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Bank Account

arcticmonkey7
arcticmonkey7 Posts: 5 Forumite
in Bankruptcy & living with it
Hi,

Just wondering if anyone has found they have been able to open a regular bank account with an overdraft facility after discharge? I was discharged last month so still have the basic Nationwide account at the minute

Thanks

Comments

  • National_Debtline
    National_Debtline Posts: 7,998 Organisation Representative
    Tenth Anniversary 1,000 Posts Combo Breaker
    Hi there


    I feel it may be tricky to get an overdraft facility so soon after discharge. While there is nothing to stop you trying (unless you have a BRO, then you must declare the bankruptcy when applying for more than £500 of credit) the bankruptcy is recorded for 6 years on your credit file. This could make it hard to get an overdraft at this stage. However I'm sure other members of the board will be along to speak from personal experience.


    Best wishes


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
  • luvchocolate
    luvchocolate Posts: 3,476 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Home Insurance Hacker!
    Hi usually you would have to wait until the B.R is off your credit file so 5 years after discharge, I found that to be the case myself.
  • KeepOnKnitting
    KeepOnKnitting Posts: 863 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    I tried applying for a regular Nationwide account about 6 months ago, 2 years after discharge, and was turned down.
    Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
    April take lunch to work goal - 3 of 12
  • philnicandevan
    philnicandevan Posts: 667 Forumite
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    KeepOnKnitting wrote: »
    I tried applying for a regular Nationwide account about 6 months ago, 2 years after discharge, and was turned down.


    Have you since discharge had a look at your credit files to see if everything is as it should be?




    https://forums.moneysavingexpert.com/discussion/677875/credit-reference-file-clean-up-post-bankruptcy
    Not quite a newbie as you think ;);) (the member formally known as philnicandamy!)

    FINALLY a qualified CAB debt caseworker 2015..:p
    BSC 58 :D
  • KeepOnKnitting
    KeepOnKnitting Posts: 863 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    philnicandevan wrote: »
    Have you since discharge had a look at your credit files to see if everything is as it should be?




    https://forums.moneysavingexpert.com/discussion/677875/credit-reference-file-clean-up-post-bankruptcy
    Yes, I got it all tidied up ages ago. Have been approved for two credit cards and a new landline/broadband contract and gas supplier in the same time. They would only offer me the basic account, but I mostly want to switch for the savings interest.
    Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
    April take lunch to work goal - 3 of 12
  • 4f02
    4f02 Posts: 23 Forumite
    Why would you want one?
  • KeepOnKnitting
    KeepOnKnitting Posts: 863 Forumite
    Tenth Anniversary 500 Posts Photogenic Name Dropper
    4f02 wrote: »
    Why would you want one?
    Two reasons. One to start rebuilding a positive credit history. Two because the interest rates on current accounts are much better than those on savings accounts at the moment. Because of my bankruptcy, the savings I am managing to scrape together are earning less than 1.3% interest mostly.
    Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
    April take lunch to work goal - 3 of 12
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