Parachute account help needed please.

[1stlifeline]

Hi All,

Has anyone had a problem opening a parachute account. I was advised to try a step account from the Nat West. I was told that you could apply on line and that they accept almost everyone and dont do credit checks for the basic step account. So I applied and the website said my application had been agreed in principal. On the online application there were no questions about loans or credit cards. I have now got the paperwork to sign and have noticed that on the printout there is a section about other assets (e.g. value of car) and also another section asking about 'other borrowing' including balance of credit cards etc. Against this is the word 'NO' as if we have no other borrowing but this is not the case. Underneath that section is a question- Are you a home owner with YES written against it. That was on the website questionaire but the bit about 'other borrowing' definatly wasnt so I dont understand how it is marked NO on the paperwork. Now, my problem is, if I put down the extent of 'other borrowing' we will probably get turned down but at the same time I cant ignore it. It also says we may apply to a credit reference agency but I was told that for a step account they didnt do that. Has anyone else got round this or am I snooked. Any advice would be welcome, thanks

[telewest]

edited

[Guest Battleaxe]

We opened a step account with no problems, did the on line application and did not fill the questionnaire regarding other borrowing, when the forms arrived in the mail. I rang NatWest and they said it was not necessary, as I wasn't after a cheque book, just a basic account, so I put a line through that bit and wrote across it that the bank advised me not necessary, dated and signed it. Have had the account open now since October 2006, with no problems and it is so nice to be in the black all the time.

[Castlebest]

That’s exactly the point with parachute accounts for all of us. They are basic accounts with no overdraft facilities and no cheque book, if you’re lucky you can get an ATM card with it but your only allowed to spend your own money.

It allows you to pay your direct debits and standing orders if you have the funds in your account, if you don’t your back to square one.

I have been using cash only for about 3 years and its a pain in the bottom but unfortunately (I suspect like many people) I was stupid enough to fill in the leaflets that came through my front door to give me even more credit and actually use the cards.

Paid most of mine off now through refinancing the house etc. but my credit rating is shot to pieces which means the only mortgage companies that would touch me take a pound of flesh every month and I’m locked into impossible settlement figures with them so even if/when my credit rating is restored I’m still in the slimy brown stuff.

The world is run by accountants god help us all.