Bank Accounts For Bankrupts
You are entitled to have a bank account. The law says that every UK Citizen can have access to a bank account.
Bank accounts for bankrupts are standard current accounts with no overdraft facility.
A bankrupt can borrow money up to £500.00 without informing the 3rd party that they are bankrupt. There is nothing stopping a bankrupt from borrowing large amounts of money when in bankruptcy providing they inform the lender that they are an undischarged bankrupt. If the lender is happy with their security then there is nothing physically stopping the bankrupt of conducting business.
The first step should generally be to obtain a copy of your Experian Credit Report and consider signing up to their credit expert account. This will enable you to see exactly what a lender will see when they apply a credit check against you. You will be able to request removals and adjustments to the file notes if you find there is an entry that shouldn’t be there.
Coming soon: A Sub Prime Visa Credit Card with a credit builder for people that have had problems with debt in the past and who are on their way back up. Opposed to being on their way down with a debt situation.