Nationwide FlexAccount and Bankruptcy

uther_2

When I opened my flex account,the day after Br, there was a 'tick box' asking if I was Br or had an IVA.There was no problem opening the account.

wherediditallgo

So it could well be that asking the question allows them to monitor how many applications they get from BRs, rather than block BRs from applying. It's a pity the section on the website comes across so badly - if I'd gone BR & had just read that, I'd think I wasn't allowed to apply for an account.

fermi

I now have seen two different emails from Nationwide on their policy regarding the new info posted on their website.

20/07/2007

It is not Nationwide policy to automatically refuse applicants for a basic FlexAccount who have been declared bankrupt. Although applications will be declined if the applicant already holds a current account with another bank or building society.

22/08/2007

It is not a Nationwide policy to automatically refuse a flex account application if the applicant has been declared bankrupt.

However, the applicant would need to state that they have been declared bankrupt at the time of applying so that we can apply specifically for a cash card only flex account. The application would still be subject to the usual checks.

If a member holds a basic flex account and has been declared bankrupt, once we have received the relevant information from the Official Receiver, we can then take the necessary action. If we have sufficient details, we can usually allow the account to remain active.

So the account would still appear to be available. While other factors in addition to BR may result in a refusal for the account, BR alone still doesn't seem to be enough to make this automatic. Don't automatically believe what you read on their website, but check in person.

uther_2

Its very strange.My OH was recently turned down to being Br,and was told that was the reason.Br= no acceptance.Maybe individual branches are interpreting the new policy in different ways.

fermi

uther wrote: »

Its very strange.My OH was recently turned down to being Br,and was told that was the reason.Br= no acceptance.Maybe individual branches are interpreting the new policy in different ways.

I do get the distinct impression that some branch staff are just reading the info on the their website and not checking into it any further.

An encouraging thing is that there doesn't seem to be any evidence for BR's being consistently rejected yet (on here and other forums), and the new info has been on the Nationwide site for a couple of months now.

MissMuppet

That's interesting, I opened a Nationwide account about 3 months ago... do you think it might be possible to keep it? I was thinking about going to the Co-op if not, but having it stay open would save lots of hassle with changing direct debits and being paid etc...

Will be keeping my eye on this thread!

fermi

MissMuppet wrote: »

That's interesting, I opened a Nationwide account about 3 months ago... do you think it might be possible to keep it?

Several people recently have been able to keep their account, despite this "alleged" new policy. The second email I was shown above seems to confirm this.

However, at least one person here has had their Nationwide Basic Flex Account frozen for just a few days (user55 I think). Once the OR faxed Nationwide saying they had no interest in the account it was restored to normal.

Anyway, you may well be allowed to keep it, but it's best to have a backup plan and not have any critical payments going in/out for a little while after BR.

MissMuppet

Thankfully all my direct debits will be coming out this week I think, just my mobile bill that will need to be paid by other means! I guess I should check to make sure though...

Treadstone009

I was unable to open this account in person at the branch due to the change in policy but was allowed to open the very basic paying in card account (cash builder) as its non credit scored, think i'll hang onto it for now as a temporary thing and then look to set up something that can accept direct debits once i'm undischarged.

backontheup

That account should be ok for direct debits and standing orders (I know that I have some set up on mine)