But using one for an overall cost of less than £120 per year helps budgeting and allows online spending and acting like any other with a credit card - especially where it is a VISA one which is recognised in thousands of locations. The only additional cost is 50p to withdraw cash from an ATM. I sincerely believe with no other transaction costs and the ability to pay on line anyone with a bank account and to be able to see your account live online must be worth something!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Moneysupermarket do a good comparison chart- showing who charges what etc. I've had tuxedo and really been a godsend-free to top up at barclays counters,they charge 4.95 monthly
I totally disagree David. I think it is a lot of money to pay for a card when most of us don't have any spare cash at the end of the month. I doubt my IP would be happy if I put that forward!
Most banks these days do online banking, so other than online spending, which you can use any prepaid card for, or for hotel and car hire, which I doubt we would use much of, I can't see any need for it.
Most people can get a bank account, even if you only have a cash card.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I get online banking, direct debits / standing orders and a debit card with my Co-op Cashminder and it doesn't cost me anything. If I could afford the £9.99 a month I'd rather put it towards a holiday to give me something to look forward to.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I've had nothing but problems with my Paypal card.
I only had a small amount on it, but did think it's useful as an alternative. I try not to use my electron card too much. That's where I end up in a muddle when I forget something I used it for - and I really do not want anything to go wrong with my Co-Op account so I prefer to take cash out and use that. So a card to use - especially on the internet - is helpful.
Visa electron is not widely accepted over the phone or internet nor does it support things like pre-authorisations in hotels and car hire.
Thinkbanking don't appear to be advertising any interest any more - not surprised with intestest rates where they are.
Onebanking are advertising 1.25% pa. A penny in the £100!
Reading some of these forum posts - it appears that some people still can't open co-op despite the claims.
Whilst I appreciate the *name deleted* card costs a monthly fee the feedback we are getting is positive and if it helps firstly to pay your IVA/DMP once monies hit the card first then all other regular payments on time the monthly fee is reasonable and anyones IP would be happy if it helps budgeting and awareness.
Also banks at some stage over the comming year are going to start charging for use of a bank account!
Last edited by David Mond on Wed Dec 31, 2008 1:33 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
As long as I can get free banking with online banking and dd's etc then there is no way I will pay for it.
My payments are sorted all month, I know exactly how much money is in there at any one time, and how much is due to go out. Can't see how a prepaid card is going to help me with that.
I know that my ip would not be happy with me paying for banking.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
TO be honest I haven't had any problems with the Visa Electron on the phone or on the internet, apart from M & S and I don't use their website very often.
If I use my debit card I make sure I put the debit on my spreadsheet, that way I know exactly how much money I have, and so far this is working for me.
Regarding people not being able to open a Co-op Cashminder - this is usually because they aren't on the electoral register. I've seen several people on other forums be turned down for this reason, and once they are on the electoral register they have reapplied opened the account.
If the Co-op introduce fees then so be it, but I'm not paying to bank if I don't have to!
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I have a paypal card and had no problems what so ever.
It costs #163;1 to load it at a post office but if you have a paypal account, its free.
Ive used it everywhere with no problems what so ever.
Just to clarify the figures there - it's £1 to load it at the post office, but I believe if you transfer bank funds, even if you don't have a paypal account, it is free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I cannot see why anyone would want to pay unecessary bank charges. I don't know of many of my clients who operate on pre-paid cards, and over 95% of them seem to manage their budgeting quite well.
In the event that the COOP cashminder account is turned down then a pre paid card can be a useful standby until the electoral regoster issue is sorted.
Also as david says if ones job means that there is a requirement for hotel bookings / easy jet / british rail etc then the visa electron card has challenges and the pre pay card is useful - again as a standby.
From the Bankruptcy side I have a number of clients who are self employed and still run their own businesses and the absence of a business account is a significant problem.
I have been working with a pre paid card provider to try to address this and hope to be able to announce shortly that a business could run an account in a business name ( not an individual) and have the business name on the card.
For a lot of my clients this would be a significant bonus.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
Paul - have a word with me please when you have time.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
