| T O P I C R E V I E W |
| kalf |
Posted - 06 March 2010 : 11:26:57
Hi,
I have a Co-op Cashminder Account, which is great. But I am self-employed and wanted to put my tax & NICS contributions into a savings account, separate to the cashminder account. I telephoned the Co-op and strangely the savings account they gave me was an ISA. This was completely inappropriate, firstly because any savings in an ISA should by rights go into the IVA, but all I wanted was a savings account with instant access. Being self-employed my tax & NICS get paid once a year, so thought it would be better to put this money elsewhere. Anyway I telephoned the Co-op, explained that they had given me the wrong account, that I did not want an ISA, just a simple savings account. I went through the application and was refused. How hard is it to simply put your money into a bank!!! I asked why I was refused, as I had been completely up front about the IVA. She said on that particular account they do a credit check, whereas on the ISA they don't. But I pointed out that I already have a cashminder account with them, and surely they did a credit check then too. Anyway I wanted to know what I can do about it. I read recently that they are bound by rules, and feel they are being discriminatory to those in IVAs. Incidently since then I have tried a few different banks (those recommended on here) and they too have refused me. All I want to do is place money with them and have instant access when needed. Any help would be appreciated.
Many thanks. |
| 20 L A T E S T R E P L I E S (Newest First) |
| kallis3 |
Posted - 17 March 2010 : 08:09:39
If you're not on the electoral roll, the Co-op are more likely to refuse to take you on.
It is worth fighting your corner though. |
| workingitout |
Posted - 16 March 2010 : 23:14:31
Hi All.
I to have had the same problem with Co-Op. I requested a cash minder account about a year ago and they declined me, stating I was not truthful on my application form. I wrote in and they refused to give me any more information. I did a credit report and noticed that I had another address on my credit file. This was a work appartment I used for a week to receive some mail from one of my credi cards when i wasn't in an IVA.
Anyway - I wrote in again stating that fact and they turned the decision around and approved me.
I opened an ISA account in which I can put my left overs into, but also wanted a savings account to budget for other funding. Again, they declined me stating i failed the credit check. However, I wrote in complaining that it was totally unfair and used the TCF rules from the FSA (treating customers fairly). Sure enough a week later I noticed that they had opened a savings account which was linked on my online banking a letter stating that on this occasion they would open one up for me.
Its also worth noting that you can open more than one cash minder account, they were happy for me to do that too.
Its worth fighting these big firms. Whilst they all played a part in helping you get into this mess, (and of course I have myself to blame too) they should be willing to help build up a new history.
Write into them and ask them to be human, it worked for me! and I think the Co-Op are great. I know I will never bank elsewhere even when I'm debt free.
Good luck people! |
| johnB |
Posted - 15 March 2010 : 13:22:33
I had no problems with opening accounts with Co-op (I have just opened an ISA, without any questions). Personally, I couldn't use NatWest as they had been a creditor, but good to hear they are approachable for those wishing to use them.
I would also recommend a savings account with NS&I, again no problems with the IVA and easy to use. |
| drummergirl |
Posted - 12 March 2010 : 19:45:24
I have a step account with Natwest and had no problems opening a savings account or an ISA with them. They were more than aware of the IVA at the time. The branch that I use have been nothing but helpful and discrete (in terms of the IVA). |
| Skippy |
Posted - 12 March 2010 : 10:08:45
That's a good point. I've got 2 Cashminder accounts and I had no problems opening the second one. |
| kallis3 |
Posted - 12 March 2010 : 09:34:34
Or, kalf could open a second cashminder account to put his money across to. |
| Skippy |
Posted - 12 March 2010 : 08:58:25
I agree with Jan, while Premium Bonds are great and can be cashed in it I feel it would be better to have a normal savings account so he can get at the money without any hassle. |
| kallis3 |
Posted - 12 March 2010 : 08:40:32
Personally speaking, I think a proper savings account would be better if he can get one. |
| johnpotter |
Posted - 12 March 2010 : 08:27:14
quote:
Originally posted by kallis3
The minimum purchase is £100, and I doubt many of us have that to spare each month!
If you read his problem you will note that he MUST save to pay off his tax and insurance at the end of the year and I doubt that he would be paying less than £50 a month. Its not 'spare' as you seem to imply. |
| Skippy |
Posted - 11 March 2010 : 09:32:51
Same here, but I just thought it was worth mentioning! It's something I might consider when my IPA is over but no chance at the moment! |
| kallis3 |
Posted - 10 March 2010 : 22:51:46
Thanks Skippy.
Couldn't even manage to do that I'm afraid! |
| wannabedj |
Posted - 10 March 2010 : 15:13:37
I have a natwest step account, yet when I tried to open a savings account I was declined. So what I do now, is any extra pennies I have left over at the end of every month I put on my 02 pre-paid VISA card. |
| Skippy |
Posted - 10 March 2010 : 14:36:17
Just a side note, if you buy Premium Bonds monthly by standing order the minimum is £50 per month. |
| kallis3 |
Posted - 10 March 2010 : 13:16:19
The minimum purchase is £100, and I doubt many of us have that to spare each month! |
| johnpotter |
Posted - 10 March 2010 : 12:56:26
Simple: Buy Premium Bonds every month. Never know you may win and pay your IVA off early!!! Interest from the Bank is no worth saving. |
| kalf |
Posted - 10 March 2010 : 11:04:20
I live in the West Midlands. Thanks for your advice. I think the best approach is to go to the bank themselves, explain my situation, and hope this will go some way to allowing me to put my bl**dy money in their banks. Unbelievable isn't it, that it is so difficult putting your own money into their grubby little coffers. It's nice to know I am not the only one who feels like this. |
| lesley_ |
Posted - 09 March 2010 : 07:51:35
I have the Step Account and savings account with Natwest didn't have any problem opening either. |
| kallis3 |
Posted - 08 March 2010 : 23:05:38
Unless Natwest are one of your creditors, then you could try their basic account. |
| johnB |
Posted - 08 March 2010 : 22:34:28
It is annoying.
I wasn't asking for an overdraft, cheque book or a credit card. But still made to feel like a criminal.
Now so many people are in an IVA perhaps some of the banks may change their approach to people who have had credit problems. |
| kallis3 |
Posted - 08 March 2010 : 09:09:56
Surprised at Barclays as they are usually ok as far as the basic account goes.
HSBC and First Direct are well known for closing down accounts for people in IVA/BR, others just don't want to know.
Annoying isn't it? |
