Bank Account on DMP

shofor

Hi,

So I am currently on a Debt Management Plan which meant that I had to open a basic bank account (so no overdraft contactless payment etc) and close my other account, I am with Bank of Scotland.

I will have finished paying off my debt early next year. When will I be able to get a normal bank account instead of this basic account/cash card?

I know they wont want to accept me as a normal account would have an overdraft and they wouldn't want to take this risk but when I have finished paying my Debt Management Plan I would like some sort of emergency cash fund (like an overdraft) until i manage to build up some savings again. I would also like the contactless payment option!

Thanks

20aday

Hello,

Once you've closed your account(s) they'll show as 'Settled' on your credit reports and remain there for a further six years.

As time passes the effects of your DMP will lessen but you'll find (for a time) it harder to obtain new lines of credit.

Personally I wouldn't go for an Overdraft as you may well find yourself in the same situation again as above?

However if you'd like a debit card with contactless facility check out Nationwide's FlexBasic account here:

http://www.nationwide.co.uk/products/current-accounts/flexbasic/features-and-benefits

From what I remember if you run your account well they may upgrade you to one of their FlexAccounts in the future.