Second bank account?

OrangeGoblin

Hello all, first post here.

I have a lot of money issues, debt and so on. I am currently trying to sort myself out, I am getting ready to start a new job and thought that setting up a new bank account would be a good idea, so that my wages cannot be taken from under my nose to pay off my debts in huge lumps that would leave me unable to pay my rent and costs of living.

I currently have a TSB cash account, I don't qualify for most accounts due to my credit history. I just wanted to check that this is an okay thing to do? Am I allowed to have two separate accounts and not inform the organisations I owe of this second account? I am currently not paying any organisations due to my circumstances but I am planning to set up a payment plan with them once I get my first months pay.

Any advice on this would be much appreciated.

Many thanks.

binaryuniverse

There's nothing to stop you trying to open a second account, if you're not on sort of IVA/Bankruptcy. Whether anyone will give you one is different matter. They'll all perform a credit check, whether you ask for an overdraft or not. You may get offered a basic bank account, which might enough for what you want.

Do you owe TSB money? They are the only institution that could legally take money from your account, without your permission.

But what you need to do is work out how and why you are in this mess, and work out how you are going to address that before you go opening more accounts.
You also need to get in touch with your creditor, inform them of your situation, and go from there. The sooner you do it, the better.

OrangeGoblin

binaryuniverse wrote: »

There's nothing to stop you trying to open a second account, if you're not on sort of IVA/Bankruptcy. Whether anyone will give you one is different matter. They'll all perform a credit check, whether you ask for an overdraft or not. You may get offered a basic bank account, which might enough for what you want.

Do you owe TSB money? They are the only institution that could legally take money from your account, without your permission.

But what you need to do is work out how and why you are in this mess, and work out how you are going to address that before you go opening more accounts.
You also need to get in touch with your creditor, inform them of your situation, and go from there. The sooner you do it, the better.

I have an IVA set up but due to my circumstances nothing has been paid for a considerable amount of time, I was homeless for a while and now have some accommodation. I'm not interested in an overdraft or anything like that, just somewhere I can have my wages go in and not disappear.

I don't owe TSB any money.

And the whys and the hows really are a long story, there is no simple answer for that I am afraid.

Thanks for your reply, really helps me out.

Lith

Second bank account? that's nothing.. I have 12 and 3 offshore.

Welcome to the club.

eskbanker

OrangeGoblin wrote: »

I have an IVA set up

I could be wrong but suspect that this will affect your options if you're essentially looking for a second account as a means of trying to shield income from creditors, perhaps worth asking the question on the dedicated IVA board at https://forums.moneysavingexpert.com/forumdisplay.php?f=159

PRAISETHESUN

As long as you don't lie on the application form, I can't see any reason why you shouldn't be able to open a second account. You will likely be rejected due to your circumstances, but you still might be able to get a basic bank account of some description.