Santander 123 after a DMP

GibbsRule_No3

Went into the branch today and was turned down. So even though I have finished my DMP, 2 years ago, everything paid back, with all the money i wanted to put in the account, regular job and pension money I was still turned down when they did a search. I will now look on Experian and see why. DMP started in 2010 and it is now 2016 so i would have thought it would have been okay. I did an Experian free trial a few years ago so will now need to pay for one at least for this month, how easy is it to cancel after a month? I just want to see what is on it to see why I was turned down. Clearscore does not show anything this month. I did say to the man from the outset that I was possibly prepared to be turned down because of the DMP as I was not sure what exactly the impact would be of being on a DMP. Differing stories, some good, some not so after finishing. Barclaycard were the last company I finished paying, the others on the DMP finished a couple of years earlier due to PPI payouts. If i had not been paying PPI on things over the year's I would not have needed a DMP judging by the amount I was paid back. Anyone got any advice?

john1002

Did you not try and open their basic account or did you not get offered the opportunity at the meeting, have a look on experian but it may be a lot of accounts have not updated or you are still showing some delinquent accounts, if it is then your only chance is a basic account in the hope of an upgrade in 6 mnths or so. Ignore experian scores but do look at the information.

Report back when you have a look at your file.

John

GibbsRule_No3

Everything is showing as settled 0 balances but three have red defaults. That I did not keep up the payments, obviously that is correct with the DMP but everything was settled with their agreement when the PPI came from the three accounts HSBC and M&S x2. I don't want credit and that is what the Experian keep going on about, I just want to open the account and use it as a savings account but of course 123 is an current account, just pays better than savings at present. If I open a savings account only will that not be as bad? I was not offered another account, just turned down for the 123, I did say i did not want an overdraft facility. I note there are some template letters on Experian but which ones should I use asking HSBC and M&S to remove the red markers, or is there no point? They closed the accounts after taking the PPI as settlement and then sending me the outstanding PPI amount. Funny thing John Lewis who accepted a smaller amount as a F&F settlement (no PPI with them) do not show at all and yet they were the ones that were not paid off in full. Barclaycard would not accept F&F so they were paid off fully two years after the HSBC and M&S PPI refunds they do not show either. Seems strange that the two institutions that had PPI are the ones showing.
I guess if savings accounts are just opened I could split the 20,000 but I admit I am lazy and just wanted to deposit the 20,000 have the DDs that pay interest each month in the account and then let it manage itself without me having to set up umpteen accounts with small amounts to get the interest that I can get with 123.

john1002

With those 3 defaults still showing you will struggle to get any main stream account, you may not want an overdraft but the account comes with a buffer zone as standard, just find the best savings account and utilise that for your money.

The 123 will have to wait till your file is clean.

John

GibbsRule_No3

So do you think writing to them would be pointless? When should they have defaulted the accounts? When the DMP started or when they closed them after taking the PPI money to settle them? Showing as 2012 - 2013.

cheffy1

Don't know if this help you at all, but I'm currently in a DMP with 7 defaults on my file that all still have 5 years until they clear.

Despite all this, I've been able to open both a TSB and tesco accounts.

Whilst they won't earn you interest on all your savings, if you managed to get them, it would get you 5% on 2k and 3% on 6k. Which is at least better than noyhing

GibbsRule_No3

I like the idea of the 6,000 one. Just the thought of opening lots of 2,000 ones was annoying. I will go and look, thanks. Guess I am right that a savings account will not generate a search? So rereading are the accounts you mention just bank accounts, so search would be done? Not sure I want to try opening another current account so soon after trying for the 123 I believe lots of searches do not look good. So frustrating with all this money and cannot do much with it interest wise. DMP was maybe not a good idea after all, I did it before I got into possible serious money trouble due to the interest that was being added monthly, usually I just took out another loan and rolled things over. When I was turned down, probably due to approaching 53 I panicked somewhat and entered the DMP and if I had known about the PPI I certainly would not have needed one. Wise after the event I'm afraid. Pension lump sum would have paid the interest when I got to 60, so now I have that and having lived on a tight reign during the DMP I have that money per month as well now. Technically coming out my ears but no interest yet.

cheffy1

GibbsRule_No3 wrote: »

I like the idea of the 6,000 one. Just the thought of opening lots of 2,000 ones was annoying. I will go and look, thanks. Guess I am right that a savings account will not generate a search?

The 6k would be 2 x tesco acc

cheffy1

They are full acc that I assume will have a credit check.

My personal experiance is that I'm currently starting year 2 of a estimated 8 year DMP. But I was instantly accepted for a TSB acc and 2x tesco acc all within a 4 week timescale. On the other hand, my mother, who has a clean credit file now, having done an iva in 2006, was instantly rejected for both!

Unfortunately, nobody knows if you'll be accepted, I can only let you know my experience. it's about you weighing up the pros and cons of the searches on your file verses the potential interest.

pmduk

Just to clarify

Kim_13 wrote: »

I assume the OP means happy to have a cash card (as they will be used to that with thw Co-Op Basic) rather than a debit card, but as the S123 is a full current account, this would not be possible.

The Co-op's Basic account (Readycash) has had a debit card since at least 2002.