Our bankrupt bank account alternative: the benefits
For people with serious unmanageable debts and a relatively low income, bankruptcy can be the best way to deal with those debts and make a fresh start.
During (and after) bankruptcy, you'll probably find it hard to open a bank account because of credit checks and the restrictions it can place on you. The good news is that you can still apply for a thinkmoney Personal Account - your bankruptcy simply won't be an issue.
No Credit Checks
Our account is 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 a bad credit history, if you have been declared bankrupt in the past and even if you're an undischarged bankrupt today. Also, because there are no credit checks, the application process is much quicker and you could be approved within minutes.
The thinkmoney Personal Account is an alternative that could help you if you're looking for a bankrupt bank account. We're not a bank and we don't provide credit facilities (which is why there's no need for a credit check).
More importantly, the budgeting service that our Money Managers provide can help you avoid the need for credit - and stay out of debt in the future.
What's a Money Manager?
The personalised budgeting service we provide is a vital part of our bankruptcy account. Our Money Managers keep track of how much money you have coming into and going out of your account. They:
- Make sure all the bills you've told us about are paid first from your 'Salaries' account, then
- Place the rest into your 'Card' account so you can spend it on whatever you wish.
Money Managers can arrange Direct Debits from your account for you and will hold back enough of your money for your essential bills before you spend anything on non-essential items. This means you can enjoy all the benefits of a bankruptcy account without the worry of missing payments, going into arrears or needing to borrow money - as long as there's enough going into your account, you can rely on our Money Managers to handle all the bills you've told us about every month.
Together, our two-account system and the Money Manager service are an excellent way to help our customers stay on top of their finances.
Keeping 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 (including 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.
We won't charge you for any missed or rejected payments - and by working with you and taking care of your bills, our Money Managers can help you avoid the charges which other companies might impose for missing payments (such as your phone provider, or your utility supplier, for example).
Of course, the phone isn't the only way to keep in touch, as the thinkmoney Personal Account also lets you manage your account online or by SMS, helping you stay in full control 24/7.
Online account management service
Manage your account from the comfort of your own home. Just some of the things you can do online with a thinkmoney Personal Account:
- Make a one-off payment
- Make changes to regular payments
- Check your account balances
- Get information on recent transactions
- Check your income, standing orders and Direct Debits
Manage your account wherever you are. Use our SMS service to:
- Get details of your last five transactions
- Get up-to-the-minute balance updates
- Request changes to your account
If you're a smartphone fan, of course, you'll use your phone for a lot more than SMSs! Please remember to guard your privacy if you're using our online account management service or SMS service anywhere public.