Parachute Account Assistance

SarahNeedle1872

Hey, don't fret, there's plenty of info (plus VERY knowledgable people) here to help. First thing I would suggest is to grab a cuppa, and read the article Martins written (on the front page of the main site). This explains everything you need to do.
First step is to set up a parachute account to pay your wages into, and transfer any DD's and SO's over. If you use a comparison site, they can tell you which the best basic bank account are. Don't know which bank your with, but my OH just got a basic aqccount with the Halifax, and he has more defaults than I've had hot dinners! There's no credit facility at all, I don't think they even ran a credit check, just an id check.
As I said, that's the first step.... I'd explain the rest, but I'm pretty rubbish at explaining stuff (plus I'd miss out half the legal stuff) so read Martins article and that'll tell you everything, plus give you template letters.
Good luck, and don't forget to keep us imformed with how you get on/any more questions

Sarah x

PS Consumer Action Group site is good also....

martymoose

If I set up a parachute account and then begin proceedings to reclaim charges, but my bank does not close my original account can I stay with them. Can I simply close the parachute account or do I need to be making minimum monthly payments into the new account?

Please advise, thanks.