How our bankrupt bank account could help
Whatever stage of your bankruptcy, you could still get a bank account from thinkbanking. With our bank account, not only could you open an account (providing you are 18 or over, a UK resident and can prove your identity), you'll also benefit from help from our Money Managers. Money Managers help to ensure all your regular bills are paid first and foremost from the income paid into your account. They can help with budgeting, arrange Direct Debits and standing orders and manage the day-to-day running of your account.
Keeping up to date with your money is easy too - you can talk to Money Managers on the phone, use internet banking and request services to your mobile, including SMS balance updates.
If you're aged 18 or over and a UK resident then you can apply for a thinkbanking account today!
Bankruptcy and frozen bank accounts
Most bank accounts will be 'frozen' when the account provider is notified of a bankruptcy order. If you are an undischarged bankrupt with a frozen account, you may find it difficult to open another account. However, there are bankruptcy bank accounts available, including the thinkbanking account. When you apply for our bank account, we don't run credit checks. We simply check to verify you are resident in the UK, are 18 or over and verify your identity.
Budgeting for debts
Bankrupts may benefit from the budgeting service with this account. Money Managers set aside part of your income in the 'Salaries' account for essential bills that you've told us about, such as mortgage, rent, utilities, etc. The rest is transferred to your 'Card' account as your 'disposable income'. Knowing exactly how much disposable income you have available every month can reduce worry, as you have comfort that all your essential bills are being managed.
After bankruptcy bank account
What about life after bankruptcy? Bank accounts are still available after bankruptcy - the whole process usually takes 12 months before you are classed as 'discharged'. Discharge removes some of the restrictions of bankruptcy - at this stage you will usually be released from the debts included in your bankruptcy. Discharged bankrupts can come to us for a bank account at any stage after bankruptcy - no credit check required.
The Money Managers help people to budget for their bills, which can assist with paying off any debts they may have. The thinkbanking account avoids further borrowing. We never charge for bounced payments because the Money Managers help you budget for your bills, before you can spend any money.
With a range of services, including online banking, SMS services and balance updates, a team of helpful Money Managers and the budgeting service, this current account offers a practical way to manage your money at any stage of bankruptcy.