COMPARE PREPAID
What is Bankruptcy?
Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:
- Free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and
- Make sure your assets are shared out fairly among your creditors.
Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.
Can I get a bank account is I am bankrupt?
Yes but not all banks there are currently 3 banks that state that they will provide basic bank accounts to undischarged bankrupts. Nationwide Building Society The Co-Operative Bank, and Barclays Bank all state that only a 'record of fraud' should prevent an individual obtaining access to their basic bank account facilities
Do I have an alternative to a bank account?
Yes you can get a prepaid card, they are a virtual bank account, there are no credit checks, no proof of income and can be used like a normal bank account, even if you are bankrupt you can still get one. With a prepaid card you can even set up standing orders, withdraw your cash from atm’s, use at retail outlets over the phone or online. You can choose either a Prepaid MasterCard, Prepaid Maestro or Prepaid Visa card.
Can I get a credit card if I am bankrupt?
You cannot get a credit card if you are bankrupt, this is because you have a bad credit history, and once you are discharged you can then apply for a credit card or credit cards.
See also: Prepaid credt cards >> Also see Bad credit >> |
