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  1. #1

    Associated bank accounts

    I know its always been said and I dont want to tempt fate.............but..............is it wise to open a new bank account with someone I still have a debt with, going back to 2005 on my DMP but still paying through Payplan!
    Will they think, bingo, lets take all this money?

  2. #2
    Very simply they have the right to off set your good account against you bad account, no matter how good you are at repaying the bad account.

    Imagine the scenario, you have saved up a bit for a new washing machine, new car or even a holiday, you then go to pay and find the bank has carried out it right to off set, there is ZILCH left in your good account. This is perfectly legal and IT DOES HAPPEN, and the worst part is that they dont have to tell you when they are goign to do it, they can just do it!

  3. #3
    I had no idea we had this particular bank as one of our creditors, mainly as they are sold on so often it doesnt show up as their name.

    So the account is opened, we sent the signed papers back yesterday, had a strange conversation yesterday with someone from the bank!
    But apparently it is all ready to be used, cards are on their way, online banking is ready to sign into.

    Of course they ask for current bank account details when applying - why?? they dont organise setting up the DDs which I thought they did.
    We have money in our current account, my salary etc goes into that account................and we go away on Monday!!
    What do you suggest is the best thing to do now, apart from cry?

  4. #4
    As if the bank has been bought by another, then they may not have combined their banking licences, such as Halifax, Bank of Scotland and Lloyds are now the same bank, but each have their own Banking Licence, so cant off set against each other


 

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