Bankruptcy Bank Account Upgrades
Improve your chances of upgrading your bank account...
If possible, pay your income straight into your basic bank account. This will improve your chances greatly if you ask the bank for an upgrade at a later date.
After the bankruptcy order, you may open a new bank or building society account, but you should tell them that you are bankrupt. After you have been discharged from bankruptcy and have a history of good credit you should then apply to have your account upgraded to get credit cards and cheque books etc.
After bankruptcy has ended or after bankruptcy has been formally discharged the situation then is to try and get a normal current account. This can be a problem with a bankruptcy order on the persons credit file.
Basic bank accounts may be your only option if you have a poor credit history and although limited, there are still many benefits to these accounts. Furthermore, if you use your account properly and prove your reliability to your bank, you may be able to upgrade to a standard current account at a later date.
Bankruptcy banks accounts are often referred to as Sub Prime Bank Accounts
Basic and Bankruptcy bank accounts are generally offered to people who have patchy credit histories or cannot prove their incomes. Bankuptcy or basic bank accounts are offered to people by people who are not attractive to mainstream lenders because of their credit history.
Listed below are some of the frequently asked questions on Banking & Credit
- Banking Information Centre - Introduction
- How Basic Bank Accounts work
- Advice on Basic Bank Accounts
- Basic Bank Account Information
- Keep Track of your Basic Bank Accounts
- Basic Bank Accounts with Direct Debit
- Basic Bank Accounts Help
- What proof is needed to open a Basic Bank Account?
- Basic Bank Accounts for International Students
- Basic Bank Accounts for Migrant Workers
- Basic Bank Accounts for Refugees
- Basic Bank Accounts for Asylum Seekers
- Basic Bank Accounts for Prisoners
- Ex-Offender Basic Bank Account Help
- Common Banking Terms
- Bankruptcy Bank Accounts
- Facilities on Bankruptcy Bank Accounts
- Guaranteed Bank Accounts
- Will your account be frozen upon bankruptcy?
- Bankruptcy Bank Account upgrades
- Basic Bank Accounts when you are bankrupt
- Open a new bank account after bankruptcy
- Bank Accounts Help after bankruptcy
- Pre-Paid debit cards for bankrupts
- Bank Accounts with no credit checks for Bankrupts
- How to get a bankruptcy bank account
- What features does a bankruptcy bank account offer?
- Can I stay with my bank account if I have just been made bankrupt?
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]