I await feedback from Mel regarding this matter, and will not 'jump before I am pushed by Lloyds'. To me, that would be like rolling over without a fight. If it is true, it will have far-reaching effects on hundreds of thousands of people, as other banks would be sure to follow their lead. It would need public exposure and campaigning against the marginalization and discrimination of people actively dealing with their debt.
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
The banks would soon want IVA customers back if they suddenly had a huge windfall ..I think its real bad that they are so mean regarding bank accounts as its not as though we are allowed overdrafts or credit cards.Even if they charged a small amount each month for us to have accounts it would be okay ..They would still make money instead they are banging doors in our faces..I knew of a Bankrupt once who had bank accounts and was claiming government money for projects while he was still a bankrupt he employed several people including myself and ran off with our wages switched the funds to another account and started yet another project ..That was a long time ago and i guess they have tightend up since then..He was exposed by a solicitor i worked with and they withdrew his funds..But he just transfered the project to his friend so he was still recieving money..
if anything, people in IVA's are the most careful with their bank accounts as a lot of people know the charges and problems they can cause!
As you have said, some people (not all) dont mind paying a small monthly fee, knowing it is capped (so to speak) - a lot of countries do charge and the UK is one of the few that dont, although they make by other means!
This is why the alternative banking facilities have a rightful place as they do offer a means for one to manage their finances with banking functionality.
what is always hidden from consumers is that basic accounts (although great if managed well) can still become overdrawn and the charges are simply not proportionate.
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"
For those searching for alternatives to the main banks, who do not wish to use pre-paids, try the Yorkshire Building Society Cast Transactor. Not ideal, as you don't get a debit card, but you do get an ATM card.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hiya Foggy - do you get online banking with that account along with Direct Debits, standing orders etc?
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"
It's quite worrying where this could lead. My account is with Nationwide, who no longer open accounts to people who are/have been BR or an IVA (although they haven't closed any accounts as far as I know), and it has crossed my mind 'what if they close my account'? (They would know I've been BR as I opened a basic account with them while I was BR)
I no longer have a Cashminder account and, with the BR still showing on my credit file, I wouldn't be able to easily open a new account. From a selfish point of view I'd be gutted if they closed my account this close to the end!
I know how you feel, my credit file in theory should be completely clear within 6 months.I will not be happy if they start closing mine. Also in theory I could return to full banking facilities soon, therefore proving more opportunity for the banks to make money from me. Very short sighted if they do close my account, will it be a computer decision or a commonsense human decision. I`ll not hold my breath.
I do have a full current account with Nationwide so hopefully they'll look at it that way - then again I've only ever had one bank charge from them so they don't make a lot from me! I just worry that they might pick up on the fact that I shouldn't have the account according to their policies!
I feel exactly the same as skippy & Louise, still not entirely sure I should jump ship so soon, but I'm a worrier! I'm just waiting for hubby's work to confirm that the bank details to mine have been updated, then I can get on with transferring DDs & SOs, then wait to see if Co op give us a cash minder account.
I think I might leave the Lloyds one open & see what happens, I think it will be more a computerised decision rather than a human one.
2/3 months till our last payment & all this to deal with is stressing me out!
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
Hi Sam
the cash transactor comes with online banking, direct debits and standing orders you cant view or ammend direct debits online and have to goto branch it offers 1 day delay faster payments and a link atm card it also offer secure messaging services.
the yorkshire bs also offer a cash transactor passbook which allows income but no cashcard or outgoing payments
So when did Lloyds drop the basic "Cash Account". I was just doing a trawl through the net and came across a pdf file which covers the no frills cash account aimed at people with bad credit ratings. I thought it may be an old account but the info says it is correct as of October 2012.
One section even says "We can still open an account for you if you have a poor credit history. But, if your credit reference agency file shows that you have a history of fraud or are an un discharged bankrupt we won't be able to accept your application." No mention of IVA's and clearly the account is designed for those with a bad credit history.
What will they do with people who have taken on this account who had bad credit ratings, are they now going to get rid of them even though they accepted their faults at the start...
Hi Nickjohn, chances are they may do and will do whatever they please although not sure why they consider people in an IVA a risk anyway as they are unable to go overdrawn, have a loan, credit card etc so the decision cannot be risk related. As I mentioned on the previous topic, the bank account issue seems a hot topic right now, if all this is correct then the IVA/BR differences appear to be closing and with people who do not own properties/large assets and can raise funds to go BR then it may be a quicker, less painful option than an IVA as the bank account choices may soon be the same anyway. Plus, people in an IVA generally want to pay something back to their creditors but if this bank account issue and witch hunt spreads then maybe a large percentage of debtors may now just go BR in which case creditors may get nothing and so this could backfire on them plus maybe create alot of negative press. Anyway, from what I am seeing, there are other accounts available to IVA/BR people should the worst happen. Can someone provide some details of such accounts, how they operate and what facilities are available? Thanks.
Hi Stu, thanks for clarifying and letting forum members know.
LeFran - agree with you... this whole nonsense that the banks are causing really may backfire on them and they should take the view that one is trying to do the best they can with regards to tackling their debts.
Basic bank accounts have the functionality needed for money management as do prepaid cards (ones with banking functionality and set up) and also building societies. There is a forum that gives a few examples of a few accounts but I will email Andy Davie to ask permission to post the link to it.
In the meantime I will be asking MasterCard if they have any contact at Lloyds for me to speak with so not only David and Melanie will be on it, but also myself!
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"
Hi Samuel. I've just looked at the Clearcash website and gone through the questions and answers. My problem is that we would need an account to allow for more than £5,000 to be held at any time. How would we get around this? Knowing me, I've probably missed something really obvious.
