Hi Danielle,

Section (07) of the following page deals with default notices after your discharge. Please have a read and let us know if you have any questions afterwards:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

Dealing with an unsatisfied default notice will probably open up more banking options. Until then, this default notice will hold back your ability to access some accounts (though I’d very very surprised if many banks failed to offer you a perfectly functional basic account).

What are the account features you want that you don’t currently have?

Have you been applying to banks that were creditors in your trust deed?

Hi DanielleCunningham,

I’ve had positive experience with the Nationwide Bank and it’s who I tend to advise anyone I deal with to use when setting up a new bank account.

They have a flex basic account which is designed for people who are not eligible for any other accounts with them or if they have been declared bankrupt.

I’d suggest having a look at Nationwide and applying to open an account with them.

Also I’ve heard good feedback about:

Barclays
Co-Op
Monzo

Perhaps give those a try and let us know how you get on.

Hi, thanks for your replies. I am able to get a basic bank account but I thought I would have been able to get a normal bank account after I was discharged.
The defaults are confusing me, I have read the information you have given. I have 4 accounts on my credit file under defaulted accounts, 1 of which has a balance, the rest are zero. 1 shoes as defaulted and 2 show as partially paid. Some of the companies that went into my trust deed are showing as settled accounts. What is correct so I can try and sort it out.

Thanks again.

*shows

Hi Danielle,

Following discharge, each account should show a zero balance.

Each default notice should be marked as being "partially satisfied" or "satisfied".

If you have an account with a balance still showing, or a default notice that hasn't been updated after discharge, you may want to contact the firms concerned and request (or demand) a prompt update to your credit file.

Hi Danielle,

What features of the basic bank account don’t you get that you would if you had a normal bank account and are looking for?

From what I understand you can still have online banking, a debit card and contactless payments with some of the bank’s I listed but I could be wrong.

On your credit file, the date of defaults are these dated as close to the start of your Trust Deed as possible? If not you want to write to the lenders and ask them to update these to the start as they will fall off 6 years from this date.

You might also want to think about taking out one or two credit cards, using these each month but paying the balance back before you are charged interest. This will count as a positive on your credit file.

Ideally all the default dates are at the start of the Trust Deed and therefore 6 years from the start they all fall off and the positive credit information is all that is left on your report. It might take a little work but you will get there.

The user “Firewalker” on the forum has provided a lot of good advice on this. You can use the search function and have a read through their posts and comments for hints and tips.

Thanks, unfortunately 2 of the defaulted accounts are max recovery and i struggled to get any contact details for them. But i will try and contact the other ones to get them updated hopefully.
I have a credit card and pay the balance off every month.
The basic bank account i have just now isn't the best, it is with santander and i need to constantly transfer money to a cash card to use in store or atm, great way to get me to check my account constantly but now becoming a nuisance. Also i can't having recurring transactions set up on this account, so anything like apple music or amazon prime i can't have. I will have a look at other basic accounts, maybe they will have different features. Was just hoping to get a normal joint account with my partner as he isn't too keen on going to a basic bank account-status and all.

Hopefully i will get my credit report tided up a bit and give me the best chance to get a better score in time.

Hi Danielle,

I think you'll find that other banks offer a basic account with a fully functional debit card. I can see why you'd find your current situation frustrating.

That does sound really frustrating having to transfer funds all the time to use the cash card and not being able to set up recurring payments.

I’ve not heard anything from any of my clients regarding the accounts I mentioned operating like this so definitely have a look into them.

If you do set up another bank account let us know how the account is as I’m sure it will help other people worried about this.

David, this is the same type of account as we opened with Santander in December, but luckily we still have the M & S Current Account. I think I'd be the same as Danielle, if this was my only account. It is something you have to think about when using it, and ensure money is transferred onto the cash card, before using it. It also doesn't allow you to use it in the Petrol Stations with Pay at Pump service.

Thanks tigh.

To be honest, this doesn’t seem like a great account to use. There’s much more functional basic accounts available elsewhere.

Hi tigh,

Ah that’s right I remember you telling me now about that Santander account.

I’d be the same if I had to transfer money all the time between two accounts to use one card for contactless and other functions. It’s good you have the M&S one to help.