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Do you need a parachute account?


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I have just been turned down, without a reason being given, for a Cooperative Bank Cash minder Account.

 

I have a dreadful credit record, but I have certainly nothing I would call a 'history of fraud', I have never been declared bankrupt etc.

 

Can anyone advise me of a bank account that I can set up, which will handle DDs and SOs and which will definitely accept me?

 

You shouldn't have been turned down for the Co op cashminder. Are you sure it wasn't the current account you applied for?

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There is a last resort, & i mean very last resort.

 

Get a cashplus ( prepaid ) maestro & mastercard.

 

cashplus prepaid MasterCard: Introducing the cashplus prepaid Mastercard

 

Cost £14.99 in all, (£10 fee for card & first months £5 charge) .......

 

to get the card, then evaluate weither to use the unlimited transaction (£5 per month) option, or the £1 (per transaction option)

 

You can get your wages paid directly into it.

 

No credit search as its prepaid.

 

A Bankrupts favoured choice!

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Does anyone have any experience of Coventry Building Society? Their basic account looks good and I've had a couple of recommendations, including a guy at Payplan I was speaking to.

 

Also their fees for returned DDs etc looked reasonable (compared to Natwest anyway!)

 

Also is it best to try and time an application for when you're not over your limit with your current bank (about 2 days a month in my case!) to have a better chance of success?

If you found this post useful please click on the scales above.

 

Egg - £400 - Prelim sent. On hold.

Mint - On the list Est £800

GE Capital - On the list (3 accounts!) Est £4000

 

MBNA - £545 Prelim sent 13/11/2006

LBA sent 1/12/2006

£350 partial payment received 18/12/2006.

Full settlement received 20/1/07

 

NatWest - Est £4000 not incl interest

Data Protection Act Sent 10/1/07

Statements received 24/1/07

Prelim sent 3/2/07

Full Settlement received 22/2/07

 

The contents of this post are the sole opinions of The Cornflake and not necessarily the opinions of any other members of this group. They do not constitute sound legal or financial advice and if in doubt you are advised to seek advice from a qualified professional

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I have a Nationwide Flex account already which I have used in the past for savings. It's still active. Does anyone have any experience of using one of these for their main account? Primarily I need to know if:

1) will my salary (BACS transfer) appear as quickly as it does in a current account?

2) can I set up standing orders?

3) does it have online banking?

I'm trying to set up a DMP but I know my current bank will just snatch all my wages as soon as they find out so I need to move quick.

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Nationwide Flex account is fine. I get my wages paid in there. I have standing orders, direct debits and online banking but just a cash card, no cheque book or debit card. I'm quite happy with it apart from the charges!

 

My problem is - they are the ones I'm claiming charges off and I expect they will close it!

Barclays Bank - filed 27/9/06 £2006.07

Acknowledged 16/10/06

Defence Filed 27/10/06

AR sent 11/11

 

Nationwide

LBA 15/11/06

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Yes I've heard they close them as a matter of course. Luckily I have never had a charge there - the only financial institution I haven't!

 

Going to make a new claim against Barclays for the charges since my settlement so I figure they will almost certainly close my account thus I need to switch to my Flex. Good luck with your claim fidji.

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Hi guys,

 

Just to let you know, I've kept a well managed abbey account for seven months now. Despite them telling me it would be upgraded with 6 months of good management (had four figures in at the time of going to see about upgrade) they refused me when I went to see them.

 

I read with interest the bit about the natwest card, but with people being turned down I'm not sure what to do! I'm not sure I want another search on my file and to feel like **** when they tell me I cant have one. Are you of the opinion that one default would mean account refusal?

 

Cheers guys :)

 

Mike

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Just been turned down by Nationwide for a flexi account, I have to go to a local branch to find out why tomorrow

www.bellyup4blues.com Just Go There !!!

 

Woolwich Prelim Sent 5.12.2006 !!!

S.A.R - (Subject Access Request) sent 22.12.2006 (yeah I know)

16.1.2007 £1000 offer rejected

LBA sent 31.1.2007

N1 presented to Court 15.2.2007

Won / Settled 2 days before court date

£5200 plus int charges returned.

 

All and Leics S.A.R - (Subject Access Request) sent 22.12.2006

2nd S.A.R - (Subject Access Request) sent 15.1.2007

Statements received

Prelim sent 31.1.2007

LBA Sent 15.2.2007

Won £1500 on receiving court date..

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Hmmn just bin okd by Nat West for a Step account

www.bellyup4blues.com Just Go There !!!

 

Woolwich Prelim Sent 5.12.2006 !!!

S.A.R - (Subject Access Request) sent 22.12.2006 (yeah I know)

16.1.2007 £1000 offer rejected

LBA sent 31.1.2007

N1 presented to Court 15.2.2007

Won / Settled 2 days before court date

£5200 plus int charges returned.

 

All and Leics S.A.R - (Subject Access Request) sent 22.12.2006

2nd S.A.R - (Subject Access Request) sent 15.1.2007

Statements received

Prelim sent 31.1.2007

LBA Sent 15.2.2007

Won £1500 on receiving court date..

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I've been okayed by Nat West too but they have written to me twice saying my ID isn't right! I don't have bills as they are all in my partners name. They are being a real pain!

Barclays Bank - filed 27/9/06 £2006.07

Acknowledged 16/10/06

Defence Filed 27/10/06

AR sent 11/11

 

Nationwide

LBA 15/11/06

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I've been okayed by Nat West too but they have written to me twice saying my ID isn't right! I don't have bills as they are all in my partners name. They are being a real pain!

 

 

Give them a ring 08453030 320

www.bellyup4blues.com Just Go There !!!

 

Woolwich Prelim Sent 5.12.2006 !!!

S.A.R - (Subject Access Request) sent 22.12.2006 (yeah I know)

16.1.2007 £1000 offer rejected

LBA sent 31.1.2007

N1 presented to Court 15.2.2007

Won / Settled 2 days before court date

£5200 plus int charges returned.

 

All and Leics S.A.R - (Subject Access Request) sent 22.12.2006

2nd S.A.R - (Subject Access Request) sent 15.1.2007

Statements received

Prelim sent 31.1.2007

LBA Sent 15.2.2007

Won £1500 on receiving court date..

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Hi,

 

I have an account with a £3000 overdraft limit and i'm right up to my limit. I reckon over the past 6 years i'm probably owed around £2000 maybe more. However i'm worried if i start the process off my bank will close my account and demand the £3000 back.

 

Although opening another account shouldn't be a problem i'm in a catch 22 situation. Yes i can get my DD transferred and my wages transferred but what abou the £3000 I owe my bank? I can't afford to pay it so what next?

 

Anyone been here or have any advice?

 

Thanks in advance!

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I have finally had the nod from the CO-OP bank and they have agreed to transfer my student account but I have a few questions for you guys.

 

1. My original student account is at the court stages with abbey, in regards to claiming back the charges. Co-op have to close the account down when they transfer the account. Will this effect my claim with the abbey?

 

2. How smooth is the transfer, I have a fair few direct debits that need to be transfered....has anyone else transfered their student acc before?

 

3. How long will I go without having access to my funds whilst the transfer takes place?

 

I am going on holiday and have rang co-op and they have advised me to start the process after I get back. If anyone can answer any of the questions above that would be a great help. Thanks!

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Hi,

 

I have an account with a £3000 overdraft limit and i'm right up to my limit. I reckon over the past 6 years i'm probably owed around £2000 maybe more. However i'm worried if i start the process off my bank will close my account and demand the £3000 back.

 

Although opening another account shouldn't be a problem i'm in a catch 22 situation. Yes i can get my DD transferred and my wages transferred but what abou the £3000 I owe my bank? I can't afford to pay it so what next?

 

Anyone been here or have any advice?

 

Thanks in advance!

 

you just said that they owe you £2000+ wait until you know the figures before you repay them anything. you bank wont close your account for sending the sar letter (to get your statements)

I've beat HSBC, GE Money and Abbey

 

Court pending V Barclays and Time Retail

 

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was directed here after posting this:

 

does anyone know of a current account that doesnt have a credit check?

 

My abbey account was frozen - then closed after i was settled. So i searched around but got refused every where i went. finally got a savings account with an electron at Woolwich. there was no credit search but also no dd facilty (which is essential for bills). so i tried co-op, i got their basic bank account which worked well for me allowing dd etc until in a short space of time i went od 3 times (a cheque was paid in but not cleared and a dd was presented) then they called me and said the account would now be closed and could i withdraw my money. I wasnt aware of this condition but i withdrew the money and put it in the woolwich savings account. Where it now is.

 

DD are essential for insurance and lots of other bills, luckily i have just been settled by abbey so i was able to pay the balance outstanding on the insurance in full. Also i miss internet banking. If anyone can help or advise, i would be very grateful.

 

Think i should also say that i have had accounts with Barclays, Lloyds and am in process of reclaiming the charges, so they might not be too keen. Also had account with HSBC which i have reclaimed the charges and been settled. Still a few to try tho!!!:-):

------------------------------------------------------------------

THANKS FOR THE BOOKLET POSTED BELOW- HAVE HAD A READ BUT AS I HAVE CCJS TIED WITH AN ADMIN ORDER I AM GROUPED WITH BANKRUPCY ETC. SEEMS THE CASH MINDER BY CO OP IS THE BEST FOR ME- AS I HAVE ALREADY HAD THIS ACCOUNT AND HAD IT CLOSED WOULD IT BE WORTH APPLYING AGAIN?

I've beat HSBC, GE Money and Abbey

 

Court pending V Barclays and Time Retail

 

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Paypals bank account guide see link below (in PDF):

 

 

https://www.justabank.co.uk/pdfs/bank-account-guide.pdf

 

hope this helps:)

 

(Its worth noting that same banks are linked i.e. halifax to inteligent finance, and natwest to ulster bank and virgin one, to name a few.)

HSBC - Pre Lim sent 12-12-06, LBA sent 27-12-06, reissued 5-1-07. Part offer rejected 17-1-07, MCOL 19-1-07, AQ - 21-2-07. Settled

Nationwide - S.A.R. sent 13-12-06, Pre lim sent 5-1-07, LBA sent 19-1-07, MCOL 2-2-07, WON 22-2-07.

Capital One - S.A.R. sent 13-12-06, Pre lim sent 17-1-07, LBA sent. Settled

MBNA - S.A.R. sent 13-12-06, Offer rejected 19-1-07, Pre Lim 19-1-07, LBA sent, Setteled 21-2-07.

MBNA Loan PPI - Pre lim sent 19-2-10, Settled.

MBNA CC PPI - Pre lim sent 19-2-10, WON 2-7-10.

HSBC PPI - Pre lim sent 19-2-10, with Court

EGG PPI - Pre lim sent 19-2-10, FOS upheld 3-7-10

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  • 2 weeks later...

I have not had the best credit rating but i recently applied for a current account with citibank and was accepted it comes with a £500 interest free overdraft and a visa debit card not onle of thoes silly solo cards or electron cards. The whole process of applying was very simple and easy and did it through their internet site. Would certaily recommend people give it a try. If you ave very bad credut rating then opt not to have the overdraft.

 

Good look people hope this helps some of you

alexthekid

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Just tried to open a parachute account with the Co-op - just a basic account: electron no overdraft chequebook etc... I got the Spanish inquisition: they wanted a complete income / expenditure ruck of data. 'Why?' - 'its just standard' - I walked away.

 

I've see some questions on wage payments: most contracts of employment stipulate that you will only be paid into a bank / building society account. They may say this but they will in most cases pay into someone elses account providing you give your written authority. Failing this they will (under duress) pay you by cheque - you then have to go to the sharks like Cash Convertors to get £ s d.

 

The basic Post Office account is also useless for wages as it doesn't accept anything other than DSS Benefits payments - so you can't have wages paid in by cheque or BACS transfer.

 

Hope this helps - 49scream

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