Written on: 14/05/2012
I was advised to open a Secure Trust bank account by my IVA company (DFD); it was explained to me that I had no choice but to open this account as my credit rating would be shocking and I wouldnt be able to open a high street bank account. I followed thier advice and opened the account. I paid the £12.50 fee to open the account and paid £200 into Barclays Bank. I had to wait 2 weeks for my own CASH to clear, something that was not explained to me when I opened the account. It irritated me that I would have to pay £12.50 a month for a very basic account when I was starting my IVA to improve my financial situation, and then to pay 50p when I wanted to withdraw my cash. It drove me insane using the pre-pay mastercard although it did make me more aware of my money as it was at the back of my mind constantly wondering if I had enough money on my card!
I happened to look on the money savings expert website who recommended bank accounts for people with bad credit ratings. They recommended Co-op cash minder account which I have now successfully opened. Thier service is amazing, i was worried that I would be treated differently because I have a very poor credit rating and I was opening the most basic account. I couldnt of been more wrong; they have bent over backwards for me.
I have been waiting almost two weeks now for secure trust bank to close my bank account. Secure Trust Bank are NOT the only account to go for if you are in an IVA or have poor credit, there are more cost effective alternatives out there. Please dont make the same mistake that I did; shop about before being pressured into things by a commission based IVA company.
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