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switching banks with fear of an set off bank grab

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Comments

  • fatbelly
    fatbelly Posts: 23,216 Forumite
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    edited 29 October 2023 at 11:16AM
    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.
  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
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    edited 29 October 2023 at 11:35AM
    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
    out of the 4 debts we have with rbs only one is still with rbs (and its my wifes £1200 rbs credit card showing as active!, no default, i think its cos the payment we make per month with dmp is actually above the stated normal min payment as a  regula customer would be expected to pay)( the other 3 is with debt collection companies)
     
     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-us
  • friolento
    friolento Posts: 2,660 Forumite
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    edited 29 October 2023 at 11:36AM
    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)
    Sure, the FlexAccount is included in the offer. But you are unlikely to get one of those. What you are likely to be offered - if any account at all - is a FlexBasic. This is a different account, not part of the switch offer.
  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
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    edited 29 October 2023 at 11:44AM
    friolento 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)
    Sure, the FlexAccount is included in the offer. But you are unlikely to get one of those. What you are likely to be offered - if any account at all - is a FlexBasic. This is a different account, not part of the switch offer.
    at what point will i find out if ive been sucessfull or not in application for proper flex account on the £200 switch offer, im at the point where i put down my rent and wages and employers name and address, at what point is the question have you closed your present bank account, ?? is it before the end of the application form, or what? when does the credit search run , at what point in the form.

    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-us
  • friolento
    friolento Posts: 2,660 Forumite
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    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.


  • Rob5342
    Rob5342 Posts: 2,539 Forumite
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    edited 29 October 2023 at 5:38PM
    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.
  • 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. 
  • stu12345_2
    stu12345_2 Posts: 1,576 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 30 April 2024 at 5:24PM
    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. 
    Fred , when shall i make a switch attempt application, i did mention i have wrote cheques to 9 organisations last week requesting my consumer credit agreements,  what happens to the cheques if  i switch, plus a company owes me money and will put it in my account on 28th november, what happens to it?

    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-us
  • Kim_13
    Kim_13 Posts: 3,672 Forumite
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    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. 
  • friolento
    friolento Posts: 2,660 Forumite
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    edited 30 April 2024 at 5:24PM
    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. 
    Fred , when shall i make a switch attempt application, i did mention i have wrote cheques to 9 organisations last week requesting my consumer credit agreements,  what happens to the cheques if  i switch, plus a company owes me money and will put it in my account on 28th november, what happens to it?

    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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