Intelligent Finance current account closures

Newshound15

When St James's Place Bank 'closed', customers were transferred to some outfit called Intelligent Finance.Last night from I received two texts from my utility company and credit card company to say that direct debits had been cancelled. Logging into the bank I was faced with a notice that the bank had closed all current accounts.
I received no notification of their intent to close current accounts either by letter or by text.
They have removed all details regarding payment instructions, all transaction information and all statements. I have no idea who has been paid, or what payments I have received.
I now have two default payments against my name and I am sure there will be others.I do not believe I can be the only person this has happened to and I would be interested to hear others' experience.

MattMattMattUK

It has been known about for some time and you should have received letters unless they have got lost in the post. 

You could write to them asking for statements which they may or may not comply with, or you could submit a DSAR which they have to comply with, but the information might not come in the most user friendly format.

https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

friolento

It seems you were supposed to receive 2 months written notice: https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

If you missed the notifications, Lloyds might be prepared to negotiate a settlement with you.I reckon you would have to have a good explanation / reason for why you didn't/ couldn't  log into your account in months.

Newshound15

MattMattMattUK said:

It has been known about for some time and you should have received letters unless they have got lost in the post. 

You could write to them asking for statements which they may or may not comply with, or you could submit a DSAR which they have to comply with, but the information might not come in the most user friendly format.

Thanks. Definitely no letter - not even a text !

Newshound15

friolento said:

It seems you were supposed to receive 2 months written notice:

If you missed the notifications, Lloyds might be prepared to negotiate a settlement with you.I reckon you would have to have a good explanation / reason for why you didn't/ couldn't  log into your account in months.

Thanks. I do have a good reason for not logging in as it happens, but whether they'd agree is anyone's guess.

Brie

Best thing is to contact as many providers as you can as quickly as possible to let them know of the situation so that you don't get any more surprises.  There's no big problem with having some missed/late payments on your credit history if it's just a blip.  Check any paperwork you have, even if it's old, and check all your emails for the last couple of years in case there's anyone who is completely online only.  Even getting a free credit history check might help as it will tell you any ongoing bills that have credit agreements - like some insurance, phone, broadband etc.

Ayr_Rage

@Newshound15 why did you not log in ?

If, as you say, there was money going in and payments outs it seems inconceivable that you would not be checking regularly. 

WillPS

It sounds like you have cause for complaint, so I would certainly complain. If they tell you that a letter was sent ask for a copy of said letter. It should contain your name, account details and date it was originally sent. 

[Deleted User]

friolento said:

It seems you were supposed to receive 2 months written notice: https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

If you missed the notifications, Lloyds might be prepared to negotiate a settlement with you.I reckon you would have to have a good explanation / reason for why you didn't/ couldn't  log into your account in months.

• Lloyds wouldn't get involved nor negotiate. It's a BOS/Halifax brand.

• If paperless then the OP would have agreed to login and check your account regularly. Once over a 2 month period isn't unreasonable.  

• If not paperless then, at least one, if not more letters would have been sent to the last known address. 

WillPS

[Deleted User] said:

friolento said:

It seems you were supposed to receive 2 months written notice: https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

If you missed the notifications, Lloyds might be prepared to negotiate a settlement with you.I reckon you would have to have a good explanation / reason for why you didn't/ couldn't  log into your account in months.

• Lloyds wouldn't get involved nor negotiate. It's a BOS/Halifax brand.

• If paperless then the OP would have agreed to login and check your account regularly. Once over a 2 month period isn't unreasonable.  

• If not paperless then, at least one, if not more letters would have been sent to the last known address. 

Complaints are centralised within LBG. It's the same complaints department you deal with regardless of whether you complain to Bank of Scotland, Halifax or Lloyds. I think Scottish Widows still have a separate team.

All that changes is the letterhead they print on and the brand they say they're calling from.

[Deleted User]

WillPS said:

[Deleted User] said:

friolento said:

It seems you were supposed to receive 2 months written notice: https://www.moneysavingexpert.com/news/2023/05/current-account-bank-closing-if-intelligent-finance/

If you missed the notifications, Lloyds might be prepared to negotiate a settlement with you.I reckon you would have to have a good explanation / reason for why you didn't/ couldn't  log into your account in months.

• Lloyds wouldn't get involved nor negotiate. It's a BOS/Halifax brand.

• If paperless then the OP would have agreed to login and check your account regularly. Once over a 2 month period isn't unreasonable.  

• If not paperless then, at least one, if not more letters would have been sent to the last known address. 

Complaints are centralised within LBG. It's the same complaints department you deal with regardless of whether you complain to Bank of Scotland, Halifax or Lloyds. I think Scottish Widows still have a separate team.

All that changes is the letterhead they print on and the brand they say they're calling from.

Of course, they'll share staff and equipment but there is a difference between 'brand' and legal entity. 

Bank of Scotland (IF) isn't Lloyds Bank so they won't negotiate on behalf of the other entity and should you ultimately opt to sue then you'd be dealing with solely Bank of Scotland as you have no actual relationship with Lloyds Bank nor Lloyds Banking Group.