DMP Mutual Support Thread - Part 12

Floopy2009

Cheers guys thought it would be ok but its always best to ask the pros on here

sourcrates

carbootcrazy wrote: »

Not sure about mobile phone contracts, I understand they do credit check for new contracts but as for renewal of existing ones I haven't needed to test this out myself yet..

Existing mobile contracts that you want to upgrade are not subject to any credit checks.

kram

Hi,

This is my very 1st post so hopefully it will make sense.
I have read many posts saying for you to build up an emergency fund, my question is where do you keep it, in the bank or at home out of the way. I guess what I really mean is do you have to give anyone statements to backup what you have put down on your e and I.
Can they then request you to give it to them or am I over thinking this?

Many thanks

K

January2015

kram wrote: »

Hi,

This is my very 1st post so hopefully it will make sense.
I have read many posts saying for you to build up an emergency fund, my question is where do you keep it, in the bank or at home out of the way. I guess what I really mean is do you have to give anyone statements to backup what you have put down on your e and I.
Can they then request you to give it to them or am I over thinking this?

Many thanks

K

I keep my emergency fund in my bank. You don't have to send anyone your bank statements. They are your private property. No business of anyone elses.

However, just to ease your mind - basic bank accounts report as zero balance on credit reference files and savings account don't appear at all - so if creditors do look check your CRA files they would not see how much money you had anyway. Standard current accounts do record the balance taken as a snapchat on a one day each month.

kram

Hi,

I have a standard current account as they would not allow me to open a basic one as I am not bankrupt or IVA, ive just started a dmp with sc.

Have I made a mistake with this then.

January2015

kram wrote: »

Hi,

I have a standard current account as they would not allow me to open a basic one as I am not bankrupt or IVA, ive just started a dmp with sc.

Have I made a mistake with this then.

No - just open an online savings account (can be with your current account bank) and keep your emergency fund in that.

Not sure why you were not allowed to open a basic account - I understood everyone was able to access a basic account.

sourcrates

kram wrote: »

Hi,

I have a standard current account as they would not allow me to open a basic one as I am not bankrupt or IVA, ive just started a dmp with sc.

Have I made a mistake with this then.

It won't of been a case of you not been allowed to open a basic account, was a normal current account offered to you when you applied ?

If you passed a credit check you would be offered a standard current account by default.

sourcrates

kram wrote: »

Hi,

This is my very 1st post so hopefully it will make sense.
I have read many posts saying for you to build up an emergency fund, my question is where do you keep it, in the bank or at home out of the way. I guess what I really mean is do you have to give anyone statements to backup what you have put down on your e and I.
Can they then request you to give it to them or am I over thinking this?

Many thanks

K

This is a free country my friend, the only people who can "make" you do anything are the police, the courts, and HMRC.

Everyone else is your equal, however much money they purport to have or however large there business is, they have no more rights over you or your affairs than the paper boy does.

kram

I was offered a current account as default, I did ask about a basic account but they told me that it was only for people who are bankrupt or on an iva.
I did not make any fuss as all I wanted was an account to pay my wages into away from current bank / creditor.
I will look into an online savings account asap.
Thank you both for your guidance with this.

sourcrates

kram wrote: »

I was offered a current account as default, I did ask about a basic account but they told me that it was only for people who are bankrupt or on an iva..

I assume you applied "in branch" yes ?

Sounds like the typical tripe bank staff come out with.
Basic accounts are for anyone not requiring borrowing facilities, best way to apply is online, as there is no face to face with people trying to earn there bonus.

Normal current accounts earn the bank profit, basic accounts don't, the only reason you were "refused" is because you chose not to pursue the matter any further.

It's not a problem, as long as the bank your with is not one of your creditors, and you don't use any borrowing facility, then you should be fine.