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Quick question....

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  • Quick question....

    My first proper post so taking it easy!

    I have seen numerous times on various websites that it is strongly recommended that you do not bank anywhere you have 'bad' debt due to 'off-setting'.

    What could happen (as is in my case), where your lender that holds your current account buys out a loan company; Cahoot = Abbey = Santander? Could the same procedure apply?
    Those that rock the boat tend to get wet.....
    Tags: None

  • #2
    Re: Quick question....

    D4ncer!

    Dunno but someone who does will be along soon

    Comment


    • #3
      Re: Quick question....

      If it is structured so that these are completely separate legal entities (the fact that the one owns the other is immaterial), then No, it should not be possible.

      Comment


      • #4
        Re: Quick question....

        Appreciated.....
        Those that rock the boat tend to get wet.....

        Comment


        • #5
          Re: Quick question....

          Hi D4ncer and welcome.

          The problem with satan is , I think , that they merge all into one but I stand to be corrected. There are very few banks I can use these days so I am with the Coop Cashminder.
          Personally I would move away from Satan if you can

          Comment


          • #6
            Re: Quick question....

            Thanks Jon,

            Originally posted by jon1965 View Post
            I would move away from Satan if you can
            I've been turned down a 'basic' bank account from pretty much everyone! Plus I need D/D's (and funnily they've let me keep the overdraft!) for my self-employment. They've owned the account for some time now - 2 or 3 years and haven't, as yet touched it.
            Those that rock the boat tend to get wet.....

            Comment


            • #7
              Re: Quick question....

              The Coop cashminder took me and even I wouldn't accept me! I know they have changed a bit. They do DD standing orders internet banking debit card . No chequebook though and lack of branches can be a pain although you can pay in at post offices

              Comment


              • #8
                Re: Quick question....

                Originally posted by D4ncer View Post
                My first proper post so taking it easy!

                I have seen numerous times on various websites that it is strongly recommended that you do not bank anywhere you have 'bad' debt due to 'off-setting'.

                What could happen (as is in my case), where your lender that holds your current account buys out a loan company; Cahoot = Abbey = Santander? Could the same procedure apply?
                There is always that risk, with any company, not just the Satanic Group. To be on the safe side, it's best NOT to have money where you have debts, as they do have the right to offset against your money. See this: http://www.moneysavingexpert.com/banking/setting-off

                Comment


                • #9
                  Re: Quick question....

                  Originally posted by jon1965 View Post
                  The Coop cashminder took me and even I wouldn't accept me! I know they have changed a bit. They do DD standing orders internet banking debit card . No chequebook though and lack of branches can be a pain although you can pay in at post offices
                  I've heard of this before. My partner used to deal with co-op for business purposes, she said they are the most ruthless company she'd come across! They must have an angle somewhere. I'll take a look and it may be worth porting over, thanks.

                  Originally posted by FlamingParrot View Post
                  There is always that risk, with any company, not just the Satanic Group. To be on the safe side, it's best NOT to have money where you have debts, as they do have the right to offset against your money. See this: http://www.moneysavingexpert.com/banking/setting-off
                  Better make sure I do this before I start annoying them about my Cahoot contract then!?
                  Those that rock the boat tend to get wet.....

                  Comment

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