Discussions on life after your bankruptcy discharge.

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By JCook21
#83182 Hi to everyone and thanks for the really useful forums. I've only just discovered them and wish I had found them over a year ago. I've just been discharged from my bankruptcy (Aug 1st) and after reading this forum will be doing my best to clean up my CRF's.

I have a basic Flex account with Nationwide and wanted to ask if anyone had any experience with them and in particular in upgrading to a full Flex account. I thought I'd try an application with them once I've checked my CRF's but I'm quite resigned to it taking a long time to get any better banking facilities.

Besides that, does anyone have any recommendations on the best way to recover from bankruptcy? Does anyone use a credit card where you deposit an amount equal to your credit limit? Would anyone recommend them? I'd appreciate any further ideas.
Last edited by JCook21 on Mon Aug 14, 2006 6:59 pm, edited 1 time in total.
By Mel_Odious
#83186
JCook21 wrote:Besides that, does anyone have any recommendations on the best way to recover from bankruptcy? Does anyone use a credit card where you deposit an amount equal to your credit limit? Would anyone recommend them? I'd appreciate any further ideas.


Hello and welcome. I believe Crapitall1 and Vanquis do such cards. Most of us discharged bankrupts however now use CashPlus which is a pre-pay Mastercard. Check it out here:
http://www.mycashplus.co.uk

Mel
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By installspark
#83272 Crap1 will ask for a deposit of between £49 and £200 depending on your credit score and will open with a typical £200 limit, mine was £99 deposit and £200 original limit. Vanquis AFAIK don't require a deposit, at least with me they didn't, and their opening limit is between £250 and £500.

With both make sure that you repay in full each month as their interest rates are high, currently for me 29.9% Crap1 and 34.8% Vanquis but at least they don't make any money out of me!
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By JCook21
#83315 Many thanks for the replies and the suggestions. I'll certainly look into the prepaid mastercard but I don't think I'm ready for the credit card yet (if ever)-I'm enjoying being debt and credit free, apart from a small student loan.

Does anyone at all have any experiences with upgrading accounts with Nationwide? As I said I'm not expecting anything but it would be useful to know what peoples experiences are. There seems to be a lot of posts about trying to upgrade with various banks but nothing about Nationwide.

Thanks again for the suggestions.
By hamster_tango
#83354 Hello,
I had no joy with Nationwide upgrade from a Flex account, I applied a year after my discharge but had unfortunatley gone £3.00!!! into the red one month before my year was up.. due to a Direct Debit and poor juggling at xmas. I had incurred a £30 charge for this £3.00 oversight and have to wait a year from that now. They did not even bother to let me know the outcome! When I chased they said I would need to prove good management of the account for a year and then come back.

I just looked at the CashPlus MasterCard and was initially keen as it is a nightmare not being able to order things online like your Experian file etc! However I thought the charges they are levying are quite steep and another outgoing I can't afford so I will have to wait to get my debit card!
By Mel_Odious
#83358
hamster_tango wrote: However I thought the charges they are levying are quite steep and another outgoing I can't afford so I will have to wait to get my debit card!

Those of us that have the CashPlus M/C mostly opt for the £1 per transaction rather than the £4.95pm. I think it is a reasonable amount to pay when I can't get a regular credit card. I think of how much I paid in interest on credit cards before taking the bankruptcy route.

Mel
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By JCook21
#83368 Thanks for the info, Hamster_Tango. I've had a couple of occasions when direct debits have bounced in the last year due to my being self employed and payments to me being received late, so this will probably mess things up for a while. I called Nationwide earlier just to talk about upgrading and their advice was to make sure my credit file was in order as any application would jointly be based on my credit reference and how I've run my existing Flex basic account. I may put an application through once I've sorted my credit file just to see what happens, but I'm not holding my breath. I'll probably have to wait a lot longer since my discharge was so recent. Oh well, at least I'm debt free! :lol: