Debt and Bank Accounts

Westie983

Information about the control account

"When there’s money or credit available in your account, transactions will go through exactly as normal. However, if you try to pay for something when there’s not enough money in your Current Account to cover it, Control will automatically stop the transaction going ahead. This includes:

Visa debit cards used in shops and online (including cash withdrawals)
Direct debits (including mortgages, loans and rent)
Standing orders.
There are some exceptions to this, which mean you could still go into an unplanned overdraft, including:

If you've used your Visa debit card somewhere where a retailer can't check with us, like on an aeroplane
The debiting of account fees, such as the £10 a month Control fee or overdraft usage fees."

"Control stops transactions when there is not enough money in your Current Account. This means your mortgage or rent, loan and credit card repayments and utility bills won’t be paid if they would take you over your limit."

theoretica

Could she have two accounts? Her wage going into one for direct debits, debt and savings which she doesn't have a card for and then monthly spending money going by standing order into a separate account or greensalad's suggestion of a prepay card where it is easier to keep track of and won't affect the payment of her direct debits.

fatbelly

When she's got rid of the fee-charging bank account and the fee-charging debt manager, how much per month can she throw at her 9k debts (without you helping)?

faithcecilia

It might be worth looking at http://www.ffrees.co.uk Its a prepaid credit card but behaves very much like a bank account. Their online service is great, very detailed, and it allows you to have 'virtual jamjars' so money can be kept for bills and not accidentally spent. You can set up payments from it too - definately standing orders, can't remember about direct debits. I got it as a prepay card, but am finding as time passes I am using it more and more, and my current accounts less and less.

I have 2 Co-Op Cashminder current accounts too, I got them years ago when clawing my way out of debt and have never had any reason to upgrade as they do everything I need.

glentoran99

dormy wrote: »

Not sure if this is the right place to post this but I thought I would start here as the problem's basis is to do with debt.

My daughter-in-law has got herself into a mess with debt and a while ago set up an account with Gregory Pennington to manage it. Apparently they recommended Think Bank to help her control her money better. I've looked at the account and can understand how it could help her if she used it properly - but she doesn't and ends up with bills not paid. They also charge (I think it's £15 a month) for running the account.

My son knew about some of the debts but he was pretty shocked when I showed him (with her permission) all her finance stuff. Last week I ended up having to loan them £200 for car insurance etc and I'm a bit fed up being Bank of Mum. They have now put their finances in my hands and hopefully, if they stick to the plan I've tried to sort out, between them they can negotiate some settlement figures and pay off some of her 24 individual debts!

My question is really to do with moving her bank account. Are there any banks that do a basic account with a debit card but where you cannot go overdrawn at all?

Thanks for your help.

Step one ditch them and pay their ridiculous fee off the debt, they will also take a cut of any settlement figures agreed

glentoran99

sourcrates wrote: »

First off dump Gregory Pennington, they are a fee taking debt management company, who could go bust at any time, as many have, taking all your money with them, leaving you in a much worse mess than you are in now.

For a basic bank account, coop do a good one called "cash minder", you get a debt card, not a cash card, you can open online, but must take ID into a branch.
Most banks do them, but they are not advertised, you need to look down the list of accounts a bank offers to find them.

I total agree with dumping them but the cash is paid to creditors right away and not one of those ones that save it up before paying anything

Pixie5740

It's great that you want to help them but who will the pair of them ever learn to budget if they just devolve all responsibility to you?

They should be the ones researching basic bank accounts. They should be the ones contacting Step Change or CAP UK. next time they ask for money from the Bank of Mum tell them the Bank of Mum has closed down.

I know it's easier said than done. My parents are stuck in a vicious circle with my brother. He once asked about his inheritance to which my mother replied, "What inheritance? You'll have spent it all before we die."

dean2015

Hello there..this is a very long story..38 now and still not cleared since allowed to run up rudiculous debt levels when I was 21...first of all had a £10k salary...I was allowed to rack up the best part of nearly £40,000 on unsecured loans/credit cards & overdraft by lloyds, halifax, barclays msdw & goldfish..I'm complaining now big time as responsible lenders should NEVER have allowed that to happen..I was young and a bit silly but I was betting hundreds of pounds effectively having cash in & out of current account to the tune of £10, 000 on both sides...what responsible lender would allow that from a person on £10, 000 per year?, it got to the point where I hit my limits, £15, 000 loan, credit cards with £ 6,000 , £4,500 and a few with £1, 500 on and another £2, 500 loan..proper madness..banks chucking limits at me as if they were going out of fashion..never missed and dds or stos but interest upon interest took balances over the charges £30 & £25 at the time per transaction..totally scandalous..not 1 company offered help to waive charges or interest so situation got worse...was getting harrassing calls, letters couldnt cope..decided on debt company charles price to deal with it...1 payment monthly £280 pro rata'd across 6 credit companies...they took 10%. Letters and calls will stop they said...they did for a few months then more and more came...totally crazy...in the end may as well have not bothered with them..had to then deal with each company to stop interest/charges..been paying arrangement fee ever since...majority cleared..I dd actually work for 2 bank call centres and the targets set up was a disgrace...sell loans credit cards overdrafts...NOT needs related selling..disgrace..I was under so much pressure through work and financially I tried ending it all..managed to turn myself around through a mental health specialist and got out of the job and focused on the future. I arranged monthly payments to creditors..most have been cleared..my halifax acc had £5572.82 outstanding and they accepted 8 x 244.88 payments 1959.00 to partially clear, trying to deal with lloyds now...balance 4670.88 I offered 8 x 250 (2000) to settle..knocked back..gotta be 65% just over 3000...i says load of rubbish if 1 company can settle for just over 1/3 others can..I'm a person of strong principles and university educated...had a life changing event in march which has been the kick up the backside I needed to get sorted..I could have gone down the bankruptcy route 17; years ago and would be flying now but not..I have decided to pursue the wrong selling of loan and overdraft £18, 000 on the basis that all known information suggedted a person fresh out of university at 21 in their first full time job would be allowed this amount of credit on a £ 10, 000 per year salary...it doesnt add up. Also due to the stress and implications of worry of work & finances I am going to pursue a case for £1, 000, 000 as a result of...wrongful selling of products, extortionate charges & interest.. to the tune of £50, 000 for in effect £18, 000 debt..over 17 years of hassle phone calls letters stress pressure...putting stress on family coinciding with my grandma having stress and worry of withdrawing money going to bank when she was terminally ill, effect on my brother living at home, and my parents having to be involved both financially and emotionally not to mention my state of mental health at the time which took me years to get out of and still the mental scars are there to this day and no doubt until my death.. costs also include the fact should now be well on the way to.owning new house, new car and enjoying life..not having this stigma attached to me..any views or words of wisdom please or people that could look into this legally?, I spent 45 mins tuesday on phone to lloyds, 30 mins yesterday..awaiting today's battle haha..I'm fighting for what I beieve is justice as nearly half of the best days of my life have beeniving through mental torture, stress, pressure, harrassment, bullying and not 1 bit of empathy or common sense from these financial institutions...if billions have been set aside for ppi then my case is worth £ 1, 000, 000...please please please any legal push is more than welcome...need to push this asap.::T:j

greensalad

dean2015 wrote: »

Hello there..this is a very long story..38 now and still not cleared since allowed to run up rudiculous debt levels when I was 21...first of all had a £10k salary...I was allowed to rack up the best part of nearly £40,000 on unsecured loans/credit cards & overdraft by lloyds, halifax, barclays msdw & goldfish..I'm complaining now big time as responsible lenders should NEVER have allowed that to happen..I was young and a bit silly but I was betting hundreds of pounds effectively having cash in & out of current account to the tune of £10, 000 on both sides...what responsible lender would allow that from a person on £10, 000 per year?, it got to the point where I hit my limits, £15, 000 loan, credit cards with £ 6,000 , £4,500 and a few with £1, 500 on and another £2, 500 loan..proper madness..banks chucking limits at me as if they were going out of fashion..never missed and dds or stos but interest upon interest took balances over the charges £30 & £25 at the time per transaction..totally scandalous..not 1 company offered help to waive charges or interest so situation got worse...was getting harrassing calls, letters couldnt cope..decided on debt company charles price to deal with it...1 payment monthly £280 pro rata'd across 6 credit companies...they took 10%. Letters and calls will stop they said...they did for a few months then more and more came...totally crazy...in the end may as well have not bothered with them..had to then deal with each company to stop interest/charges..been paying arrangement fee ever since...majority cleared..I dd actually work for 2 bank call centres and the targets set up was a disgrace...sell loans credit cards overdrafts...NOT needs related selling..disgrace..I was under so much pressure through work and financially I tried ending it all..managed to turn myself around through a mental health specialist and got out of the job and focused on the future. I arranged monthly payments to creditors..most have been cleared..my halifax acc had £5572.82 outstanding and they accepted 8 x 244.88 payments 1959.00 to partially clear, trying to deal with lloyds now...balance 4670.88 I offered 8 x 250 (2000) to settle..knocked back..gotta be 65% just over 3000...i says load of rubbish if 1 company can settle for just over 1/3 others can..I'm a person of strong principles and university educated...had a life changing event in march which has been the kick up the backside I needed to get sorted..I could have gone down the bankruptcy route 17; years ago and would be flying now but not..I have decided to pursue the wrong selling of loan and overdraft £18, 000 on the basis that all known information suggedted a person fresh out of university at 21 in their first full time job would be allowed this amount of credit on a £ 10, 000 per year salary...it doesnt add up. Also due to the stress and implications of worry of work & finances I am going to pursue a case for £1, 000, 000 as a result of...wrongful selling of products, extortionate charges & interest.. to the tune of £50, 000 for in effect £18, 000 debt..over 17 years of hassle phone calls letters stress pressure...putting stress on family coinciding with my grandma having stress and worry of withdrawing money going to bank when she was terminally ill, effect on my brother living at home, and my parents having to be involved both financially and emotionally not to mention my state of mental health at the time which took me years to get out of and still the mental scars are there to this day and no doubt until my death.. costs also include the fact should now be well on the way to.owning new house, new car and enjoying life..not having this stigma attached to me..any views or words of wisdom please or people that could look into this legally?, I spent 45 mins tuesday on phone to lloyds, 30 mins yesterday..awaiting today's battle haha..I'm fighting for what I beieve is justice as nearly half of the best days of my life have beeniving through mental torture, stress, pressure, harrassment, bullying and not 1 bit of empathy or common sense from these financial institutions...if billions have been set aside for ppi then my case is worth £ 1, 000, 000...please please please any legal push is more than welcome...need to push this asap.::T:j

Make a new post. Unless you are the DIL?

poppasmurf_bewdley

dean2015 wrote: »

Hello there..this is a very long story..38 now and still not cleared since allowed to run up rudiculous debt levels when I was 21...first of all had a £10k salary...I was allowed to rack up the best part of nearly £40,000 on unsecured loans/credit cards & overdraft by lloyds, halifax, barclays msdw & goldfish..I'm complaining now big time as responsible lenders should NEVER have allowed that to happen..I was young and a bit silly but I was betting hundreds of pounds effectively having cash in & out of current account to the tune of £10, 000 on both sides...what responsible lender would allow that from a person on £10, 000 per year?, it got to the point where I hit my limits, £15, 000 loan, credit cards with £ 6,000 , £4,500 and a few with £1, 500 on and another £2, 500 loan..proper madness..banks chucking limits at me as if they were going out of fashion..never missed and dds or stos but interest upon interest took balances over the charges £30 & £25 at the time per transaction..totally scandalous..not 1 company offered help to waive charges or interest so situation got worse...was getting harrassing calls, letters couldnt cope..decided on debt company charles price to deal with it...1 payment monthly £280 pro rata'd across 6 credit companies...they took 10%. Letters and calls will stop they said...they did for a few months then more and more came...totally crazy...in the end may as well have not bothered with them..had to then deal with each company to stop interest/charges..been paying arrangement fee ever since...majority cleared..I dd actually work for 2 bank call centres and the targets set up was a disgrace...sell loans credit cards overdrafts...NOT needs related selling..disgrace..I was under so much pressure through work and financially I tried ending it all..managed to turn myself around through a mental health specialist and got out of the job and focused on the future. I arranged monthly payments to creditors..most have been cleared..my halifax acc had £5572.82 outstanding and they accepted 8 x 244.88 payments 1959.00 to partially clear, trying to deal with lloyds now...balance 4670.88 I offered 8 x 250 (2000) to settle..knocked back..gotta be 65% just over 3000...i says load of rubbish if 1 company can settle for just over 1/3 others can..I'm a person of strong principles and university educated...had a life changing event in march which has been the kick up the backside I needed to get sorted..I could have gone down the bankruptcy route 17; years ago and would be flying now but not..I have decided to pursue the wrong selling of loan and overdraft £18, 000 on the basis that all known information suggedted a person fresh out of university at 21 in their first full time job would be allowed this amount of credit on a £ 10, 000 per year salary...it doesnt add up. Also due to the stress and implications of worry of work & finances I am going to pursue a case for £1, 000, 000 as a result of...wrongful selling of products, extortionate charges & interest.. to the tune of £50, 000 for in effect £18, 000 debt..over 17 years of hassle phone calls letters stress pressure...putting stress on family coinciding with my grandma having stress and worry of withdrawing money going to bank when she was terminally ill, effect on my brother living at home, and my parents having to be involved both financially and emotionally not to mention my state of mental health at the time which took me years to get out of and still the mental scars are there to this day and no doubt until my death.. costs also include the fact should now be well on the way to.owning new house, new car and enjoying life..not having this stigma attached to me..any views or words of wisdom please or people that could look into this legally?, I spent 45 mins tuesday on phone to lloyds, 30 mins yesterday..awaiting today's battle haha..I'm fighting for what I beieve is justice as nearly half of the best days of my life have beeniving through mental torture, stress, pressure, harrassment, bullying and not 1 bit of empathy or common sense from these financial institutions...if billions have been set aside for ppi then my case is worth £ 1, 000, 000...please please please any legal push is more than welcome...need to push this asap.::T:j

I didn't even attempt to read this mass of words. You need to break it down into paragraphs.