The Customer Service Rep was aware of the new clause, however, stated that in my case, as an "existing customer" with a "current account" it would not apply EXCEPT that I would not be offered any loans or credit cards as they are now able to credit check customers and any adverse credit would not be accepted, additionaly, neither would NEW ACCOUNT customers in either BR or IVA.
So it looks like existing customers will be ok, however, I would check personally with the bank, as she did caveat that it does depend on your financial history/account type with the Co-Op.
Good luck all.
Last edited by Pennyless on Thu Jul 11, 2013 9:21 am, edited 1 time in total.
I came into this world with nothing and still have most of it left!
Maybe the Govt should be forcing RBS and other bailed out financial insti's to accept such customers who have been BR/IVA, after all we bailed them out.
I came into this world with nothing and still have most of it left!
I recently had a meeting with a guy from Barclays who advised that they have a 'cardcash' account which must be opened in a branch. This is available to everyone including undischarged bankrupts and he said that even if you have debts to Barclays and enter an IVA, they will open an account. It may be worth trying Barclays if the CoOp have now decided to discriminate and see if they are as good as their word.
I know this was a while ago but Barclays wouldn't let me open a basic account when I was BR. When I asked why they said it was probably because Barclaycard were one of my creditors. Hopefully it will have changed now.
I would definitely recommend Nationwide. I had a pre-BR full account with them and they allowed me to upgrade it to a Flexplus account before the BR was off my credit files. Once my files were clear I was also able to open a joint account and a second current account for my direct debits.
This is simply terrible news, especially after Co-Op pledged not so long ago to honour existing clients accounts, and also any that were opened henceforth prior to BR/IVA, and also considering that the Cashminder, in my opinion, is the best account of its type available. Seems certainly to be yet another hurdle placed in front of people that need help. It would not take the greatest leap of faith to imagine that, eventually, this policy WILL be applied retrospectively.
No mention of closing accounts of people in DMP's of course, same as Lloyds, and pretty much all other High St banks as well come to think of it, so the cynic in me believes that by making it harder to even exist financially (everyone needs some sort of bank account these days), the banks are hoping to drive more people away from solutions that are most appropriate for debtors, and more towards solutions that benefit creditors. Hardly fair, given that irresponsible lending undoubtedly has an awfully large part to play in a significant % of cases where debt problems exist. What with Lloyds capping IP fees wherever possible, there sems to be a definite, and very disturbing, trend emerging.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
I too have just telphoned the co-operative bank as I completley panicked when I saw that post. Spoke to a really nice guy who went to money management team who deal with IVA's and Bankruptcy and he has assured me that exsisting accounts are fine, but they will not be taking any new client's on with IVA's and Bankruptcy.
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Good question ginger, one that I hope some experts will be able to answer as the way things are looking, there may be no alternative and creditors will have to accept that the only way of having a bank account, is to pay for one, and as such allow extra within the I & E.
Personally, I am abhorred at the coop. This was an account that I thought very highly of and if anything, thought they were supportive of people in IVA's.
Why they have decided to do a uturn, who knows...
I am pretty confident that people that have the Cashminder accounts because of being in an IVA are more than careful. I do however think that this is going to continue with others but for the benefit of forum members, it may be worth looking at the below link courtesy of the Money Advice Service. Please note that it is a little out of date (March 2012) but may have some accounts that members are not aware of and should consider if not wanting to go for the Paid for accounts, or alternatives:
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
I have this morning put pen to paper to inform the co op that as an ex insolvent person I had to turn to them in my time of need for a new bank account. I am disgusted by the fact they will turn their back on people like myself in the future. I cannot believe for one minute that the massive hole in their finances is down to people with cashminder accounts so why shun people in ivas/trust deeds/bankrupts?
I intend to move banks as soon as possible. I really thought that the co op was better than the rest.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
I have this morning put pen to paper to inform the co op that as an ex insolvent person I had to turn to them in my time of need for a new bank account. I am disgusted by the fact they will turn their back on people like myself in the future. I cannot believe for one minute that the massive hole in their finances is down to people with cashminder accounts so why shun people in ivas/trust deeds/bankrupts?
I intend to move banks as soon as possible. I really thought that the co op was better than the rest.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
we all thought the same as you Paul - it is a big shame that they feel the need to do this
Managing Director of ClearCash Limited, a general purpose and reloadable prepaid MasterCard facility. Campaigner for the unbanked sector believing that no one should be financially excluded. "Intelligent Money Management"
If its any consolation - we closed our Co-op account a few months ago due to poor service. I am afraid i don't rate the Co-op bank at all now. At least we had a choice of which accounts suited - choice that is now being denied by a so called "ethical bank "
I opened a current account without an overdraft with the Co-Op prior to entering my IVA. It’s finished now but I haven’t received the completion certificate yet. It’s comforting to see that some people have been told that it won’t apply retrospectively, but I’ll wait to see….
Although the covering letter states Cashminder, the booklet itself only seems to refer to their current accounts which the Co-op has generally always downgraded customers to their basic cashminder account upon an IVA, DMP or BR. I will run through it again to see if I have missed something but it looks more like that letter has included the cashminder account by mistake as the booklet it very clear on the inside page what accounts it refers to and there is no mention of the cashminder. It wouldn't be the first time!
However they are getting tougher on how accounts are run and also now excluding undischarged BR's since last year so it is possible they now are not prepared to open a cashminder once you are in an IVA.
Wisdom comes from experience. Experience is often a result of lack of wisdom.
