Bank Accounts And Bankruptcy

Extracts From The Myvesta UK Forum:

Question...
Happy New Year Everyone!

This is my first post on the forum but I was wandering if it is possible to get a bank account if I go bankrupt ? I have read that I should be able to obtain a Basic Bank Account but I have also read that it is not as easy as is made out? Can anyone advise ? I really just need to have the ability to have my salary paid in and a cashcard is all.

Thanks in advance!

Answer...

Hi Rachel and Happy New Year to you too!
This can be difficult and you are correct that it is reported to be easier than it actually is for many bankrupts we are often told. It may be possible for you to retain you present bank account (if you do not have ant debts with that bank) to be used on a limited basis. i.e. without an overdraft facility or cheque book etc. This very much depends on the viewpoint and policies of that particular bank though.

An alternative solution might be to consider the Myvesta Pre-Paid MasterCard solution. We introduced this facility to assist in precisely such situations. The Cashplus Mastercard is not a credit card as such but rather a Pay As You Go Mastercard solution. You can use the Cashplus card in exactly the sme way as a credit card the difference is that you must pre-load the card with funds in the first place.

You can load the Cashplus card up with cash at the postoffice or you can transfer money online directly onto the card. You can also have your salary paid directly onto the card should you wish.

For information on Basic Bank Accounts Rachel the link below will take you to a useful FSA publication entitled Basic Bank Accounts - Your Questions Answered You may find this document useful as it provides a list of the Basic Bank Accounts an the stated criteria from the banks for opening an account.

Basic Bank Accounts

Hope this helps!

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Marcus
http://myvesta.org.uk/media/video/iva/