Quick question....

[D4ncer]

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?

[MissFM]

Re: Quick question....

D4ncer!

Dunno but someone who does will be along soon

[enquirer]

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.

[D4ncer]

Re: Quick question....

Appreciated.....

[jon1965]

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

[D4ncer]

Re: Quick question....

Thanks Jon,

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.

[jon1965]

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

[FlamingParrot]

Re: 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?

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

[D4ncer]

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

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.

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!?