Being Bankrupt and Prepaid Credit Cards

JoeAlonso

I am currently bankrupt and have been reading threads about other peoples experiences. I have noticed someone is two months into their bankruptcy and have got a prepaid credit card.

1) How do they work?

2) Would they benefit someone like me during bankruptcy to improve my credit rating?

beentheredonethatstilhere

JoeAlonso wrote: »

I am currently bankrupt and have been reading threads about other peoples experiences. I have noticed someone is two months into their bankruptcy and have got a prepaid credit card.

1) How do they work? You load them up with money via various means and then you spend the money where ever you would a credit card.

2) Would they benefit someone like me during bankruptcy to improve my credit rating? In general no, as there is no credit. But the Cashplus card has just done a thing where they pay your fees and you pay them back, thus getting a good mark on your file each month.

Will find some links for you

This is the Cashplus which most people have.
http://www.mycashplus.co.uk/landing/c/?pc=GAW557&gclid=CMiT5eWorJoCFUKK3godF1xhcA

This is the Virgin which is the other popular one

http://apply-here-uk.co.uk/virgin-credit-card/

tillboy

If you go through quidco there's a bit of cashback on the cashplus one

JoeAlonso

When you say 'pay your fees', what fees do you mean exactly?

Also, whilst being bankrupt I presume you cannot gain credit anywhere therefore cannot improve your credit rating. Am I correct?

beentheredonethatstilhere

You buy the card from the company, then you pay a set amount each month to use it. If you click on the link I posted there is a much better explaination, under build your credit rating!!

You can obtain credit for under £500 without telling the lender you are bankrupt but anything over £500 you have to declare you are a bankrupt. Though as most people credit check they will see your bankruptcy on your file anyway and will most likely not lend you anything.