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4 years after discharge, is a current account out of the question?

edited 25 April 2013 at 7:54PM in Bankruptcy & living with it
15 replies 1.4K views
CruciverbalistCruciverbalist Forumite
6 Posts
edited 25 April 2013 at 7:54PM in Bankruptcy & living with it
EDIT:**Apologies....I now see there are plenty other threads on this sort of thing**

I thought about appending this to the bank account sticky, but since that deals primarily with questions about cashminder accounts before discharge, I think this is probably worth a separate thread.

I'm five years down the road from filing for bankruptcy, four since discharge, and all the nastiness will fall off my credit files next spring. Should I now be able to find a current account somewhere? I'm eager to start rebuilding my credit-worthiness. I'd be interested hear any success stories, or similar niggles from others in a similar position. Has anyone successfully opened a full account before the six year clean sheet?

I've been happily with the Co-op since going bankrupt, using two cashminder accounts to serve as de facto current and savings accounts. I have repeatedly asked if I can upgrade to a full account, but each time am told I have to wait till the six years have passed from the date of bankruptcy. Company policy must have changed at some point, because I was told when I first opened the account that upgrading would be possible after a year or two of good behaviour. Incidentally, I'm staggered I still can't get a savings account either, but at least there's the option of an ISA.

Any thoughts? It seems odd to me that the Co-op don't try and get you to upgrade as soon as it's clear you're managing your affairs properly, or be at least open to a case by case assessment. Providing the cashminder service (for which I'm extremely grateful and would have been lost without - great shame they've backtracked) must have cost them a fortune, and you'd think they'd want my money somewhere they can use it.
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Replies

  • mattannarmattannar Forumite
    145 Posts
    So basically you want a cheque book and an overdraft facility.
  • CKhalvashiCKhalvashi Forumite
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    mattannar wrote: »
    So basically you want a cheque book and an overdraft facility.

    I don't think it's quite as simple as this.

    I can see where OP is coming from with regard to a 'proper' current account/savings account, as it is important to prove that you're responsible, especially after issues, but surely leaving it until next Spring would be best at the same time.

    CK
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  • mum2onemum2one Forumite
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    I know its a year, but I would wait till the 6yrs are up, your in a stronger position and at least you can explain the situ, - if your managing the co-op accounts ok, that should stand u in gd stead xx
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  • Have you tried Barclays? Many people apply and are at worst offered their basic account which is similar to Co-op cashminder but some manage to get it upgraded along the way or some time later which is easier to do as Barclays can see the account and how you are managing it.

    I do find it strange how Co-op don't seem to have blanket policies. I recently applied for a savings account with them and was approved straight away and I now have another (LINK) card in my purse. I too would like a upgraded account, not because I want a cheque book or overdraft but because I like to walk to and into a branch. I'd hoped Co-op would buy one near me but the deal seems to have been scuppered. Also when I do travel in to the city to go to the bank, the queues are like Disney World but with no fast passes! Well ok then, slight exaggeration there.

    Do keep us updated as to whether you try, and the result, as it helps others. I am going to apply once I manage to get a job, by then hopefully my credit files will be cleaned up and corrected. Some of my creditors are dragging their heels and I think some complaints are in order.
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  • You can get a Co-op savings account. You apply telling the person that you are a discharged BR and it will have to be referred. When the computer says no you get them to refer it and the savings account comes through a bit later.

    Yorkshire Building Society does an internet saver, apply on line.Posters who are BR and discharged have got one.

    Do you have a local Credit Union? Google Credit Union and your town/county. I thoroughly recommend you open one of these whether you are BR or not.
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  • iquitiquit Forumite
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    I have basic accounts with The Co-op & Barclays. ISA with The Co-op. savings accounts with Barclays & Yorkshire Building Society. I've not tried to upgrade to a normal current account yet. Maybe in the future, so will watch your experience with interest - keep us posted.
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  • mattannarmattannar Forumite
    145 Posts
    CKhalvashi wrote: »
    I don't think it's quite as simple as this.

    I can see where OP is coming from with regard to a 'proper' current account/savings account, as it is important to prove that you're responsible, especially after issues, but surely leaving it until next Spring would be best at the same time.

    CK
    So what does a "propper" account offer above a Cashminder?
    Answer a cheque book and overdraft.

    Try elsewhere I have an account with a building society, as you would class it a "proper " one
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  • PippaGirl wrote: »
    Have you tried Barclays? Many people apply and are at worst offered their basic account which is similar to Co-op cashminder but some manage to get it upgraded along the way or some time later which is easier to do as Barclays can see the account and how you are managing it.

    I do find it strange how Co-op don't seem to have blanket policies. I recently applied for a savings account with them and was approved straight away and I now have another (LINK) card in my purse. I too would like a upgraded account, not because I want a cheque book or overdraft but because I like to walk to and into a branch. I'd hoped Co-op would buy one near me but the deal seems to have been scuppered. Also when I do travel in to the city to go to the bank, the queues are like Disney World but with no fast passes! Well ok then, slight exaggeration there.

    Do keep us updated as to whether you try, and the result, as it helps others. I am going to apply once I manage to get a job, by then hopefully my credit files will be cleaned up and corrected. Some of my creditors are dragging their heels and I think some complaints are in order.

    Thanks Pippa. I'll try Barclays too, and report back if I get anywhere.

    And yes, same here: I've no interest in a cheque book, or an overdraft. I want to rebuild credit worthiness, have a card that all machines accept (the visa debit card they give you is still read as Electron by some ticket machines), and to raise my daily withdrawal limit. Also I genuinely want the Co-op to make at least some money out of me! It's a good bank, and cashminder accounts give them no return at all.

    Anyway, not long to wait, as some of you have said; and this is a minor annoyance compared to the grimness of five years ago.
  • mattannar wrote: »
    So what does a "propper" account offer above a Cashminder?
    Answer a cheque book and overdraft.

    Try elsewhere I have an account with a building society, as you would class it a "proper " one

    You said 'proper'. I said 'full'. I want an account where the bank invests my cash and makes at least some money out of me. This is not true of a cashminder account, though in most ways, I agree, it's entirely adequate.
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