Basic current account for discharged bankrupt

Truckerpt

As a discharged Bankrupt I'm finding it impossible to obtain a current account. I have a 'basic' account with the Co-operative bank and also one with Barclays. The co-op one I prefer because I can have standing orders and online banking, frankly the barclays one is useless for my needs. Anyhow I'm increasingly finding it dificult to buy things on the internet and thus SAVE money and I can't rent a car or buy anything by cheque ( it's costing me a fortune in Postal order charges ). All of this I find quite ridiculous as it makes it HARDER to manage ones money and actually more expensive.
All I want is a simple current account with a cheque book, no cheque card, a normal ( not electron or solo ) debit card, NO overdraft and with possibly a decent rate of interest. You'd think that as since my bankrupcy I have never been anywhere near overdrawn ( which was the whole point of going bankrupt in the first place, as a POSITIVE step to dealing with my debts ). I would be a welcome customer.
It seems banks just simply use credit history and a computer to make a decision and do not even have authority to over-ride it. I could understand if I wanted to BORROW money, which I have absolutely no intention of ever doing again, but I actually just want to use what I earn effectively in the modern world and not have to carry huge wadds of cash around all the time and pay thsi small fortune buying postal orders.
So, can anyone recommend a small bank perhaps or a particular bank that will serve my needs? Or am I destined to be penalised for the next six years until the default notices come off my experian report?

cifpower

You will not get a Switch or Visa Debit card and cheque book as this extends you credit of up to £3000.

I would advise you to ask for an upgrade at your bank and if this is not possible ask why.

Truckerpt

I have and the reason is that two of my previous creditors have decided to report my account as an 8 to experian whereeas the rest have simply disclosed them as 0 thus leaving me with a default notice on my experian listing for 6 years, with this default listing my bank won't upgrade me. But that isn't really my question is it, in the days before one used to be able to get a bank account with a cheque book and no card, and I don;t understand why none of them don't offer this as an option, or is it that they just don't want to make money out of me?

cifpower

Halifax's cardcash account has a cheque book but with a Visa Electron card. You will not get a cheque book with a full debit card because of the guarantee element. You will have to wait until the Default drops off or build up a good enough track record on a basic account.

M_Thomson

cifpower wrote:

Halifax's cardcash account has a cheque book but with a Visa Electron card. You will not get a cheque book with a full debit card because of the guarantee element. You will have to wait until the Default drops off or build up a good enough track record on a basic account.

Halifax Cardcash is not available anymore to new customers unless you are between 16-18. They do the 3% current account or the moneyback current account. These are both full facility current accounts. The only other option they have is an Easycash account which is a basic bank account.

ayeovilblokey

Hi.
A few years ago, I had a 'problem' with my Barclays account, which resulted in it being closed down.
Needless to say I had a terrible credit rating, and it took quite a while for me to find anyone to 'take me on' eventually I got a Nationwide Flexaccount, No overdraft, No cheque book, just an ATM card.
But it suits me fine, from what I believe the account can be upgraded if you have money going in, and don't overdraw although I haven't tried it yet.

THE_ROCK84

cifpower wrote:

You will not get a Switch or Visa Debit card and cheque book as this extends you credit of up to £3000.

I would advise you to ask for an upgrade at your bank and if this is not possible ask why.

How did you work that out then?

cifpower

THE_ROCK84 wrote:

How did you work that out then?

Work what out?

surfcat

"How did you work that out then?"

Most retailers need a card to guarantee your cheques. This means that in the event of your cheque bouncing, the bank promises to pay the retailer for the product bought. Hence if you have a cheque book of 50 cheques, and a cheque gaurantee card with a 100 pound limit, that is already credit of £5000.

You don't say why you went bankrupt but it seems an awful lot of people seem to do so to get themselves out of their own stupidity. Legitimate businesses (those creditors forced to wipe out your debts) lose out in the process.

THE_ROCK84

Going bankrupt is just a easy way to get out of paying your debts.

louise1234_2

Truckerpt wrote:

I have and the reason is that two of my previous creditors have decided to report my account as an 8 to experian whereeas the rest have simply disclosed them as 0 thus leaving me with a default notice on my experian listing for 6 years, with this default listing my bank won't upgrade me. But that isn't really my question is it, in the days before one used to be able to get a bank account with a cheque book and no card, and I don;t understand why none of them don't offer this as an option, or is it that they just don't want to make money out of me?

To be honest - I suspect the reason is they think you are a bad risk.

You borrowed money before, and couldn't pay it back, thus went bankrupt. Your debts were written off, with a minimal contribution by yourself. You have caused banks to 'lose' money previously = bad risk now. Banks make minimal profits on personal banking, especially current accounts.

I suspect by bankruptcy you have 'gained' in the respect all your debts have been written off (rather then spending 20+ years paying them off) - you downside is access to banking facilties will be limited. You made this choice. I presume before entering into bankruptcy you realised your credit rating would be afffected? Don't mean to sound harsh, but it sounds like you like the benefits of being bankrupt , but can't cope with the consequences.

If you have a cheque book, but no card, is it possible to go overdrawn still. If eg, you write a chq & have no funds you would incur a charge - then if you had no funds to pay charge - you would be overdrawn.