CIFAS AND MONZO

liamw63676

i have i cifas marker against my name, i am unsure which one but lets just assume its the worst one, can i open a monzo? or any other current account or something along those lines? Once i am 18 i may try pre paid cards however i need a solution relatively soon!

Thanks in advance for any help!

Edi81

You're pretty much stuffed.
What did you do to get this? you are under 18 so I'm guessing that you allowed someone to use your account.

colsten

Next stop: "Monzo blocked my account. Can they do this?"

Paracosm

Why not set up your own banking company with yourself as the sole customer, giving yourself whopping interest rates on any money you have saved too?

PRAISETHESUN

Submit a SAR to CIFAS to get more information about what kind of fraud marker you have on your files. Once you know if it is a bad one or not, then you can figure out what you'll be able to do.

https://www.cifas.org.uk/contact-us/subject-access-request/subject-access-request-form

Odds are you'll be locked out of having a current account until the markers are dealt with, which won't be quick, so I'd say start look into pre-paid cards.

pcman1985

The worst CIFAS marker is Category 6: First Party Fraud/Misuse of Facility, however they all will have really bad consequences; with the exception of Category 0 and 2 which are there for your protection.

Previously Monzo didn't care if you had a CIFAS marker and would open an account, but you would not be able to get a loan or overdraft. However it may have changed.

Try applying for a Monzo account and send the SAR to CIFAS.

liamw63676

colsten said:

Next stop: "Monzo blocked my account. Can they do this?"

thanks for that really helpful comment

liamw63676

Paracosm said:

Why not set up your own banking company with yourself as the sole customer, giving yourself whopping interest rates on any money you have saved too?

really helpful !

liamw63676

Edi81 said:

You're pretty much stuffed.
What did you do to get this? you are under 18 so I'm guessing that you allowed someone to use your account.

yep i was offered money if they could use my account, ive done alot of researching into this and i know what ive done.
As far as i know im humped for 6 years.
My only option appears to be pre-paid cards but im not 18 yet, only got a few months to wait to be fair.

Blackbeard_of_Perranporth

liamw63676 said:

i have i cifas marker against my name, i am unsure which one but lets just assume its the worst one, can i open a monzo? or any other current account or something along those lines? Once i am 18 i may try pre paid cards however i need a solution relatively soon!

Thanks in advance for any help!

liamw63676 said:

Edi81 said:

You're pretty much stuffed.
What did you do to get this? you are under 18 so I'm guessing that you allowed someone to use your account.

yep i was offered money if they could use my account, ive done alot of researching into this and i know what ive done.
As far as i know im humped for 6 years.
My only option appears to be pre-paid cards but im not 18 yet, only got a few months to wait to be fair.

I suggest in your spare time until you are old enough to act responsibly, you read this website.  

 https://www.cifas.org.uk/

And good luck, you’ll need it. 

Murmansk

yep i was offered money if they could use my account, ive done alot of researching into this and i know what ive done.
As far as i know im humped for 6 years.
My only option appears to be pre-paid cards but im not 18 yet, only got a few months to wait to be fair.

So you became what I think they call a "money mule"? Presumably a criminal offence