I can't get a bank account!

Churmy

Hello, many apologies if I am posting in the wrong forum, but I am in need of some help...

I have been in debt for some time and am looking to change bank accounts as I have a huge loan with my current bankers HSBC which is swallowing my repayments directly from my current account.

I have been told if I want to pursue an IVA, I would need to switch bank accounts? Is this correct?

I have tried to Co-op bank and Alliance & Leicester and they have both refused me? I really don't know what I should do next?

Many thanks in advance if you could offer me any advice whatsoever!!!

Alisonbel

I would switch banks anyway, have you tried a Royal Bank of Scotland Key account? I got one with no problems just applied online. Have you spoken to one of the debt charities? I've found CCCS good.
Hope you get the advice you need.

TangledMemories_2

My friend has a Lloyds basic cash card account and she is in debt up to her neck.

I wouldnt trust RBS as far as I could throw them - but I am now receiving therapy for my hatred towards them!

fermi

Churmy wrote: »

I have tried to Co-op bank and Alliance & Leicester and they have both refused me? I really don't know what I should do next?

Did you try the Coop Cashminder rather than the standard account? You sometimes need to insist, otherwise they try and set up the normal current account.

Link: Cashminder

Most people who have gone bankrupt can open that, so shouldn't in theory be a problem for you.

There is also a list of basic accounts on page 4 of this link from the FSA.

http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

Diane_239

Have you tried the abbey national, i had the same problem, but have manged to get a abbey account with debit card and cheque book which is great for me has i don't want a credit card.

GeenyWeeny

Hi Churmy!

3 years ago I also got into debt with HSBC as a student they offered me student accounts, overdrafts and credit cards. Eventually they pulled them together into one large debt (which I'm still paying off). I then got a basic cashminder account with The Co-operative Bank which I have found to be fantastic.

I think you will need to open a new bank account, just like Martin said when talking about claiming bank charges, as they could close your current account.

Everyone is entitled to a bank account so don't give up, you will get one, but like me you may have to opt for a basic account. This means, no overdraft, no credit cards, no cheque book and only a solo or visa electron. Almost every high street bank does a basic account, and some online ones too.

Hope this helps

G x

daisykinn1

Would you be able to ask someone to have a joint account with you?

candyblue

I was having the same problem but I got accepted by halifax for the basic account

Churmy

Thank you to everyone. I have managed to get an account at NatWest, which is a basic account with a solo card. What is the difference between switch and solo?

I have also been in contact with Payplan and they are refinancing my payments to just £143 a month as opposed to the £780 I found myself paying! Gonna take some time, but if I allowed it to happen in the first place, then this is what I've got to do!

Thanks for everyones help again! :beer:

fermi

Churmy wrote: »

What is the difference between switch and solo?

If I remember correctly, Solo is like the Electron card where every single transaction on it must be authorised by the bank confirming that you have funds. In theory that means that you shouldn't be able to go overdrawn with that, since the transaction would be declined due to insufficient funds.

That is why they are favoured for basic accounts.

Switch/Maestro apparently have less checking on them, or at least not every transaction is queried on available funds.

That's the way it's been explained to me anyway.