After Bankruptcy...what now?

Ember999

newfunk wrote:

Just got off the phone to the OR... :j Dishcharged 1st April 2005... :j :beer: :j Thats brilliant news for me...Thanks for pointing this out to me guys!!

Good News Newfunk! :beer:

pug_in_a_bed

Thats great!:j
Well done!

Also, good heads up by StuW for pointing this out!

Phonix

if you can afford to keep paying that amount, i wouldnt go bankrupt..i would try and get them all on 0% deals..or at least some of them..

It's not a case of whether he wants to go bankrupt, it's a case of whether they will let him go bankrupt.

And anyway with such a small amount of debt, it's very unlikely.

Cat72

hi all
Just found this thread.Unfortunately bankruptacy causes a lot ofproblems with bank accounts , credit cards and mortgages. It is VERY hard to get a bank account alone and near impossable for a switch/ debit card.Credit cards are a no no.Certain banks are more likely to give you a bank account ( the goverment used to have a leaflet of these in the job centre )- I know Llyods tsb do ( it was the only bank I could get an account with ).I have been discharged for 3 years now and still cannot get a switch card. The bank said they would review it but have refused, and I approached other banks and they said no.Despite having NO DEBTS and at one point earing £ 25,000 + with no dependants. Previously I has NO personal debt and it was a bussiness caused me to become bankrupt ( after being ebezzeled by an employee ).
My friend has been bankrupt for 8 years and he too cannot get a switch card or loans. Despite having a biG fancy house ( through his wife ) and a salary of £45,000 +.
Personally I just am working away trying to prove to banks etc that I am trustworthy and hoping that in a few years time I will somehow be able to get a mortgage.It can make you very angry sometimes at the " tarnished " image that is put on you, and I have many a run in with banks.I have put my point over that I am debt free - how many of the people applying for accounts, loans etc can say that, hence I am a better credit rating and LESS of a risk ! Hopefully throught time opinion will change , good luck to you all.I personaly dont see why people who are bankrupt should be treated unfairly as they have served their bankruptacy time, and probably have lost a lot finacially and emotionally.They have simply made mistakes so why persecute them ?

pug_in_a_bed

Cat72, thats a great post. Its good to hear from someone a little way down the line. Kepp up the excellent work:)

The thing thats annoying me most is that I can't open a savings account. My own bank rejected me (I just want a basic instant access one), the co-op; apparently they just won't give me any other account full stop.

I am just thinking of applying to cahoot now, as you don't seem to need a cheque book for your first deposit (as you do with ING).
For cahoot one of the qualifications is :
'You are not currently bankrupt nor have you had a court order for debt against you'
As a discharged bankrupt, where does that put me? Does the court order for the b'ruptcy count?

Hmmph.

Cat72

For cahoot one of the qualifications is :
'You are not currently bankrupt nor have you had a court order for debt against you'
As a discharged bankrupt, where does that put me? Does the court order for the b'ruptcy count?

Mmmn best to apply and see ,but to be honest banks rarely spell out in black and white that they will not give accounts to people who are discharged from bankruptacy.However they can only say no. I have on more than one occasion been asked to provide my discharge papers as proof to the bank that I am no longer bankrupt. The only have to do there maths to know that ( as I would have to have the guiness book of records award for longest bankruptie) ! I have always taken offence and refused ! ( bit stubborn).
As for a savings account I highly recommend the LLoyds tsb online account which was on these boards ( in bank accounts i think ) as being a really good instant good interest account. For me, and probably others who have been bankrupt it offers very good advantages.
This is how I got it opened -
Firstly go in person to your lloyds tsb and tell them you want to open a simple hole in the wall card account- no frills .You will probably have to declare you are bankrupt .
Then go on line and register your account and it will give you the option to open a savings account. This is then opened instantly - no silly questions!
You can pay money in through any bank ,but have to transfer money to take money out. But this is done straight away.You need £250 to open it but after that you dont need that much in it.I like it because it was the first time I could easily open an account, is instant access and it helps build up my credit rating.
Details of it are here - LLYODS TSB.
Any more questions just ask

Fedz

As a discharged bankrupt you don't have to declare on applications if not asked.

For savings accounts - they don't usually ask this so you should have no problem opening one but please open one with a bank that you can (after time) increase the status of the bank account to either a basic bank account and or a full current account.

Pick a bank and stick with it, having your salary paid in and DDs and SOs. Keep running good and after about 6 months apply for an increased bank account (basic or full) and you'll be surprised how banks reward you for your loyalty

I did this with the Halifax, opened a Web Saver account - but as Cat72 advises Llyods TSB they may also be a good choice - and had salary paid in weekly and fully used the account with DDs and SOs and then within 3 months I applied on-line for a current account and was accepted

The reason I picked the Halifax Web Saver account was it had easy on-line application and instant decission (it even gives you your account sort code and account number), full on-line account control with DD and SO facility plus they are given out like smarties!

Kind regards

Cat72

I have always had to declare to banks that I am discharged as part of their questions ( have you previously been declared bankrupt) , also there computer system has a record of it. Everytime I have not tried to declare it I have been foundout - as most people have a bank account while declared bankrupt and it goes on line to warn the other banks.
The last time at the royal bank of scotland the computer flashed a warning sign and told the clerk that the application could not be processed without authorisation for head office. I told then it was a total disgrace.It is all trial and eror and if people who are bankrupt list the banks who they have successfully got accounts with it would make it easier.I am glad you got an account ok with the halifax.

Fedz

Yeah! Banks ask if you've been bankrupt if you apply for credit eg: full current account, loans ...etc but for VISA Electron debit card basic bank accounts and savings accounts they don't ask you. These are the ones to go for to get back on the ladder.

Then after using the account for 3-6 months by funding with salary and any DDs and SOs you can apply for an increase in your accout status via eg: full current account - they then don't ask

I applied for a full current account with The Co-Operative Bank and in that case it did warn them but go via the back-door (see first paragraph above) they don't

Kind regards

kevker

I too thought it would be really hard to get an account. Went to NatWest and applied for their Step Account (solo card) and they were incredibly helpful. I have had it now for three months and have had no problems.

My question now is this; I often have to pay cheques etc. into my account. Every time I do they ask me if I want to upgrade my card to a Switch card. I've always said no, as I just assumed they would do a check and go "oh sorry, didn't realise you were a bankrupt" and refuse me. However, yesterday I was paying a couple of cheques in and the cashier spent ages looking at her screen, and I'm thinking something must be wrong with my account. Then she turns round and asks if I want to upgrade my account and get a switch card and cheque book. Once again I refused because of the above scenario.

Now after reading some of the posts above, I'm beginning to think that they might actually upgrade my account. I obviously don't want an overdraft or anything, but a switch card would be useful as you can use it anywhere.

So do you all think it would be worth going back in and just checking. I've run the account well over the last three months with my wages going in and several direct debits coming out.

Sorry for the long post, but hopefully it will make interesting reading.