I can't open a bank account!

MoneySaverLog

Name, address and DOB are all that's really required to create a link between you and the Credit Reference Agency. I would not be surprised that if you had a credit card and did not pay the money back that a default would appear on your credit file under these details.

If you spent with no intention to pay it back, I'm betting that there is also a CIFAS marker too. That will stop any basic bank account being opened.

Simples, best bet get hold of your statutory credit report by sending £2 postal order to Experian, Equifax and Call Credit to see where you stand.

BugsyBrowne

Opening a basic bank would be simple to a normal person or current account would also be pretty straightforward also.

Opening a bank account with a past history of refusing to pay back debt is still relatively easy ifits a basic account, opening up any bank account with a CIFAS marker On your files then you will hit a brick wall if this is the case.

Something is lurking on your credit report and the banks don't like what they see.

System

I daresay Stephen Fry has a bank account despite having once been in prison for credit card fraud. Ask him how he managed it

Rupert_Bear

mike-bee wrote: »

Okay, bit of a struggle.

About 4 years ago I had a bank account with Lloyds TSB, I took out a credit card the day I turned 18, and well, spent the full 1000 and never paid it back. Immature, I know. I've not been in contact with Lloyds since..

Basically, now, 4 years on, I have no bank account and have just started a new job. I've tried literally EVERY bank I know of; halifax, natwest, lloyds (they pretty much laughed at me), santander and barclays. I also tried a co op cash card and was also refused.

I'm really stuck as to what to do, and I need to open a bank account ASAP.

If you have not repaid the £1000 then Lloyds will now be after you because they will have a record of your past dealings whether a bank or credit card default.

As some of the other contributors have said the only hope is a basic bank account.

xylophone

Plead with Lloyds and offer to repay the "loan" at £100 a month..

BugsyBrowne

xylophone wrote: »

Plead with Lloyds and offer to repay the "loan" at £100 a month..

Wouldnt work.

pcombo

What i would do and what i have done.

Get a cahoot savings account comes with no atm card.

Sign up for a prepaid mastercard one. and just transfer the funds from cahoot accont to prepaid account.

Anthorn

If you have indeed tried all basic bank accounts at all banks and been refused at all of them then you're stuck with a fee charging bank account or prepaid Mastercard which accepts BACS credits, direct debits, standing orders and provides a means of withdrawing money probably with an ATM card.

I always recommend Secure Trust Bank which is a bit pricey at £12.50p setup and £12.50p per month in advance (so £25.00p to start) but you can get it at half price for 6 months via a link on moneysupermarket.com. The card is a prepaid Mastercard. All the features of a current account and they do BACS and Faster Payments transfers. Free point of sale and 50p per ATM cash withdrawal. They have what is probably the best online banking in the biz.
http://www.securetrustbank.com/

Cashplus prepaid Mastercard is about the same and also provides all the facilities of a current account with the added convenience of automatic top-up loans but they have an expensive daily interest like a pay-day loan. Free point of sale and £2.00p per ATM withdrawal for £4.95p per month. There are other options.

I stress that the above are last resort measures when all else has failed.