Anyone Know Which Credit Credits Company's are Linked to Which Banks?

AngelMom

Evening all, you are such I knowledgeable bunch I wondered if you could help us?

We have decided to go for DMP to clear our debts and have been told to open a basic bank account with a bank we have no connections with to avoid them paying off our debts with money in our current account.

We have loans/overdrafts and credit cards with

Lloyds TSB
MBNA
Alliance and Leicester
Intelligent Finance
Northern Rock

We were looking at opening an HSBC basic bank account, does anyone know if they are linked to the above?

Many thanks

Angel :A

sproggi

This might help:

http://www.stoozing.com/cards.htm

Sproggi

AngelMom

Many thanks for the quick reply. I have clicked the thanks button for you.

luckylady45

I asked HSBC when I opened a basic bank account and they said no they were not connected with any of those you listed.
HTH

DrowningInIt

I'm in the process of setting up a DMP and have just looked at this link. I've applied to open a basic bank account with Natwest this weekend - should I be concerned that one of my (smaller) credit card debts is on a MINT card (both RBOS). What will happen?

madduck

You should be concerned. Basically the reason is that most terms and conditions of accounts allow the bank (and their subsiduaries) to offset any monies owed to them with the money in your account.

You could wake up one morning to find out that they have taken cash from your bank account to cover money that you owe them. They don't need to ask, they don't need to give you any notice.

If I were you, I'd find another account that had no link to your creditors.

sproggi

The reason that you are advised to open an account with a bank that you have no ties to is that there is a good chance (using your case as an example) that when your wages/income goes into the Natwest account, they could take it out straight away to pay off your Mint card, even if you have a DMP set up. This could mean that you not only have no money to pay your other creditors, but have no money to buy food with.

I am not sure what others would advise and I suppose that it would depend on just how much your CC debt is with them, but personally I would seiously think about applying for another basic account with someone else.

Sproggi

sproggi

Beaten to it LOL!!

DrowningInIt

Thanks both - going back to narrow down selection now!

DrowningInIt

Sorry to gatecrash your thread AM.

I need a basic bank account sorted quickly and after getting it wrong once with Natwest could anyone confirm that there are no obscure links to allow my unsecured creditors access to my salary with my online application to Halifax Cardcash account that I've just submitted.

My debts are with;
LTSB
MBNA
Barclaycard
Capital One
MINT
CitiCard

I couldn't see any - but I don't want to get it wrong again!

sproggi

Hi DrowningInIt,

Looks like you are fine with the Halifax Cardcash account:)

Sproggi