Student Accounts

EmmaLou11783

Hey all,
I dunno if anyone is going to be able to help me but thought I'd ask! Basically I'm with a debt management company, Gregory Pennington, due to financial struggle after being made redundant and have a bank account with Think Banking, this account was opened when they took over my debts.

In September I am going to University, and when I was researching if I would be eligible for Student Finance I was told that my current or any previous debt is not taken into account. I have my Student Finance Declaration Form so that is nearly sorted, however I need an account for the finances to be paid into...

I cannot go to Lloyds, they will simply laugh! Will all the other high street banks be the same, due to my previous/current financial status? Will it simply be better for me to stay with Think Banking? I am worried they will use the finance coming in as a reason to increase my current repayment, which may make things tight financially

Any info or advice that anyone can offer will be greatly appreciated!
Thanks all ,
Emma
x

casper_g

Maybe you could get a basic bank account and have the student funding paid into that?

EmmaLou11783

Hey, thanks for the reply... I don't think I'll be able to get a normal bank account cos of my current financial status will I? As I'm with a debt management company? I dunno what to do haha

rb10

That is why a basic bank account was suggested ... they are similar to normal bank accounts, but you can't use the debit card in as many places, and they don't allow you to have cheque books or overdrafts.

It'll be fine to have your student loan/grant/bursary, and salary from any part time work paid in to one of these.

notafan

I'm with casper and rb10 in that you should get a free basic account - one which wont assess you as strictly because they wont lend to you.

I dont know your financial situation but what i would say is you might be worth looking into how whatever went on is being managed currently.

Your using a debt management company which essentially charges for a service you can get free elsewhere and your also with think banking which i think charges £15ish a month.

You'd be far better off putting the money from that and whatever the debt management company charges into clearing whatever you owe off quicker. Otherwise its dead money.

CCCS/CAB would be able to help you arrange and negotiate payment with creditors for free.

Some of the big names offer basic accounts just make sure you dont pick one that you've already got debts with.

coolesticeking

https://www.natwest.com/step

Try with them online! Gives you an instant decision without having to go to a branch to see if you are eligible for the account.

EmmaLou11783

Thanks for all your advice guys, will try and get a normal bank account x

JacksterD

EmmaLou11783 wrote: »

Thanks for all your advice guys, will try and get a normal bank account x

Watch out - not a normal bank account, a basic bank account. Check out The Co-Op's Cashminder account.

sumxixi

Co Op bank offers good basic bank account....