Bank account for Bad Credit rating??

xe0n

Hi Guys,

I need to pick your money experts brains over a banking issue I am currently facing.

In a nutshell, we are a young family with children who have been affected by the ever rising costs of living and having to previously rely on the likes of payday loans etc just to cover basics. It is not a good predicament; however I have now taken control of the finances to turn things around…. along with my shagged credit rating.

I work in a professional job full time (underpaid unfortunately due to my age….) and my wife has been off work for the last 2 months with complications due to pregnancy. Finances are tight and unfortunately we are having to rely on housing benefits etc to cover living costs (rent)

We currently bank with Lloyds, (since the split) and own a solo account each and a joint account. Unfortunately due to constantly needing to use the o/d facilities a few years back after a bad motorbike accident (Statutory sick pay is only a little more than the dole…) we have never paid these off. Across the 3 accounts we are paying just shy of £80 per month in bank charges and with our current situation this is near impossible. Lloyds are not being helpful either.

So the question is,

I need to setup a new basic bank account.
It must have,

Debit Card
Online Banking
Phone Banking
NO OVERDRAFT. No bounce fees (like Lloyds “control”)

What do you recommend?

Pickle29

Hi
Barclays basic account does all this
I find them brilliant!
Good luck

PaulW922

Check out the basic bank account thread here - there are plenty of basic accounts offering debit card and online banking. None of them offer overdrafts. I do not think you will get away with a totally fee free one - if you have DDs returned you will be charged. the 'control' type of accounts all carry a monthly fee. It is best just to stay in credit

xe0n

PaulW922 wrote: »

It is best just to stay in credit

If only it was so easy!. Things like car going pop and ever growing children chuck spanners in that. Unfortunately I have no choice but to run a car, due to my works remote location and my wife's work (and kids school) is in the opposite remote direction.


Just used the Live chat with Barclay's and explained what I was looking for and they recommended the Cash card account?,

Apparently this has online and telephone banking plus bankcard.
It works like, if its not in the account then it does not work. So sounds ideal.

Nikky2003

I have the Barclays Cash Card account - very good and was quite straightforward to set up, good luck, Nikky :j

xe0n

Is the Cashcard account different from the Barclay's basic account?

I have been rejected on the basic account.

Need to check my experian, I did many years ago and again they wont let me see anything as all the details are out of date. Credit reference agency's are a bloody monopolising joke that have massive implications on peoples lives. Its disgusting.

Archi_Bald

xe0n wrote: »

Need to check my experian, I did many years ago and again they wont let me see anything as all the details are out of date. Credit reference agency's are a bloody monopolising joke that have massive implications on peoples lives. Its disgusting.

Seems you got a few facts wrong there. Credit agencies will have very up-to-date records about you (and everyone else). What you can see depends sometimes on what you pay the CRAs. You can get a free report at https://www.noddle.co.uk/. Beware though, they will be trying to sell you something chargeable. Resist unless you really need it.

System

I would suggest NatWest Select Account with Control.

NatWest (and sister bank RBS) have the only free control account. This is a full facility account so you may have problems obtaining it if you get rejected for a Barclays basic account.

Failing that Lloyds will put control on a classic account for £10 per month which would be cheaper than £80.

Mrs_Ryan

Ah I fell for this trick too with Barclays. I bet it was the bog standard account that they put you forward for- that's what they do. Before I knew that the account I had with them from 10 years ago had never been closed, I asked them for a basic account and lo and behold they put through an application for what they said was a basic account and they said I'd failed the credit score. I pulled them up on it and they admitted then what they had done but couldn't get me out quick enough and refused to do an application for a Cash Card account because 'I was working full time and therefore not eligible for one' (rubbish and I told them so) you need to be really firm and ask for the Cash Card account and don't let em fob you off!!

PaulW922

xe0n wrote: »

If only it was so easy!. Things like car going pop and ever growing children chuck spanners in that. Unfortunately I have no choice but to run a car, due to my works remote location and my wife's work (and kids school) is in the opposite remote direction.


Just used the Live chat with Barclay's and explained what I was looking for and they recommended the Cash card account?,

Apparently this has online and telephone banking plus bankcard.
It works like, if its not in the account then it does not work. So sounds ideal.

I do appreciate that. My point is that, if you are likely to get DDs and SOS returned you are highly likely to pay something, be it a returned item charge or a control charge

kpearsoncj

Hi mate your defo better off with barclays there account is great no restriction or anything i have one and its well run and easy and card can be used anywhere i found it to be the best one out there