be. Do you think they might close my account just for me enquiring what my charges were?

CazW_2

I doubt they will close it at that stage but we openede our new account when we started as the proces of moveing DD's and SO's and pay ect can take a while so it's best to get it all sorted and done b4 they give you notice of closeing the account (think they have to give you 28 days notice).

Lorne

My advice would be to get your parachute sorted, I wrote asking for statements and the A & L sent me a letter the week after advising that they would be withdrawing my banking services. Fortunately I had another account sorted. Good luck with it all!

LouLou_79

Hello

Well, i saw Martin lewis talking about reclaimign unfair bank charges on GMTV last year but thought it would never work as it was still in it's infancy...how wrong could i be?

I am really worried though - since the end of 2003 to date i have wracked up over £2500.00 worth of charges from my bank alone!! I am ALWAYS in my overdraft whihc is £1300.00 so if i was to sucessfully claim these, would they a) deduct £1300.00 from the sum or b) close my account and then deduct the £1300.00 sum or can't they do this?

The thing is, if they did this then i'm not sure it will be worth my while as i will hav hassle of trying to find a bank who will have me. I think that's going to be pretty hard as i have had a few late payments on a credit card (which wasn't actually my fault!!!) and also on my current account so my history's not going to be too good when getting a bank to accept me.

I was just wondering if there was a law saying they can't deduct the overdraft i have if i get the money i am owed for these bank charges.

Thanks guys - i'm lost at what to do really and maybe if anyone knows of good banks who will have me, that'll be great!!!

Lou x