Refused Natwest account need help to understand...

cjgoodsell

Bit of background... 2005 I defaulted on 20k+ on loan and credit cards including overdraft and still paying it off via a debt management plan got about 5 years left to go.

My credit rating is going up and I no defaults on my credit file... Roll forward to 2013 I get married and Last week we decided to take the plunge for a joint bank account because I thought my credit rating was good enough its showing as fair on experian and equifax.

We went into Natwest because the wife banks there and probably be better coz her credit history is much better than mine! We just want to get a standard current account for us.

We sat down with an advisor and went through all our income an out going and their system said we can have the platinum account we had no choice apparently! That is fine we do like their features and I have a package account with HSBC which I was going to close.

Move forward to overdraft told we can have £2000 overdraft... I said no because I had poor history in the past we dont want that... They came back with if you dont take it should you need it in the future then we may be refused it... I still said no I was asked do I have debt elsewhere I said yes I'm on a debt management plan and been building my rating with Vanquis card (paid off each month only do £50 a month on it). I wasnt asked anymore...

Then at the end they want to see bank statements last 3 months from me just to support my application on how I manage my account etc... I then said it wont be a fair reflection because I wasnt working during most of those 3 months.. Lost my job on 8th May started new Employment 21st July... So only shows JSA and money from my wife to cover the bills from my account... She said wont be a problem!

Role forward to today. We are told I can not have ANY yes ANY account with Natwest because of my adverse credit and found out more info regarding my DMP... Then I am accused of lying on the application about my debts! Now I wasnt asked much more about it! I then went back and said well you advised me to do this and was told we are non-advisory and we signed forms etc. Ok fair point but we acted what you suggested.. In my opinion I disclosed material facts and it wasnt picked up just ignored. They then went on to question my outgoings etc who I pay money to an example being I put £20 a week on a William Hill account for the football and then they wanted to know why I spend £2.58 in sainsbury a day.. I was made to feel they invaded my privacy on my really scruntinised on my spending! Final nail in the coffin we have now been advised against having a joint bank account!

I made it clear on the phone that all we wanted was a current account that allowed Direct Debits, Visa Debit Card and Cheque Book. It took until today that they finally listened.. Apparently they will appeal the decision!

What have I done wrong here or advise on how to move forward or just to understand how it all works?

jonesMUFCforever

You will find this with almost all banks where there is adverse information on your credit files. I am surprised you got so far before doing the credit score.
Stick with sole accounts for now.

cjgoodsell

jonesMUFCforever wrote: »

You will find this with almost all banks where there is adverse information on your credit files. I am surprised you got so far before doing the credit score.
Stick with sole accounts for now.

Even if my credit file does not show any of those defaults because they are over 6 years old (may not be settled) and my score is going up!

Also for just a basic current account - thats all we are asking for so should something happen to either of us at least the other person has access to both wages opposed only half and getting even more of a mess

chambta

I'd leave joint accounts well alone while the DMP is ongoing.

masonic

Have you actually looked through a credit report? Scores are fairly meaningless - it's what's in the credit report that matters.

Assuming you get a copy of your credit report and don't find any reference to your previous misdeeds, I would suggest avoiding the bank salespeople altogether. Find a simple account that does what you need and apply online. You can make sure all of the information entered is correct and avoid being upsold something inappropriate. As others have said, you may want to avoid risking your wife's credit worthiness by creating a financial link between yourselves.

cjgoodsell

chambta wrote: »

I'd leave joint accounts well alone while the DMP is ongoing.

OK... I have 0 defaults showing on my file and the DMP is not showing on there... The only way they know about it is dig around and me telling them and upto them what extra info is needed!

I don't have a copy of the application form we signed to only about the features of the account so I cant go back to see how or if the DMP was disclosed...

cjgoodsell

masonic wrote: »

Have you actually looked through a credit report? Scores are fairly meaningless - it's what's in the credit report that matters.

Assuming you get a copy of your credit report and don't find any reference to your previous misdeeds, I would suggest avoiding the bank salespeople altogether. Find a simple account that does what you need and apply online. You can make sure all of the information entered is correct and avoid being upsold something inappropriate. As others have said, you may want to avoid risking your wife's credit worthiness by creating a financial link between yourselves.

Thanks I have looked at that. Thanks for a bit more info!

The score maybe meaningless these days but Somehow Natwest has got further info of my past!

Am I right in thinking that with a cleaner credit file and it getting better in regards to a credit score that it wont affect my wifes score!

Can you see my predicament?

masonic

cjgoodsell wrote: »

Thanks I have looked at that. Thanks for a bit more info!

The score maybe meaningless these days but Somehow Natwest has got further info of my past!

Am I right in thinking that with a cleaner credit file and it getting better in regards to a credit score that it wont affect my wifes score!

Can you see my predicament?

Well the implication is that details of your past were available to Natwest and that what they found meant they weren't prepared to let you open any account. Whether that was just because something was noted on your application you'll probably never find out, but it seems sensible to proceed with caution. It might be worth trying to open a sole account elsewhere and seeing how it goes as a first step, before considering another joint application.

dotdash79

Did you owe any money to the Natwest or any banks that are in the same group?

Thrugelmir

Did you default on a Natwest account of any description all those years ago?

cjgoodsell

masonic wrote: »

Well the implication is that details of your past were available to Natwest and that what they found meant they weren't prepared to let you open any account. Whether that was just because something was noted on your application you'll probably never find out, but it seems sensible to proceed with caution. It might be worth trying to open a sole account elsewhere and seeing how it goes as a first step, before considering another joint application.

Open a sole account (will prob wait a few months so dont have multiple applications) and then add my wife onto the account?

That is our preference and keep the 2 seperate accounts where we put our own spending money into...

Or maybe add her onto my existing account?