Basic Bank Accounts with Direct Debit
What if you go overdrawn?
You can’t usually go overdrawn with a basic bank account by more than £10, if at all. If you pay your bills by Direct Debit or standing order and there isn’t enough money in your account, then the bank will not make the payment (it will notify you). You may be charged a fee or the bank may cancel your Direct Debit or standing order, or even close
your account
You will still have to pay the bill as well as any charge. It is really important to make sure you have enough money in your account to pay your bills.
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.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...]