Bankruptcy Bank Accounts
You may need a Basic Bank Account if you...
- are currently in a debt management plan?
- are currently in an IVA?
- are an undischarged bankrupt?
- are self employed?
- are you a foreign national (with a permanent valid UK address)?
- are you looking to protect your monthly income?
There are some banks that offer bank accounts for bankrupts.
In the UK after a person files for bankruptcy his or her bank account is frozen or closed. All your bank accounts are usually 'frozen' by the bank when it becomes aware of the bankruptcy order - so you will need to make alternative arrangements for receiving money into your account and paying standing orders, direct debits etc.
You should not try to open a new bank account before the bankruptcy order is made, because this account will also be frozen.
Some banks may allow you to keep using your existing bank account. But even if your bank agrees to this, they will freeze the account when they first hear about the bankruptcy order.
All banks also offer basic bank accounts, although they may not advertise them. Banks offer different types of basic account, but most come with a cash card and the use of direct debits. You are not able to borrow additional money other than what you have put in and do not get an overdraft. The bank will not check your credit rating for this type of account.
After bankruptcy people want to make a fresh start. Making a fresh start after bankruptcy is difficult if there's no bank account or banking facilities to use. Opening a bank account after bankruptcy is possible you just need to shop around.
Listed below are some of the frequently asked questions on Banking & Credit
- Banking Information Centre - Introduction
- How Basic Bank Accounts work
- Advice on Basic Bank Accounts
- Basic Bank Account Information
- Keep Track of your Basic Bank Accounts
- Basic Bank Accounts with Direct Debit
- Basic Bank Accounts Help
- What proof is needed to open a Basic Bank Account?
- Basic Bank Accounts for International Students
- Basic Bank Accounts for Migrant Workers
- Basic Bank Accounts for Refugees
- Basic Bank Accounts for Asylum Seekers
- Basic Bank Accounts for Prisoners
- Ex-Offender Basic Bank Account Help
- Common Banking Terms
- Bankruptcy Bank Accounts
- Facilities on Bankruptcy Bank Accounts
- Guaranteed Bank Accounts
- Will your account be frozen upon bankruptcy?
- Bankruptcy Bank Account upgrades
- Basic Bank Accounts when you are bankrupt
- Open a new bank account after bankruptcy
- Bank Accounts Help after bankruptcy
- Pre-Paid debit cards for bankrupts
- Bank Accounts with no credit checks for Bankrupts
- How to get a bankruptcy bank account
- What features does a bankruptcy bank account offer?
- Can I stay with my bank account if I have just been made bankrupt?
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]