DRO and bank accounts

maxmycardagain · 15 January 2021 at 6:57PM

Does a DRO mean bank accounts (basic/no overdraft facility) are shut down as in a BR?

MissFlossy222 · 15 January 2021 at 7:10PM

Usually no, although its best to open a new bank account if you have a debt with your current bank.

sourcrates · 16 January 2021 at 12:09PM

Only if the account is included in the DRO as a debt.

But we always advise banking where you have no debt, just to be safe.

fatbelly · 16 January 2021 at 2:30PM

I believe Nat west downgrade accounts to a basic one. Most banks don't seem to bother.

MalMonroe · 16 January 2021 at 7:06PM

When I had a DRO I was advised to move banks, so I did (although I was reluctant to do so at the time). My new account was a basic one. StepChange arranged my DRO and recommended three basic current accounts : Co-op, Natwest and Nationwide. So I plumped for Co-op, just because they were at the top of the list. It was fine for the duration of the DRO and until the DRO dropped off my credit file, at which time I moved to Nationwide and a current account that wasn't basic. I've been very happy with that over the last five years.

Fighter1986 · 19 January 2021 at 5:46PM

Nationwide Flex Basic is an excellent account, out of all the offerings open to bankrupts and those with otherwise adverse credit it feels the best. I'm quite happy to keep my banking with Nationwide long term, very impressed.