Cant get a new bank

jojorose

My Son is 22, hes been independent from me since he was 16 but got into some debt when he was 18. This was rent. His response was to run. By the time I got involved it was too late He lost his home everything. He arranged a slow repayment plan, went back into education and moved back in with me. He was using his HSBC child hood account which they updated to student status. He wasnt able to overdraw etc. He started work and moved to London twelve months ago and found himself with an informal overdraft. They make ridiculous charges/penalties and hes not managing his money well. Hes asked for them to give him an account where he cant overdraw. HSBC wont do it. So hes been looking for an other account. He found Santander but in the last few weeks hes gone self employed and they refused his application. Does anyone have any advice. Im paying his rent whilst he starts up and he is part of the self employment scheme with the DWP. He is already covering food and bills. He needs a bank account to receive benefits and to pay his earnings into....

colsten

Any help in this article: http://www.moneysavingexpert.com/banking/basic-bank-accounts?

Though he just has to get better with managing his money.

jondavis30

The answer here is simple: find a basic account with a debit card.

All accounts come with some sort of informal overdraft because if they didn't and you made a misjudgement on your balance by £10 and that caused you to miss a mortgage payment, obviously this could have all sorts of repercussions.

Same as with Council tax. All because you misjudged by £10. It's better to get charged an informal overdraft than get charged the other end for a missed payment and get charged by your bank for a returned direct debit payment.

Perhaps money management and budgeting is key here ? List income / outgoings. Work out how much is left after, then you know what you've got left to spend.