I upgraded to the Flexdirect account before my files were clear and I didn't have any problems so I would think it would be the same with the FlexPlus account.
I too have a co-op current account, I will set tight and see what happens. I'll let you all know if I get a closure letter....so much for the 'ethical' bank!
I also have a co op cashminder account & got really worried about this new clause they seem to be adding to their t&c's so i rang the bank yesterday,the lady i spoke to said yes the clause re closing accounts if you enter into an iva or go br when you already have a cashminder account is TRUE however she contacted the banks money management dept & asked them (as i will be going br shortly) & they said as the cashminder account has no lending facilities it won't be affected by the changes so it appears those with the cashminder ac are safe, however if you want to double check for your own satisfaction i would recommend that you ring the bank directly, PHEW WHAT A RELIEF, DIDN'T FANCY HAVING TO START TRAWLING FOR ANOTHER BASIC BANK ACCOUNT.[:)]
I have received the letter today. Although the letter states all accounts including the Cashminder, the booklet that I have been sent only applies to the Cashminder account, so am assuming that depending what account you have will depend on the booklet you receive. The reason I pointed this out is because I was looking for the clause on page 4, item 1.7, but in the Cashminder booklet there is not that clause. But like many others have said and so did I recently that I called the bank and they have pretty much said the same to all that exsisting accounts are fine, but still good to check for peace of mind.
F&F accepted 12/8/13 - Awaiting Completion Certificate
Thanks to everyone for your support. Could'nt have done it without you.
Thanks for updating us on that Hammie but as you say good for each individual to check themselves. Glad to see your account is going to be fine.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
This is extremely worrying, we have only been in our IVA 8 months and we have a current account with the co op, now im not sure what to do for the best
Just to play Devils Advocate...why is the Co Op not being "ethical" in relation to not offering current accoounts anymore to people in IVA's? They are continuing to offer the Cashminder account which has direct debits, online banking, debit card, even an IPhone App and balance alert texts. That is surely more than enough for those of us in this situation and a damn sight more ethical than the vast majority of other banks. Perhaps if you do have a current account now with them it maybe isnt that outrageous of them to move you to the Cashminder account.
Now if they were taking away the Cashminder account...that woud be different, but they arent. I think that perhaps their communication of the changes could have been clearer and this thread also confused the situation too.
After a phonecall to the co op we were told that every account held with them is going to be looked at ( anyone with a current account) and taken on it's own merits.
We were told not to worry if for any reason they wanted to change our account and down grade us to a cashminder account we would be given 30 days notice and certainly wouldn't be left without an account, so this is a real relief as the cashminder would still be perfect for us.
Bradders - i am not a fan of the Co-op Bank due to their bad customer service.
The Co-op Bank make a "big Issue" about treating people equally and fairly, how can an account that has no overdraft and has been run properly - suddenly be downgraded fair?. There are people out there who continue to use cheques frequently ,and I include myself in that - a cash minder account offers no such facility. At the end of the day they remain a business to make money - something a holder of a cash minder account does not do for them.
We have had a cashminder acc for over 7 years and the coop were the only bank who did not slam the door in our face and gave us some dignity back. We have everything a normal account has except a cheque book but we have never missed having one. Yes we can't overdraw but would never ever overdraw or use credit again so do not miss this either. The coop have always been helpful and their staff understanding of our situation .even if one of the other banks allowed us a current account we would refuse as we will never forget the treatment we received going into our iva.
Ginger - accept your point although my experience of them is much closer to Geordie's. Yes the lack of a chequebook may frustrate some people but other than that its a very good bank account. I would argue that it's surely more ethical and fair to offer all people in IVA's the same banking facilities...and again it's far more than most banks do. For that reason I feel its slightly harsh to lambast them.
As you said, they offer decent banking facilities to people who make them no money. Personally I value that and am grateful for it as it makes my life alot easier. When my IVA is over I have no intention of moving away from them.
Like Bradders, I will, in all probability, stay with the co-op -- even with the Cashminder. It does all I need of it and I have always found their customer service to be very good. I intend to keep my finances simple from now on, and a simple account will do me
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Bradders I think your last sentence is key. Banks should be thinking about the future not just now and those that seek to exclude clients committed to resolving their debts now are losing their preferred client base in the future as there will come a day when you are ALL debt free. At some point banks will be trying to attract clients in...and of course you will stay with the group that looks after you.
I think it is positive that the Cashminder account is remaining available to clients as I find it is one of the most popular with IVA clients.
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Oh dear, I opened a current account with co-op last month and an currently in the process of entering an iva. Not received Letter yet. Will they choose the account or just downgrade out to a cash minder? Be more than happy with a cash minder to be honest.
