New and kind of clueless

tab24

Ive read the various pages but I cant actually work out whats best for me so thought Id ask for help.

I have a bank balance with natwest that isnt over drawn but a credit card with them that is.
My income is ESA so sadly I cant earn more money as I would have done before

Ive seen the banks cant charge if youre on dwp payments but does that only apply to bounced payments or all charges?

Im also looking for a new bank as Ive moved and my local natwest branch isnt well local lol

Im looking at the halifax account and the first direct accounts but as I have a monthly income way below £1000 I really cant work out which is the best.
I dont want to apply to both as if I get refused Ive been told that will affect my credit rating.

To be honest this is a totally different language as far as Im concerned and I have no idea how to translate these bank accounts into simple language I can understand so any help would be wonderful.

Thank you and Im sorry I forgot to say hello to all
BW
Tab

Aquamania

tab24 wrote: »

Ive read the various pages but I cant actually work out whats best for me so thought Id ask for help.

I have a bank balance with natwest that isnt over drawn but a credit card with them that is.
My income is ESA so sadly I cant earn more money as I would have done before

Ive seen the banks cant charge if youre on dwp payments but does that only apply to bounced payments or all charges?

Im also looking for a new bank as Ive moved and my local natwest branch isnt well local lol

Im looking at the halifax account and the first direct accounts but as I have a monthly income way below £1000 I really cant work out which is the best.
I dont want to apply to both as if I get refused Ive been told that will affect my credit rating.

To be honest this is a totally different language as far as Im concerned and I have no idea how to translate these bank accounts into simple language I can understand so any help would be wonderful.

Thank you and Im sorry I forgot to say hello to all
BW
Tab

Well hello to you too. I'm sure we have met before somewhere

You don't need to change bank accounts simply because you have moved address - the days of having to bank at the local branch where the local manager knew you are way gone.

I suggest you pop into whatever NatWest branch is now local to you and they will explain further and check you have the best NatWest account for your needs.

And as to what you have seen elsewhere over the ability or otherwise of banks to charge you bank charges, be careful what you read on the internet. Believe it or not, some of it isn't quite as genuine as it might at first seem; I'm sure you know what I mean

http://forums.moneysavingexpert.com/showthread.php?t=4881094

grumbler

tab24 wrote: »

...
Ive seen the banks cant charge if youre on dwp payments but does that only apply to bounced payments or all charges?

I haven't heard of this, but Debt-Free Wannabe board is a better place to ask.

Im also looking for a new bank as Ive moved and my local natwest branch isnt well local lol

Im looking at the halifax account and the first direct accounts but as I have a monthly income way below £1000 I really cant work out which is the best.

In your position you can't be a chooser. AFAIK, £1K income is required only for getting perks.

I dont want to apply to both as if I get refused Ive been told that will affect my credit rating.

A refusal doesn't affect it, but an application does, although for a few months only.


Re the credit card, if you can't cope with the minimum payments see this MSE article: Dont Bank With Debts

tab24

Thank you both for your replies

I will probably stay with NatWest as I've always been with them it was my mum saw something about £100 if you moved current accounts and thought I could do with the money. Well yes I could but I don't think I would qualify on my income and changing banks just so I don't have to drive to the place to put a cheque in is probably daft lol

I will look at the links you've suggested for further help.

Aqua if you know me hi but I'd need more of a clue. I don't remember any aqua friends but then I don't remember a lot lol

iAMaLONDONER

tab24 wrote: »

Thank you both for your replies

I will probably stay with NatWest as I've always been with them it was my mum saw something about £100 if you moved current accounts and thought I could do with the money. Well yes I could but I don't think I would qualify on my income and changing banks just so I don't have to drive to the place to put a cheque in is probably daft lol

I will look at the links you've suggested for further help.

Aqua if you know me hi but I'd need more of a clue. I don't remember any aqua friends but then I don't remember a lot lol

Why don't you sell the car to pay (some) of the credit card debt?

tab24

The car was bought for me by my parents and as I'm disabled I can't get around that easily without it.
Thanks for replying

tab24

Thank you all for your help. I decided on the Halifax reward account and passed the credit check ok.

iAMaLONDONER

tab24 wrote: »

Thank you all for your help. I decided on the Halifax reward account and passed the credit check ok.

Did you put your salary as 0 and tell them you're income from ESA?

I ask as I'm concerned that they have a minimum income/salary requirement

tab24

I took my latest statement showing my income and out goings and they said it was fine. I didn't think I would qualify for the reward thing but they said I would.
Thank you for checking

GingerFurball_2

tab24 wrote: »

Ive seen the banks cant charge if youre on dwp payments but does that only apply to bounced payments or all charges?

This is rubbish. Banks absolutely have the right to charge you based on the Ts&Cs of your account; however you can withdraw your benefit money in cash at a branch even if doing so would leave you overdrawn.

eg let's say your account is £100 overdrawn and you don't have an agreed overdraft limit, and your DWP money is £100 a week. Your money hits the account, leaving you with a £0 and no money to spend that week - however, you can still make an arrangement with the bank to withdraw that £100 over the counter at a branch if not having access to the cash would cause you hardship.

iAMaLONDONER

tab24 wrote: »

I took my latest statement showing my income and out goings and they said it was fine. I didn't think I would qualify for the reward thing but they said I would.
Thank you for checking

So you applied in branch?