The more I read about this issue the more I feel totally aggrieved that a bank can accept me with a poor credit rating then dump me after running an account perfectly for over 3 years.
I also feel aggrieved that there is the potential I could be forced into having a pay monthly cash card account whereby I have to pay someone for the privilege of accessing / spending my own hard earned money, it seems that no matter where you turn when in an IVA there are sharks waiting to pounce and who disguise themselves as “helping hands” working with us to fight the despicable banking system when they are clearly no such thing.
Don’t get me wrong these cash account services are a solution but let’s not kid ourselves they are a business and no doubt profitable and the owners / shareholders are making a living from the unfortunate position those with a bad credit rating find themselves in.
I also believe the banking sector are fully aware of the increase in these cash account providers and I believe in the not too distant future we will see some form of U turn whereby the banks suddenly accept they may have been wrong in dumping account holders and bring out a range of cash account services, of course for a monthly fee to cover their overheads, that anyone can open and suddenly everyone will praise the banks for helping out the underdog.
I know how you feel, Nick. However, if they do what you predict and open fee paying accounts for us "unclean", I would rather my money went to the likes of Clearcash, rather than the parasites who stuck the knife in.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi footiemad, I'm asking my issuer what is the best way forward for you and will every back shortly.
Best,
Sam
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"
Precisely why I still bank with ThinkMoney Foggy even though I could get a current account with a high street bank.
The only things I don't get that you have with a current account are:
1. A cheque book - What's a cheque book? Not used one in 10 years+
2. Counter Services - Available only to pay money into the account. That's fine as it stops them trying to sign me up to all there wonderful offers that current account holders have to suffer everytime they walk in. The internet site offers me every other counter service I might need.
3. Overdraft - As if I want need one of those being £650 a month better off after the IVA....
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Herbekj's post has made me think - Samuel, do you think any of the paid accounts will offer a full account with a cheque book? I use mine regularly and it wouldn't be something I'd want to give up!
When I opened my Lloyds silver account back in 2008, I wanted to open their basic account but they said they were doing away with those back then, hence why I opened a silver account with abit of difficulty as they wanted me to have an over draft. I had to be honest with them as to why I wasn't allowed credit & they said ok, but warned us the fees for going over drawn without a overdraft in place.
Nearly 5 years & we have never gone over drawn.
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
I hadn't read all this through until just now but I'd seen the thread title - I'm with Halifax, so I'm not sure what to do now.. Maybe just hold on for a while...
Final payment 1st April 2016.
Completion Certificate received 19th May 2016.
Good grief this is all I need, you always think things are going ok and suddenly you hit a bump in the road. My account is complex and I need a decent online site and debit card for business purposes.
Just hope there is a change of heart, I will sit tight until I hear something. But this will be a nightmare for me.
I suspect that thinkmoney/clearcash etc will be seeing a large increase in people forced to them as the high street (or should that be the back street since the high street is too expensive) banks to reduce the costs rofl) move towards paid current accounts.
By getting rid of IVAers and other non-profit accounts when they announce it there won't be the bad press with 'vulnerable' people to worry about.
Last edited by herbekj on Tue Jan 29, 2013 9:11 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
Hi Skippy - with regards to prepaid,i cant see them offering cheque books - cheques will be a thing of the past in the next few years (keep hearing this, whether it happens im not so sure!)
herbekj - this may be the case but if there werent these other alternatives around, what would people do? What you would find is people having to be paid by cheque, having to use a high st cheque cashiers (expensive) and carrying sums of cash around...
i think referring to the high street as back street may be too nice... maybe sewers at times is more fitting? :-/
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"
Sam, think you misunderstood or maybe it was the way I put it, I am a full supporter of these managed accounts and anyone entering an IVA where you can lock down income for bills was and still is a fantastic solution for me way after my IVA completed.
With thinkmoney I can still receive payments via any format and pay them in.
Last edited by herbekj on Tue Jan 29, 2013 10:52 pm, edited 1 time in total.
Last Payment - November 2011 - Completion Certificate received 2 weeks after last payment, Removed from Insolvency Register within 4 weeks after last payment.
thats brilliant and it is great to see support for these alternatives. Everyone has their own way of managing money and what is important is that all solutions are made visible.
best,
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"
The monthly charge ought to be an allowable expense - why shouldn't it be. It is just as important as paying your insurance or council tax, if this is the only form of banking you can find.
