font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by skint til payday
Hi MelinL14
I was just wondering.. was Barclays one of your creditors previously and perhaps you've gone back to them?
as I was thinking of doing just that!
please let us all know.
Barclays were not one of my creditors. I chose them as I wanted a high street account rather than paying £12.50 for the Secure Trust account. They (Barclays) were the only one's who gave me so much as the time of day. I initially applied online, got an email saying I wasn't able to have a current account due to my IVA, but they will offer me their Basic account. Within weeks of my IVA last payment they upgraded me to a full 'proper' current account. A year odd on, I have a great banking relationship. I have a Platinum Barclay card with low APR, has been used once and paid back in full within 7 days! Scared stiff of it to be honest...
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
Whilst a basic free account should be readily available to everyone (depending on whether or not you have, or had, debts with them) and of course carry no cost, the reality is that a lot of people still find it very difficult to access them.
Secure Trust seem to have done a fine job, albeit at a cost, but their withdrawal leaves less consumer choice. A similar account is still available for those that wish to have a look at it, which is the I-Count. I'm not an expert on it, but I do believe that the fees are cheaper, accounts are available instantly, usual facilities including direct debits and online cashback are available and it also comes with a credit builder facility, which of course may interest some. I would re-iterate that there is no reason why free accounts with High St banks should be unavailable, but if they are then this does look like a credible alternative.
Regards.
Last edited by size5 on Mon Jun 06, 2016 11:07 am, edited 1 time in total.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
It is headed up by Sam Mond, David's son [Cleardedbt], who I have met on a number of occasions
These accounts are useful because you never find yourself with extra unexpected charges and are open to all. A good way forward if you are looking to enter into an IVA or DMP
It also offers a business account, it can often be near impossible to open a fresh business account with the main banks once you credit rating has slumped
These types of accounts can be a god send but I would say look at the online reviews and what customer experience is.
I know nothing about icount (and the following should not be taken as a negative comment about them) but I can name 2 companies with similar models where the negative reviews are linked to suspending payments into accounts and taking a significant time to release the funds, closing accounts arbitrarily, long delays in speaking to anyone etc.
A Ffree account may also be an option which has a visa debit card.
If your income and expenditure patterns are straightforward 9 times out of 10 they should work for you.
Also with the switch in focus from claim companies from PPI to any form of paid for bank account I imagine that played a factor in any decision by Secure Trust.
IVA companies and the reclaim companies as their representatives will need to accept that certain charges are legitimate and cannot be a target.
If you can get a basic account from a mainstream bank do so - there are at least 11 banks running one.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
There is also an increasing number of Credit Unions offering the Visa Debit Card as part of the account.Any funds in these account is also protected. Some Unions charge a small fee for the account.
To coincide with Secure Trust Bank exiting the market and to lower the barriers for entry, icount are (from tomorrow until 30th September) refunding the £4.95 application fee to anyone that applies for a Monthly tariff account and loads a minimum of £20 within 30 days
