only just seen this thread!!
Damn you TSB
Do we know when this will all start or has it already? Not sure what to do for the best whether to hang on in there or jump ship!!
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by footiemad
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.
Hi footiemad, just heard back from my issuer. The max balance is typically £5,000 but if it needs raising, you would need to speak with customer services and it is done on a discretionary basis based on guidelines handed by the FSA etc. I do know we had a cardholder in an IVA call in this morning about it and their request was accepted but there is no guarantee. Once you call in, it is looked at, assessed and a response within 48 hours.
Hope this clarifies and apologies for the delay in responding.
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"
I have a think money account now, have got used to not using cheques very easily and like that I can't bounce my direct debits. Great customer service, well worth the fee.
Another thing that worth mentioning - depending where you live,some of the Credit Unions offer accounts as well, so it worth looking one - to see if they offer this service
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
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.
You would expect life / accident insurance to be allowed as well but I had to cancel mine and put the saving into my monthly payment.
Last edited by nickjohn on Wed Jan 30, 2013 9:36 pm, edited 1 time in total.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MelanieGiles
I am not sure if anyone else has posted about this recently, but we have been advised that Lloyds TSB Bank plc is withdrawing all facilities fron customers who have entered into IVAs that they find out about.
Anyone already banking with Lloyds may be sensible to seek alternative banking arrangements sooner rather than later. Shame on them.
Hi Melanie, Do you have any further updates with regards to this and did you manage to talk to the head at Lloyds.
I called them today and made a general enquiry about their basic cash account and the lady I spoke to said it was still available to new customers and a poor credit history would not stop me getting an account. If they are looking at clamping down it looks like this has not been passed down to the customer services team yet....
Nick, I discovered, when looking for a business account a while back, that "poor credit history" and "adverse credit" fall short of IVA. Those of us in an IVA are a different level of "poor credit history" ... we are "untouchable" !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
That certainly seems the case now doesn't it! We are in a total different league to someone with a "poor credit history".
I remember when being told/advised to change bank accounts prior to the IVA to a creditor not linked to your debts, so you could build a new banking history & relationship with your new non related bank. So that in time when they see you have been an excellent customer & the IVA is over, you may be eligible for credit again & to start over. I was also told many people got mortgages during & after a iVA.
Now I can't help but feel that either, I was lead up the garden path or If it was correct at the time. have I now just wasted the last few years of my life struggling for nothing.... Not come to a conclusion on that one yet.
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 know what you are saying Foggy but the pr info for the basic account does seem to be aimed at anyone other than those who have either committed fraud or are an un discharged BR.
The only time I had a problem with opening a business account was when I went to HSBC but I think this had more to do with a personality clash than credit check..
Personally I do not want to open a cash monthly account as I am more than capable of maintaining my finances and don't see the need to pay someone else to do it (I realise a lot of others on the site are in the position they are due to not being able to manage their finances but in my case I am here due to other reasons).
I also feel un comfortable with people using the forum to promote an individual cash account service, some people here are already vulnerable and will go along with what peers recommend. I thought the site was about being fair and balanced
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MrsKnight
Now I can't help but feel that either, I was lead up the garden path or If it was correct at the time. have I now just wasted the last few years of my life struggling for nothing.... Not come to a conclusion on that one yet.
We have had the same feeling for some time now, we were fed a whole load of "information" when discussing the benefits of an IVA over DMP and BR and how the only certain way to have a normal life afterwards would be IVA...
I sit here now reading how bank accounts are closing, having to pay good money for a pre loaded card and no chance of a loan or mortgage in the future. I then talk to people I know who went BR, all, yes all, have high street bank accounts, 2 have credit cards, 1 has a car loan from a main dealer and 1 is in the process of building a £20k extension to their house.......
I always thought I was doing the right thing but feel well and truly let down...
But these are all issues that are out of your IP's hands, so to criticise the advice given at the time you entered into your IVA is unfair.
Bankruptcy is an option which has always been available and will continue to do so. In my opinion it has been made far too soft in the UK - but that is my opinion and I suspect it will be an unpopular one amongst other posters.
