After a DMP is finished - banking options?

Philip624

After 7 years my DMP is finally coming to an end, all defaults are off my credit report, one outstanding debt has a CCJ charging order attached but it will be paid back by April 21 at the latest. I have a basic bank account no contactless or overdraft.  How long should I leave it before applying anywhere else? I am not bothered about getting an overdraft, contactless would be handy, but also perhaps to take advantage of switching offers. Should I let things settle for 6 months or so? My previous bank was First Direct, would they be liekely to have me back or would I be blacklisted there?

sourcrates

You can get a Monzo account in about 3 mins.

DebtHurricane

Yeah as SC said Monzo will accept you with photo ID. They’re friendly to insolvency so a DMP won’t bother them 

Philip624

Thanks wondering about traditional banks too like I say would I be blacklisted at First Direct due to previous default or would it be a clean slate if credit record is clear

DebtHurricane

First direct would very likely not want you until your credit file is clean 6years plus, they may not want you to bank with them again. They’re picky about who they give accounts to as are their owners HSBC. 

If you want traditional banks, try nationwide and barclays. I had a basic account with both when I had a debt relief order and with that still showing in my credit files I was able to get full current accounts with both shortly after. 

Sharon87

Are there banks where you didn't have any defaults? I would try one of them. With most defaults dropped off your record you have a chance of getting a bank account, it's always worth a shot applying for 1 or 2 with a bank you don't have bad history with. If you don't accepted wait till the CCJ drops off your record and apply again.