Nationwide flexbasic anyone been upgraded yet

mwarby

My credit file is much like that of a bankrupt, having an IVA which lasted less than a year (full and final).

I switched to nationwide earlier this year and am now roughly at the 3 years from starting IVA point. I know they review accounts every 6 months, but was wondering at what point they'll upgrade with insolvency showing.

I'm hopeful that it won't be the whole 6 years as they can do a mortgage after 3, but I suspect that's with manual underwriting, which they probably don't do for current accounts

Thanks
Martin

[Deleted User]

The first lot of upgrades, if they were going through properly, should have been June/July. I never got one so switched away. I have been assured they check each and every 6 months, but under secure messaging there is a tab for '12 month Flex Basic review' - why 12 month if they state (repeatedly) 6 months???

Barclays base an upgrade on your internal score, generally after 12 months, so I'm trying that route instead. Don't actually need it, as am with TSB who are excellent.

I might apply direct for a N/Wide full account in 6-12 months time - IMO that's the better way to do it. If you get declined you get declined, at least that's a truer way of seeing if they will accept people with insolvency on their record

My account was run perfectly well, I had a Help to Buy ISA with them and no bounced payments for anything. Direct debits etc all going out as you'd expect, and direct salary credit (a bit above National average) each month - and they still just gave me computer says no.

Note that when they upgrade you any bounced payments/overdrawns etc will incur full charges, whereas they don't on the FlexBasic (but they HAVE to offer FlexBasic).

If I were earning an average salary or less, or showed that I was getting a lot of bounced things, I wonder if that'd fast track me to an upgrade.... £££ for N/Wide in charges...

As it stands, it seems to me they don't want to give me a full account as they lost money to me in BR, and are only giving me a basic account as they have to under FCA/Govt regulations. There is absolutely no benefit to them in giving me a full account if I'm going to run it properly - the benefit is all mine, hence them declining an upgrade - in my view.

mwarby

I suspect i'd have similar problem with Barclays, as i owed them(Barclaycard actually) quite a lot when i got my IVA. Don't and never have owed Nationwide anything, but not holding my breath

I'd have thought they'd be keen to get me on a fee paying account, but hey i think flexbasic is one of the best basic accounts.

mwarby

I suppose they do say
'Our first review will be no earlier than six months after opening your account.'

So not necessarily every 6 months, but no way in first 6 months

TheGardener

Why don't you just ry applying for the online 'flexdirect' account - just select £0 for planned overdraft options and see what happens. I applied for one and was accepted no problem and I'm only halfway though my 6 years. It gave me access to the regular saver account, regular and contactless debit cards. I don't want an overdraft so that wasn't an issue.

mwarby

I did try that before switching, but good to hear they gave you a full account with br showing. With any luck I'll pass whatever the br age requirement is and get upgraded at some point before 6 year mark (currently 3 years past start if IVA, will be 3 years past end in March)

[Deleted User]

As soon as you hit the 3 year mark you are no longer deemed 'credit impaired' under the FCA's definition - so you may well get an upgrade, try 3 years and a day after it ended

Credit Impaired =
CCJs over £500 in last 3 years
3 consecutive months missed payments (secured or unsecured) in last 2 years
IVA or Bankruptcy during the last 3 years

mwarby

FCA credit impaired seems to be a mortgage thing, interesting that they've defined it though

I could imagine though that that test is quite a common one, especially if FCA say good enough for mortgage (or rather not a big flashing warning beacon saying are you nuts, your being totally irresponsible lending to this person)

Mollie_Guinness15

I went into branch and was told to wait until October which would by six months after opening my account.

TheGardener

mwarby wrote: »

I did try that before switching...

No rhyme or reason sometimes - I've never had a problem with current or savings accounts but cant get even a poor rating Credit Card...