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switching banks with fear of an set off bank grab
Comments
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Auto switch is fine. Just cancel the dds you don't want as soon as you can, and divert all your income to the new account asap.
But you do need to get away from banking where you have debts.
So if you have no debts with Nationwide then that is a good choice and if they give you a bonus so much the better.
Remember a dmp does not have a specific mark on your credit file so in the early stages (before late payments and defaults arrive) then you may still do ok on a search.
It's unlikely they would be sufficiently on the ball to try set off that quickly. If they did threaten it you still have some rights.0 -
fatbelly said:Auto switch is fine.
But you do need to get away from banking where you have debts.
So if you have no debts with Nationwide then that is a good choice and if they give you a bonus so much the better.
Remember a dmp does not have a specific mark on your credit file so in the early stages (before late payments and defaults arrive) then you may still do ok on a search
i checked clearscore, it is showing the missed payments history. ( which will prob ruin my application)
out of the 10 debts we have in total, 8 have defaulted over 6months to 15 months ago,
my question is all these offers seem to do current to current account, and must use the auto switch service ( which is compulsory to get offer)is current to current type system, will they do basic to current auto switch??, eg for my santander basic or my wifes basic rbs account, we really want a joint no overdraft current account with nationwide, the bottom of the range one in the £200 switch offer, will my wife be accepted in the joint application, even though i will expect to get the £200 as i have the direct debits( or will we both fail cos of payment history missed payments)( or will she fail cos she wants to move a basic account to current account)
Plus, i know the get away from bank rule where you have debts, ( what happens if the debts are now collected via a debt company for the bank, does that mean the bank cant set off any of them cos the bank isnt collecting them any more)?
what about the CCA cheques, will they bounce cos i wont have an RBS account, if i get the switch, i see the auto service manages direct debits, wages, payees?? but what about cheques that have been sent, cos the companies have up to 6 months to present them? im hoping they all cash them in within the next few weeks or couple months at max.Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
stu12345_2 said:flex account is included as one of their 3 choices, have a look on nationwide site or is flex basic different form flex account( the bottom of the range one in the choice of 3)0
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friolento said:stu12345_2 said:flex account is included as one of their 3 choices, have a look on nationwide site or is flex basic different form flex account( the bottom of the range one in the choice of 3)
looking at all these posts about offers and deals on the forum, it seems to me those with poor credit history arent going to get them, such a shame. even though they dont want to go into any debt eg, an overdraft, they just want a basic current account. and a good deal. I mean how will banks lose out on taking you as a new customer, you arent getting any debt from them, so you arent a risk, its basically your wages go in, you pay bills, end of story.Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
They don't ask you whether you have closed your present bank account. They will use information from your credit reference files, CIFAS and National Hunter, and they will ask you for permission to carry out a full search against your credit refence files.After you have completed the application form, they will decide what account they will offer you, and you will get an instant decision.
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A basic account IS a current account, you can switch one like any other current account (I've switched a Nationwide FlexBasic twice to get a switch bonus) You probably won't get a switching bonus for switching into a basic account.You are massively over complicating and over thinking this. Just wait for any outstanding cheques to be paid, cancel direct debits you don't want and then switch your account. That gets you away from a bank you owe money to and at some point later you can try other banks for switching bonuses.Defaults make things more difficult but you aren't doomed forever. With four defaults I have opened accounts with Starling, Monzo, Chase, TSB and NatWest and got switching bonuses for TSB and NatWest.It took a couple of minutes to open the FlexBasic online - I applied for one of the ones with a switching bonus and during the application process they said I couldn't get that one and offered me a FlexNasic instead. Calling them basic accounts confuses people, in terms of basic banking functions I can't see any difference between a Flex Basic and the non overdraft Monzo account I have.0
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There is not alot of difference between a FlexBasic and FlexAccount. The basic version simply lacks the ability to borrow (overdraft/ offline transactions) but otherwise functionally identical.
I would personally concentrate on decoupling your main banking from your creditor and if you're able to get a switching bonus (FlexAccount) so much the better.1 -
[Deleted User] said:There is not alot of difference between a FlexBasic and FlexAccount. The basic version simply lacks the ability to borrow (overdraft/ offline transactions) but otherwise functionally identical.
I would personally concentrate on decoupling your main banking from your creditor and if you're able to get a switching bonus (FlexAccount) so much the better.
and i understand to decouple my bank from my creditors, but my debts with my bank are now with moorcroft,-- a debt company and no longer with my bank.
Christians Against Poverty solved my debt problem, when all other debt charities failed. Give them a call !! ( You don't have to be a Christian ! )
https://capuk.org/contact-us0 -
If Nationwide do offer you the FlexBasic rather than the FlexAccount (which is their standard offering), no chequebook would be available to you so in that case it would make sense to keep funding RBS with a small amount of money to cover any cheques you may need to write going forward and just use the Nationwide account for your day to day banking. They have been known to offer upgrades to the FlexAccount after a period of use and you would be able to switch in at that point (I had switcher cash from them a few years ago, switching into an account that I opened in 2011.)
If you cannot see which account they are accepting you for before entering switch details, enter the latest date it will allow. You would then be able to cancel it if you get the FlexBasic, and retain the RBS for switching for a bonus at a later date (to a Nationwide FlexAccount or any other account that will provide you a chequebook.)
Entering the latest switch date might be a good idea in any case - allowing time for the pending cheques to clear.
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stu12345_2 said:[Deleted User] said:There is not alot of difference between a FlexBasic and FlexAccount. The basic version simply lacks the ability to borrow (overdraft/ offline transactions) but otherwise functionally identical.
I would personally concentrate on decoupling your main banking from your creditor and if you're able to get a switching bonus (FlexAccount) so much the better.
and i understand to decouple my bank from my creditors, but my debts with my bank are now with moorcroft,-- a debt company and no longer with my bank.
Have you seen the Nationwide Current Account Switch Service Guide? It answers these questions and more
https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/current-accounts/resources/p2205-switching-guide.pdf
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