Bank accounts for bankrupt people

Lou67

When you go bankrupt, you have to have a basic bank account: how long does this last? We went bankrupt in Nov 2010, and asked after we were discharged, if we could have a better one, and they said no. (This was December 2011.) I am scared to ask again, in case it goes against my 'credit score,' if I am refused again. Has anyone who has gone bankrupt, got a better one after originally having a basic one and how long after your bankruptcy was it?

I have posted this in the Bank accounts forum too... But thought it would be OK here as well, because this is the Bankruptcy Support Board and other Bankrupt people will probably be here.

mazman83

As long as the bankruptcy remains on your credit file you will struggle to get a full current account from a bank.

During that six year period there is no harm in asking, some may review your account after a few years if you have managed your account well they may look into upgrading.

That's what the coop told me, but that's not for definite.

IF

I know that some members have had luck with the Nationwide cash card + account and the Natwest Step Account. Plus of course the Barclays Basic account , you can then have online banking facilities.
But a full account with a bank is pretty slim until your BR has fallen off your credit files, there are always exceptions to the rule but as mazman has said it's normally a six year wait.

If…x

Lou67

Thank you 'if' and 'mazman.' I may try again. It has now been nearly 2 years since our BR, so it's worth asking. However, I am worried that it may go on my credit file as some kind of a 'negative.' I wonder if this is likely?

We are both in our mid 40s, and up to our bankruptcy we had always had literally a 100% perfect credit file, (even when the property agent checked in Sept 2010 when we were looking for a private let home, they said we were 100% squeaky clean.) So we have no experience with having a bit of a rough credit file. The only hassle I have had so far, is that I can't get a catalogue, and obviously, not being able to get a better bank account.

Thanks again

mazman83

Have you cleaned your credit files?


The bank will credit check if you apply for a current account, so will show on your report as a search.


Although you might have had a perfect credit file before BR unfortunately the BR now on your file trumps everything else.

The only thing you can do is rebuild your credit 'worthiness' so when the 6 years is up and your BR falls of you should have a pretty decent credit history.

Personally I have no desire to ask for a current account, my cashminder accounts do everything I need them to do:cool:

Lou67

mazman83 wrote: »

Have you cleaned your credit files?


The bank will credit check if you apply for a current account, so will show on your report as a search.

I actually haven't and I know this is something I should do; and my hubby too, but it seems a little scary. Can I pay someone to do it for me?

Thanks again

mazman83

You don't need to pay anyone

Have a look at this sticky
https://forums.moneysavingexpert.com/discussion/677875

You need to check your files so that all dates are correct and fall of your report the same time you BR will.

Lou67

Thank you. But how do I access my credit files? Sorry to sound dumb but it's all new to me.

mazman83

You need to send of for your £2 statutory reports from the three main Credit Reference Agencies

Experian

Equifax

Call Credit

Once you have received your reports follow the instructions in the sticky I provided earlier.

It's important to get all three reports as not all creditors report to all three CRAs

KrabbyTheClown

My dad went bankrupt in 2005. He still has a basic bank account. He said it could be anything from 2-3 years to never depending on your history.

Lou67

Thanks so much Mazman AND Krabby