Bank Account after DMP

DigitalDevil

Hi all,

Since entering (and completing) my DMP I’m unable to get a normal current account, does anyone know how I would be able to get one as surprisingly life is pretty hard without one haha

DCFC79

DigitalDevil wrote: »

Hi all,

Since entering (and completing) my DMP I!!!8217;m unable to get a normal current account, does anyone know how I would be able to get one as surprisingly life is pretty hard without one haha

Where have you tried ?
Maybe some banks will be more willing to let you open an account, not sure which banks.

You tried Monzo or Starling ?

jonesMUFCforever

Most banks will open a basic account for you unless you have some kind of fraudulent behaviour in the background.

DigitalDevil

DCFC79 wrote: »

Where have you tried ?
Maybe some banks will be more willing to let you open an account, not sure which banks.

You tried Monzo or Starling ?

Who lol?! Don’t believe I’ve ever heard of either of them.....

I’ve tried HSBC, Santander, Barclays, RBS and Lloyd’s all of which refuse my application for a current account.

jonesMUFCforever wrote: »

Most banks will open a basic account for you unless you have some kind of fraudulent behaviour in the background.

Yeah I can open a basic account, the issue being that they are just that, basic, most can only be used to withdraw cash and are unable to process in store or online transactions, I’ve even had trouble using one card in any machine that’s not owned by that specific bank so it’s not really a solution to modern world problems

mije1983

DigitalDevil wrote: »

DCFC79 wrote: »

You tried Monzo or Starling ?

Who lol?! Don't believe I've ever heard of either of them.....

https://www.moneysavingexpert.com/banking/digital-banking/#currentaccounts

DigitalDevil wrote: »

Yeah I can open a basic account, the issue being that they are just that, basic, most can only be used to withdraw cash and are unable to process in store or online transactions, I've even had trouble using one card in any machine that's not owned by that specific bank so it's not really a solution to modern world problems

You've just come out of a DMP, so you will have to start again somewhere. If that's a basic account then that's what you need to do, with an eye on upgrading to a standard account in the future. Both Barclays and Co-Op's basic account come with a debit card rather than a cash card, and allow direct debits.

https://www.moneysavingexpert.com/banking/basic-bank-accounts/#best

JuicyJesus

Most basic accounts come with debit cards now, so I'm not sure where you're getting the idea that you can't get one; if anything the ones with pure cash cards are a bit of a rarity.

It only becomes an issue when you actually go bankrupt, at which point the number of banks willing to offer you a current account drops to precisely one. DMPs aren't an issue for BBAs.

jonesMUFCforever

I agree with the above - basic accounts are nearly indistinguishable from fee free current accounts these days - minus the overdrafts of course.

Mrs_Ryan

It used to be the case that Lloyds basic account only allowed you to use their own machines but I am fairly sure that has been lifted.
Barclays Basic Account definitely comes with a debit card- I know, I have one it is contactless too and can be used normally in store or online. I have a full Student Additions current account with Barclays which was opened for me with no credit check after a long history of my basic account being kept in good order. I went to a Barclays Bank Account and this was upgraded to a student account with 500 pounds overdraft (now 550) when I started uni. My credit rating still is very poor after multiple debts but if you run a basic account well for long enough you will eventually get a full account. Literally the only difference between the two accounts is the overdraft and the ability to use Apple Pay.