What is Bankruptcy?
Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings:
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 bankrupt credit card or credit cards.
What are the benefits?
Unfortunately bad debt is on the increase, banks are increasing charges and loan companies are making it easier to get credit, how does that affect you, if you cant keep up the minimum payments chances are you are going to get in to debt. Prepaid cards are now a serious alternative, all their charges are clearly laid out usually in the terms and conditions and companies are now.
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