Switching Bank accounts scared and stressed

judojub

Hey formidable.
Melanie Giles comes very highly recommended indeed. You should be absolutely fine with her team. I know that FavDaughter also went with Melanie Giles. If I had known about her I would have gone with her too!
I tried to cancel the loans I had with Lloyds when I transferred all my DDs but Lloyds online thingy wouldn't let me. My IP did tell me though to not bother cancelling my loans with Lloyds and to just transfer everything else. This is exactly what I did.
I think you can only apply for Coop cashminder over the phone. I never had to provide proof, they just asked me for address details etc. I imagine they just checked I was on the electoral roll or something. I got my account details in just over 1 week.
Believe it or not, you are in good hands.! Have faith

formidablelady

Thanks Judo
Thats good to know I will ring co-op tomorrow. I hope they do online banking forgot to check! Thanks for being reassuring. I can't eat, sleep or do anything at the moment but feeling better now I have spoke to you

judojub

Co-op are very good. They do provide online banking for the cashminder. The only thing I would say to you is that transactions on it are a little slow. So if you use the debit card to pay for something then the payment doesn't come out straight away. Just bear this in mind when you are starting out. I didn't realise at first and nearly had a heart attack when I realised what was actually in there compared to what I thought was in there!! Once you get your head round that though there will be no problem. I do rate the Co-op.
You will be fine. If you have any concerns or worries then please ring your IP. They will help you as much as they can!

debtfree2016

Hi Formidablelady
Sorry i didn't get back to you yesterda, i opend a Nationwide account online and then went into my local branch to authorise, i had also said yes to transferring some of my dd's and so's, received a phonecall 3 days later asking which ones i ant passed over. Hopefully you will have had more support and answers for Judo and Fav. I have changed my details with my employer so i know the funds will credit the correct account and now at the point of not making anymore payments, if anybody wishes to phone me regarding payments i will give them the number of my case worker and id number then put the phone down. Try not to let what they say bother.. (easier said than done i know) but once you have everything set up you would have reached a point where you can move on with your life..

good luck keep posting

formidablelady

Hi Debtfree off to work in a sec but just got accepted over the phone for a co-op cashminder account. I want them to transfer my debts also but worried as I have £1500 overdraft on one account and £1000 on another. As LTSB are our main creditors I am worried they will get twitchy and freeze the accounts but it would be so much easier than me doing it manually. I am glad I have set up the account at least its another job done.

debtfree2016

Hi Formidablelady

If you have any credit within your account and you have decided to stop all dd's or so's then draw the funds out, what you need to try and avoid is missing your dd's and so's with your allowable expenditure, mortgage, council tax etc...
it can take a little while to transfer these details over so i was told to keep money in both accounts.. easier said than done really but i can only but try.... maybe look at the ones that are coming out soon and contact them telling them you have changed your account details and to cancel their action of calling the funds until you give them the new details.

judojub

formidablelady wrote: »

Hi Debtfree off to work in a sec but just got accepted over the phone for a co-op cashminder account. I want them to transfer my debts also but worried as I have £1500 overdraft on one account and £1000 on another. As LTSB are our main creditors I am worried they will get twitchy and freeze the accounts but it would be so much easier than me doing it manually. I am glad I have set up the account at least its another job done.

Only transfer all your priority payments. All your utilities/council tax etc.
Don't worry about the accounts with the overdrafts.
I had loans with Lloyds, as I said I didn't cancel these payments from my joint account. They came out which took me above my agreed overdraft. When that happened Lloyds just sent me letters to notify me I had gone over my O/D and they would charge fees until it was brought back into it's limit. They didn't threaten any action for about 3/4 weeks and even then there was no mention of courts/bailiffs or whatever else they throw at you.

judojub

Only me again.
If you have a read through the very first thread I started. You will see I went through the same as you about my bank accounts. Have a quick skim and hopefully other peoples posts on there will put your mind at rest!
https://forums.moneysavingexpert.com/discussion/3065934

FavDaughter1

Hi, well done re Co Op account,forgot to say that customer service tel number is open v late,possibly 24hrs but would need to check! yes we have on line banking,working well. you can use The Post Office as a branch to do all your Co Op banking(good if you need to put money in on a Saturday).

My husband had a loan with Lloyds TSB(they were our joint bank), it wouldn't let him cancel the dd,so even after wages were switched to Co Op Lloyds kept taking the payment pushing the balance deeper into the over draft:eek: scared me to death! BUT ,with hindsight, bearing in mind our IVA was only done in Feb this year, this MADE NO DIFFERENCE TO OUR IVA.
Lloyds did not freeze our bank account until the IVA:(,they kept adding late payment charges on which frightened us but this made no difference to the IVA).

We were warned about bailiffs too, i was terrified,i'm disabled& was so scared even letting my dog out into the garden. We had several very threatening letters. Lloyds also sent us letters out that were headed with solicitors details,implying we had been passed over to a legal firm:eek:.
when my husband rang them it was LLOYDS! BE PREPARED FOR SCARE TACTICS! stand firm,post here when scared ...i did!

We had some prob's getting dd's sorted because of the payments being due when we switched over to Co Op,we did get there! some took 2 payments the following mth - so you must now follow your budget plan,do not spend what you know is ie the gas bill cash, for some we paid the cash into a building society account& asked them for a cheque(free of charge)& posted payments off RECORDED delivery.

We used this move of account to better organise when dd's come out- hubby had them all over the place!:(

Withdraw any cash you have in your old account right away - i felt scared doing this but there was no problem,you need the £.

well done with the new bank acc.
x

worriedchick

I've applied for the cashminder today but it was referred? I'm not in an iva yet so Im worried too now