You may think that bank current accounts for bankrupts are not available because of a bankrupt’s poor credit rating. However, you will be pleased to read that it is still possible to open a bad credit current account if you are/have been bankrupt.
The economic conditions have played a part in us seeing an increasing number of the adult population being made bankrupt. Bankruptcy has a detrimental effect on so many areas of our personal lives. The prospect of having to move home because the building society has re-possessed the house is daunting or perhaps the Mercedes-Benz has been repossessed by the finance company so you need to find a much cheaper car.
If your bank has had to write off monies that you owe them because you are an un-discharged bankrupt they may insist that you close your bank account and try and open one with another bank.
This presents a problem as it is not easy to deal with your personal finances unless you have got a bank account so you will have to try and find a bank that operates bank accounts for bankrupts.
You can be reassured that there are some financial organisations that provide bank accounts for bad credit. You can have your wages, salary, pension or benefits paid in to your account, have direct debits and standing orders set up to pay your household bills and, you will be pleased to hear, obtain a pre paid debit card often arranged with MasterCard which you can use to take out cash from cash machines, purchase goods and services in shops, over the phone and on line. You may also use the debit card abroad. Some companies also give you a personal banker who can help you to better manage your finances.
Regrettably it is not possible to have a chequebook but how often these days do you write out a cheque? They do not allow overdrafts.
No credit reference search is undertaken by the organization as part of the account opening procedures to open a bank account for bankrupts which means that you are guaranteed to be able to have one of these accounts– hence why they are often referred to as guaranteed bank accounts.
To open one of these accounts you are likely to have to pay a one off application fee of around £25 to £30 plus a monthly fee in the region of £10 to £20. We think you will agree, to be able to obtain such an account with all the facilities that come with it, is not a huge amount of money to pay.
Via our website you can access a number of companies who provide bank accounts for bankrupts so why not take a look now.
You may also wish to visit our Bank Account News section where there are some interesting articles