Bank Account for Bankrupts

izools

Just thought I'd share my experiences with some people.

Having recently been discharged from my Bankruptcy I was looking for a current account and came accross something which I wish I'd looked for earlier.

The Barclays Cash Card account, comes with a full Visa debit card (they call it a "Connect" card), online banking, etc.

You have to apply in branch but they don't do a credit search atall when opening this account so I could've got it whilst undischarged, I asked the chap and he confirmed that even undischarged bankrupts are eligible for this account.

He also confirmed that after six months of running the account well (i.e. no isntances of being charged or going overdrawn) they upgrade to a fully fledged current account with cheque book, overdraft, and cheque guaruntee card, if required.

Seems much better than anything the other banks are offering; Most of the others only provide a Electron or Solo card; if any debit card atall (HSBC only provide a cash card).

The idea of being given a proper "Current Account" after six months with no further credit search is nice, too, and something that none of the other banks offer AFAIK.

peachyprice

izools wrote: »

He also confirmed that after six months of running the account well (i.e. no isntances of being charged or going overdrawn) they upgrade to a fully fledged current account with cheque book, overdraft, and cheque guaruntee card, if required.

.

I wouldn't bank on getting a full current account after 6 months. People in branch/on the phone aren't the ones who make the decision, and I've yet to see a discharged bankrupt get a full account so soon after discharge. Perhaps is a few years yes, but 6 months, I doubt it very much.

izools

peachyprice wrote: »

I wouldn't bank on getting a full current account after 6 months. People in branch/on the phone aren't the ones who make the decision, and I've yet to see a discharged bankrupt get a full account so soon after discharge. Perhaps is a few years yes, but 6 months, I doubt it very much.

Would you be able to give any pointers as to which bank(s) it has been that offered full account facilities to a discharged bankrupt after a few years?

If Barclays turn out to be a dead end it would be nice to know who to try first in a couple of years time, save from wasting credit searches and lowing my score for no good reason?

slowandsteady_2

Anyone had any experience with this account if they had Barclays as a creditor? Was it still offered? Thanks

izools

Me, actually! I had a Barclaycard which I defaulted on and it was integrated into the banktuprcy order. I had a current account with them, too. It didn't default, I just settled it off and closed it, but I'd run the account appaulingly.

The chap searched the system for my old accounts because I said I'd been a customer, and there was no trace of me ever having been with them!

Bizzairely, the Barclays current account and Barclaycard no longer appear on my credit report atall, either. And they are all under six years old. Odd, but good, eh?

dvs

izools wrote: »

The chap searched the system for my old accounts because I said I'd been a customer, and there was no trace of me ever having been with them!

Exactly the same thing happened with me. I had debts with them but I wasn't on their system. I'm sure legally they are not allowed to delete details. Oh well, I'm not fussed that information disappeared!

estelle123

My hubby took out a basic account with barclays the day after his BR now been discharged for over a year,no sign yet of a proper current account.This is not a problem for him as he will never go overdrawn again.
Dont hold your breath with barclays

sieve

I've seen many posts by BarclaysManager on other boards saying that no matter how well you run your cashcard account, there is no upgrade path from it to a normal current account - it's a case of closing the cashcard, running through a credit check and opening a brand new current account with a new account number. So as others have said, don't believe the person in branch that told you otherwise.

No big deal though - I mean who needs a chequebook these days anyway? And I certainly wouldn't trust myself with an overdraft ever again so no big deal there!

izools

sieve wrote: »

I've seen many posts by BarclaysManager on other boards saying that no matter how well you run your cashcard account, there is no upgrade path from it to a normal current account - it's a case of closing the cashcard, running through a credit check and opening a brand new current account with a new account number. So as others have said, don't believe the person in branch that told you otherwise.

No big deal though - I mean who needs a chequebook these days anyway? And I certainly wouldn't trust myself with an overdraft ever again so no big deal there!

Quite; but remember having been with a bank for 12 months or so and not incurring any charges on the account means when you ask for extra facilities, they have an "Account Behaviour Score" to take into consideration on top of the national credit score, helping things along nicely Yes you need to re-apply and be subject to a credit search but having been with the bank for long time sways in your favour greatly.

Anyway as you said doesn't bother be either way I have a debit card and no use for an overdraft or chequebook anyway!

Gaz1971

Your info is incorrect. Barclays DO do credit checks, I have been refused 3 time by them, each time the letter sent says that they checked my Equifax credit file and have declined my application.