Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
David Mond has asked me to post his thoughts on the Clearcash and Secure Trust Account.
"The Secure Trust product in fact really only has 1 benefit in that it has a fully operational BANK account.
What this means is that although clients receive a prepaid card, they have a bank account linked to it, but it is mandatory to pay all of the clients salary into the said account.
So their clients can organise Direct Debits (“DD”) and also have cheques issued (the latter for a fee).
I think it is common knowledge that DD are not putting the client in control of their finances and is one of the reasons why people incur bank charges and penalty fees however, with the Secure Trust account, even if you default on a DD, you do not incur a fine…how I wonder?
What they do say is the best thing to do is to have the clients salary paid in to the bank account (apparently according to the terms, this is mandatory) and then transfer funds on to the card but leave enough in the account so that DD can be made…messy in my opinion but unfortunately, there are a few institutions that only accept DD as payment – e.g. Mortgage.
With regards to tools and “help” that you get - ClearCash are a lot better!
Secure Trust do not have any tools or facilities to help clients manage their finances – no BudgetMaster etc
No purchase protection
Not transparent enough – their fees are hidden in their terms and conditions on page 12 indicating their charges as:
£12.50 set up fee
£12.50 monthly fee
£2.50 charge to raise a cheque
So, much more expensive than ClearCash and the only added benefit (if it is a benefit) is DD’s
They do not have the budgeting tools, downloadable budgeting guides, access to debt advisors, purchase protection, live chat, Interactive FAQ page with blogs, numerous top up/load options
Sometimes people need help budgeting and pointing in the right direction
I think the above is a fair appraisal of the situation "
Happy to post Davids thought as it does make for healthy debating
Interesting comparisons - as I am not an advocate of paid banking (yet!) I will still continue to steer my own clients towards high street banks that offer good service. The majority of the "add ons" are unlikely to be of great concern to most members of the public.
Personally while I can get free banking I wouldn't use an account that you have to pay for. The Co-op account is one of the best accounts out there, and even if they start to charge I'll be staying with them!
Out of the 2 accounts mentioned I would opt for the Secure Trust account because it has direct debits. It often costs more to pay by other methods and it makes life easier knowing that everything will be paid.
I also don't understand why it's a problem to have your entire salary paid into the Secure Trust account - I can't imagine why you would want it split between accounts, and I really can't see any payroll department wanting to (or being able to) do that.
I quite agree. I would never go for a paid account while I can still get free, and I really can't see why anyone would want to split their salary. I doubt my payroll would be happy with that.
I much prefer direct debits as well, and I don't anything like budget master as I know exactly when my DD's go out and check the bank every couple of days to keep an eye on it.
I'll stick with the High Street.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It may also be interesting to note that Secure Trust also have their own in-house debt management unit which has been running for some time now successfully helping clients of the bank and external clients as well. So there actually is an abundance of budgeting and debt advice also available in-house if needed.
Perhaps Andy would let you post more information on the Secure Trust one so we could do a direct comparison?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It would be good to hear more about the Secure Trust account so that anyone considering the accounts has all the information and can make an informed decision.
Hi folks,just my tuppence but given that free banking still exists these accounts should be avoided if possible. I think that when free banking does vanish many more of theses types of account will pop up creating competition(of which there is very little right now),so the bottom line is,if possible stick to free,and if you cant then be careful that the account you go for is suitable for you.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hi
Just an update on the Clearcash account from Sam Mond, David's son
"We have recently launched “ClearCash Pay As You Go” – our second prepaid card which has NO MONTHLY FEE. This card comes with all the perks of the other pay monthly card but is targeted at clients that will use the card on a more rare occasion and as such, get better value at the same time as using the BudgetMaster and downloadable Money Management Guides.
There are transaction fees with this card but if you compare to other Prepaids, are far LOWER. It is a great option for people who also have a bank account and want a “MasterCard®” branded card for everyday purchases due to the acceptance rate + far better than carrying cash around!"
We can't endorse any particular card on the site but just wondered how do other cards compare ? Can forum members give real life experiences ?
Regards
A lot of people on here have the Paypal card which has no usage fees. I'd probably choose that if I needed a pre paid card and wasn't going to use it very often.
I would rather stick with a free bank account, and if it came to a paid one then it would be a monthly fee, not per transaction.
I would also stick with a proper bank account I think.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I have today been offered the Natwest Gold Advantage account an upgrade from the Solo account. Now this costs £12.95 a month with benefits etc., I remember once Skippy posting about an account with mobile phone insurance and having a problem is this the account Skippy x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
As long as there are free accounts then I would not pay for one.
My mobile phone is covered by my house insurance.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
