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cooperative cashminder account cancelled

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(@pepper350)
Eminent Member
Joined: 15 years ago
Posts: 40
Topic starter  

hi everyone, has any one else had problems with the cooperative cashminder account i opened one before i signed my trust deed, and was accepted paid in money and used account for about a month,yesterday i received letter from them to say my account was being cancelled as were all my direct debits as i had a trust deed, i am thinking this has happened as i had filled in standing order to pay my trust deed ,and the money was to come out of my cashminder account.the reason i opened a cashminder account was that i had read that was a good account to get if in a trust deed. thankyou

pepper350


   
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(@porcupine)
Estimable Member
Joined: 15 years ago
Posts: 206
 

That's a bummer.........

I was lucky I closed down by bank account and changed to HBOS before I signed my Trust Deed, so I never told them I was in a PTD as I was not at that point...... Seven months later I am still with them and have not had any problems at all with them.........

Am sure some folks on here have opened basic accounts with the Nationwide, you should maybe check them out...


   
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(@debtfreewannabee)
Estimable Member
Joined: 15 years ago
Posts: 150
 

It is a bummer because you need to find one that you don't have any debts with.

Let us know how you get on and where you end up.

Cheers,

DebtFreeWannabee


   
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(@pepper350)
Eminent Member
Joined: 15 years ago
Posts: 40
Topic starter  

thamkyou for replies, i had no debts with coop as had changed to them from lloyds before i signed trust deed it was a soon as put in standing order to pay my trust deed they shut it down thinking i am going to have to go with a bank account like secure trust bank that you pay monthly for an acccount,have to say though was best thing that i have done applying for a trust deed as the worry was killing me before and as soon as i spoke to someone about one it started getting better.

pepper350


   
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(@debtfreewannabee)
Estimable Member
Joined: 15 years ago
Posts: 150
 

Hi pepper350

I totally agree that taking action makes a massive, massive difference to your life. I feel the same.

I have a Secure Trust Bank account and also one with thinkBanking. My preference is the Secure Trust Bank one:

1. Very quick online application with guaranteed acceptance. It takes 2 or 3 minutes. thinkBanking was a 25 minute phone call.

2. Easy to set up DD/SO etc online. thinkBanking requires you to get on the phone.

3. Less hassle ongoing. thinkBanking seem to always be phoning, texting and writing which is annoying (well, for me anyway).

Sure, you've got the monthly fee but some of us don't seem to get the luxury of free banking unfortunately.

Hope this helps.

Cheers,

DebtFreeWannabee


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi pepper350.

Have their been any issues with your standing orders or direct debits being declined since you opened your Cashminder account?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@pepper350)
Eminent Member
Joined: 15 years ago
Posts: 40
Topic starter  

hi no direct debits were declined always had cash in to cover everything the letter i got just says i write with reference to your trust deed of which i have been recently notified,i advise that it is the policy of the co operative bank not to operate this type of account under such circumstances,therefore the above account will be closed on 02/01/2011it also says to make other arrangements for direct debits and standing orders as they have been cancelled,it seemed to happen a week after i put in standing order to pay trust deed firm.

pepper350


   
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(@pepper350)
Eminent Member
Joined: 15 years ago
Posts: 40
Topic starter  

hi debtfreewannabee, thankyou for your post i am going to go with the secure trust bank as seems to be about the best option right now

pepper350


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi pepper350.

That all seems quite strange. The Cashminder account has always been available to people who have had credit difficulties up to and including trust deeds.

I hope this doesn't mark a change in their criteria; I guess we'll need to wait and see whether other people report a similar issue in the future.

I agree with DFW that the Secure Trust account is the better paid-for option of the two mentioned if free banking cannot be obtained.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@jls0505)
Active Member
Joined: 15 years ago
Posts: 10
 

I set up a basic flexaccount with Nationwide upon entering my trust deed and have no problems with them at all. Originally it came with only a cash card but they now supply a visa debit card.

This is a free account which makes a huge difference. During thhe trust deed your money is going to be fairly tight so you shouldn't have to pay for your bank account too.


   
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(@pepper350)
Eminent Member
Joined: 15 years ago
Posts: 40
Topic starter  

i wonder if its because its a visa debit card you now get with cashminder that that is the difference,i will look in to nationwide thankyou jls my problem is i live in a small town where banking is limited to go into do application thankyou every one for reply

pepper350


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Thanks for your posts pepper350, this kind of stuff is vital information! I hope you get something else sorted out soon.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@jls0505)
Active Member
Joined: 15 years ago
Posts: 10
 

I did my application online - easy peasy! Took a couple of weeks to get all the stuff and they changed over my direct debits.


   
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(@gresgow)
Estimable Member
Joined: 15 years ago
Posts: 172
 

Hi

I find myself in a similar situation - I currently bank with Lloyds TSB and have an outstanding loan with Black Horse who I know are the lending arm of Lloyds. I like banking with Lloyds as I think their internet banking and debit card facillities are much better than those of Co-Operative who I also have a Cashminder account with. Before setting up my TD I was advised by a representative of my TD company that I would be able to continue banking with Lloyds and that it would not be a problem. In light of the original post and thinking that I would switch accounts for day to day banking despite my preference for Lloyds, I now find myself in a very confusing position.

I thought basic bank accounts such as these were set up especially for people like us on here in circumstances like ours.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi gresgow.

Though a little worrying, please remember that pepper350 is the first person to report this as being an issue.

In general the feedback on this account has been excellent.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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