Our bankrupt bank accounts benefits
For those with significant unmanageable debts and a relatively low income, bankruptcy may be a route used by people to deal with those debts and make a fresh start.
You are likely to find it difficult to open a bank account during or even after bankruptcy, because of credit checks and the restrictions it can place on you. The good news is that you are still able to apply for a thinkbanking bank account, before, during or after bankruptcy.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
No Credit Checks
Our bank accounts are open to anyone aged 18 years or older who can prove their UK address and identity. We don't perform credit checks, so you can still be accepted with bad credit history, if you have been declared bankrupt in the past and even if you're an undischarged bankrupt. Also, because there are no credit checks, the application process is much quicker and you could be approved within minutes.
The thinkbanking bank account is a current bank account with no credit facilities. What's more, the budgeting service provided by your Money Manager can help you avoid the need for credit, which can help you to stay out of debt.
What's a Money Manager?
One innovative aspect of our bankruptcy bank account is the personalised budgeting service. Our Money Managers keep track of how much money you have coming into and going out of your account. They help make sure all your regular bills are paid first from your "Salaries" account and then place the rest into your "Card" account for spending on whatever you wish.
Money Managers can arrange Direct Debits from your account for you and will hold part of your money back for your essential bills before you spend money on non essential items. This means you can enjoy all the benefits of a bankruptcy bank account without the worry of missing payments, going into arrears or needing to borrow money.
We find that the combination of two accounts and the Money Manager service is an excellent way for our customers to stay on top of their finances.
We Keep In Touch
Our Money Managers understand the stress associated with bankruptcy and other financial problems and are here to help. You can phone them during office hours and Saturdays to inform them of payments coming in or going out. You can ask any questions you have and they are happy to provide confidential advice on any aspect of your account.
Remember, you won't be charged by us for any missed payments with our bank account. The Money Managers will make sure all the bills you've told us about are accounted for each month.
The phone is not the only way to keep in touch, as the thinkbanking account also offers internet banking and SMS alerts. Online banking allows you to check your account balance, manage Direct Debits and much more from the comfort of your home.
You can also request SMS alerts, for when you are on the move and want an up to date balance, as well as being able to text requests to the Money Managers.
All in all, you may find that all of the bankrupt bank account features add up to a practical bank account, allowing you to manage your finances, without the worry of missing payments or going into arrears.