Question for folks on DMP.......New Bank Account

Rooster01

Hi, im currently in the early stages of a DMP, just need to send copy of payslip and sign relevant forms. I was advised off Stepchange to open a new bank account and transfer wages, direct debits over due to me having an arranged overdraft with Lloyds Bank.

Any recommendations........My credit score is trashed due to AP in place with other creditors?

Lips_and_Lashes

Barclays bank.

When I opened my account, I went in and got an appointment with an advisor and just asked for the basic bank account to pay my wages into. No overdraft, no monthly charges etc.

Rooster01

Should of mentioned.....I have debts with Halifax, Nationwide and Barclays. Would love to stay with Lloyds but have planned overdraft with them. I have banked with Lloyds for 25 years......

Growurown

Even though you have banked with them for 25 years it won't make any difference to the way they treat you when you go on a DMP. You won't get any preferential treatment. You are just another number. I went with First Direct and got £100 for joining, and they seem very efficient. Banks can't refuse you a basic bank account even if your credit rating is rubbish.

Time_to_face_the_music

We use the Co-op and they have been great. Currently offering £100 for you and £25 for a charity when you open an account.

If you want any hep, advice or support regarding your DMP, please come and join us on the DMP & Mutual Support Thread:

https://forums.moneysavingexpert.com/discussion/4988866


TTFTM x

seanavfc92

Wherever you go, ask for a basic bank account.

If you go in to the branch asking to open a bank account, they'll try and offer you a current account, one which allows overdraft, additional enefits that cost, etc. There's no guarantee you'll get one as they conduct a full credit search.

Going in asking for a basic account means they won't need to credit check you as you're of no financial risk to them.

Banks aren't keen on offering basic accounts as there's no money to be made from them. However, as long as you've no record of fraud or discharged bankruptcy, anyone is entitled to one.

I, personally, would choose a bank that has a local branch. That way, if anything goes wrong with your account, you can go and speak to someone face-to-face, instead of calling their customer service centre.