What Is Bankruptcy?

Bankruptcy is one way of dealing with debts you cannot pay. The bankruptcy proceedings are:

• Bankruptcy Free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and
• Bankruptcy Make sure your assets are shared out fairly among your creditors.

Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.

Can I get a bank account is I am bankrupt or in Bankruptcy?

Yes but not all banks there are currently 3 banks that state that they will provide basic bank accounts to undischarged bankrupts. Nationwide Building Society The Co-Operative Bank, and Barclays Bank all state that only a 'record of fraud' should prevent an individual obtaining access to their basic bank account facilities.

Unlike a credit card, as prepaid credit card is a reloadable prepaid card, you don't have the worry of late payment fees or overspending. And of course, there's no interest to pay. With the benefit of chip and PIN protection, this is the safer than cash payment option that gives you greater financial control.

Do I have an alternative to a bank account?

Yes you can get a prepaid card. They are a virtual bank account, there are no credit checks, no proof of income and can be used like a normal bank account.

Even if you are bankrupt you can still get one. With a prepaid card you can even set up standing orders, withdraw your cash from atm’s, use at retail outlets over the phone or online. You can choose either a Prepaid MasterCard, Prepaid Maestro or Prepaid Visa card.

Can I get a credit card if I am bankrupt?

You cannot get a credit card if you are bankrupt, this is because you have a bad credit history, and once you are discharged you can then apply for a credit card or credit cards.

Remember, bankruptcy is becoming more and more common in the UK and is on the increase.

• Quick and easy sign-up
• No bank account required
• No credit check
• Immediate response
• No Interest Payments
• Accepted wherever the MasterCard brand mark is displayed