My application for the cashminder account has been 'referred' therefore not an instant decision. Does anyone know whether there is any way that my current bank will find out about my application for a co-op cashminder account? i.e. will the co-op contact them? Im a bit worried that if they find out they may cotton on what I'm up to and offset my wages (which is due to be paid in next week) against some of my overdraft. I intend to get my october's wages paid into the co-op account. Thanks.
Hi Manicmonday, Banks cannot contact other banks to tell them that you applied for an account with them unless you give them your permission.
They can see any credit searches that are made though, from other banks.
If you signed up for them to transfer dd's and standing orders then they can only contact them to do this if the account is opened and for that purpose only.
Basic principles of data protection.
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.
The Co-op usually refer accounts if you are not listed on the voters list.
Your other bank account will not know about your application.
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 can categorically tell anyone that if you told the Co-op you have an IVA in place, not that you are going to start one, the cash minder is the only account you will get.
The 'stunt' people carry out is to apply for Bank account prior to the IVA, when the credit file shows a score.
The coop does not do an HSBC that shuts down peoples account by checking on them.
Its unlikely that the Co-op 'knows' Pennyless is insolvent, as they have no reason to dig deeper his/her creditfile.Its not a routine thing Banks check your creditscore unless you have credit facilities or upgrade.
Sorry, but
opening a bank account whilst already in an IVA[insolvent] is not the same as having poor credit score and not insolvent.There is a difference.
I know because I applied on the phone and the staff asked if I was insolvent.Defined as in an Iva or being bankruptcy but excluding being in a dmp
She, a team leader, said if you are we can offer only a basic cashminder as you will fell the credit check.
Why don't you ring them up tomorrow and apply and see if you don't believe it?
I didn't say it was the same thing. Banks do credit check and I can't see them offering an all singing all dancing top of the range account to someone with poor credit.
I won't be wasting my time phoning and applying for anything - my BR is still on my credit file so I don't want any more credit searches for something that will be refused.
kallis3 wrote:
I am surprised as well - even though you had not started the IVA procedure, your credit record was dreadful and we do have posters on here with better records than yours who have been refused a Co-op account.
Penny's creditors were all up to date at the time of applying which is why I'm sure he got the full account.
7 year IVA completed in December 2016 - there is light at the end of that tunnel
I am wondering if he missed a 0 off the figure he originally posted - a credit score of below 100 would definitely set alarm bells ringing. I think mine is 600+ at the moment.
I also have a Nationwide Flex Account with just a cash card and have found it excellent. Online banking is brilliant and I have found their customer service to be good as well.
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
Hi
Many people have a near perfect credit record before going into an IVA. At one of the IVA.co.uk debates a former director of one of the credit reference agencies stated that they had done some research and the above was true.
I am not surprised that a full singing and dancing account was offered and as long as you do not use an overdraft you are acting responsibly, however I can't really see an adavantage to someone in an IVA paying a monthly fee when the basic account will do everything that you need it to
Kind regards
Andy I did originally opt for the "top" Privilege account when I changed banks......mainly for the benefits that paying £13 a month for the security of breakdown cover/mobile cover/20% discount of insurance et al would of given me, particularly as I require all these items and have to pay more seperately in the main.
I did ring them up a week later and took there current account with a chequebook as I was feared that having such an account as Privilege would predujice my proposal....but in the longterm the £13 a month may of saved me more for my creditors.
I came into this world with nothing and still have most of it left!
The credit score thing is oversold like IQ test scores.If you can have a good credit score and then be in an IVA the next thing, then it means you can beat the system just by maintaining payments and show you never miss payments.
The problem with the credit score system is that it can't differential between a person with a mortgage owning 80K and someone with 4 creditcards[cannot pay of the balance]owing 12K but paying regular interest. Technically, you own money in both cases even though the mortgage debt is not considered a distressed debt but a credit card balance is often signs of distressed debt if it lingers for two long.The credit reference computer cannot tell!
It reminds me of the 11 plus exam that suppose to inform others of your learning capacity!
You are hardly beating the system. As soon as you enter into the IVA then your credit score will be bad. As you will be stopping making normal payments just beforehand, then your chances of getting a full account go down.
It doesn't matter what your debts are - as long as you are paying them, then your credit score will be good.
That's what counts when you look for further credit.
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
