Discussions on life after your bankruptcy discharge.

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By pointer2null
#288693 Hi all - been a while since I visited. It's been 5 years since I went BR! Doesn't the time fly? (Still got turned down for a £10 per month mobile sim only contact though :lol: )

Anyhow, I've got a basic bank account with the co-op which is fantastic. I can't go overdrawn and if there are insufficient funds in my account then the transaction simply rejects. Perfect since I always loose count and the internet bank statement is never upto date*.

However, for the sake of credit rating and other things I was thinking about seeing if I could get a normal bank account. The problem is that they all have this built in trap - what used to be called the unorthorised overdraft is now cleverly re-worded ("Informal overdraft") but ultimately the trap that costs you £30 if you spend a penny too much, which would be no use for me.

Are there any normal bank accounts that don't have this booby trap? I've had a look at the t&c's of a few but all seems to be setup to charge you.

* If I go to Tesco and buy something with the co-op card and also with my cashplus card, I can walk home and log onto the cash plus site and see the transaction listed straight away as pending. With the co-op that doesn't happen, yet the card does check my balance and authorise the transaction real-time (hence cannot be used in some situations). How come cashplus can do it my the high street banks can't? Ironically if I go to any cash machine the balance IS correct and up to date.
#288763 In my experience with the CO OP, they will not offer you a full bank account whilst the bankruptcy is showing. Even after our bankruptcy dropped off last year, they still didn't upgrade our account.

After our bankruptcy, we opened an account with the Nationwide, we used it for a while, then transferred to the CO OP, and the account lay unused for 5 years at least. Then October last year, 4 months after the bankruptcy dropped off, the Nationwide offered us an account upgrade, to begin in December. With this we have a full Visa debit card and a cheque book. You don't automatically get an overdraft, they say that you may be eligible for one, so I guess if you want one, then you have to apply for one. But I have seen in my local branch, that if you make one mistake, which I assume going overdrawn, then they let you off, but I guess it's only the once.

Sorry for the long winded reply, but my advice is, if you want to regain some credit rating, try applying for a small catalogue or the Vanquis credit card, both my hubbie and I did this during our bankruptcy, bought things then paid them off every month.

Because in my experience, whilst bankrupt, you will only ever get a basic account.

Good luck :)
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By pointer2null
#288803 It's not so much being able to get one - I have an account with Lloyds (it was dorment at the time of my BR and they didn't close it, even when I queried it). The problem for me is the "informal overdraft" trap. I'd like an account which behaves like my basic account - i.e. simply rejects the transaction if there are insufficient funds. I don't want an overdraft, informal or otherwise, but I can't find any account that offers this.

You mention the Vanquis credit card, was there any reason for choosing that one?

I've been poking about and there seems to be a few to choose from:

Capital One Classic
Capital One Progress
CashPlus (got two of these - one is on the no monthly fee tarrif, has £20 on it and I keep it locked under the saddle of the motorbike in case of emergency - i.e. "bugger no petrol")

Any better/worse than others? I appreciate that not every bankrupt can get then immediately except the cashplus card.
By obcomp
#289123 Regarding credit cards, try the Flybe (sun by Sigma bank) card which I've found fine ... plus you get rewards towards flights. I think I got an initial limit of £1000 which was increased to £1200 and then to £1800. In 3.5 years I've had it (I was given the card after only made B/R 18 months) I've never paid interest so it works really well for me giving me a months free credit on anything I buy ... just make sure you pay the balance off every month!

I also have a Vanquis card with a £500 limit which I use for fuel for a van one of my employees uses. Again, paid off every month.