Our bankrupt bank account alternative: how it helps

Whatever stage of bankruptcy you're at, you could still apply for a thinkmoney Current Account - and start getting used to a service that's designed to get your bills paid on time, every time. Our Money Managers are there to 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, manage your account online, or use our SMS service.

Bankruptcy and frozen bank accounts

A bank account will be 'frozen' when the account provider is notified of a bankruptcy order. The bank may decide to close the account altogether - and if you're an undischarged bankrupt, you may find it difficult to open another account, since even some basic bank accounts are off limits to people going through bankruptcy.

However, there are 'bankruptcy bank accounts' that could help. There's also the thinkmoney Current Account, a practical alternative to a bankruptcy bank account.

When you apply for an account with us, we don't run a credit check. We simply need to verify that you're a resident in the UK and aged 18 or over.

Budgeting for debts

If you've been through bankruptcy - or you're doing it right now - you might really appreciate the budgeting service that comes with this account. It works like this:

  • Money Managers set aside part of your income in your 'Salaries' account - enough to pay the essential bills you've told us about (mortgage / rent, utilities, etc.)
  • The rest is transferred to your 'Card' account. This is your 'disposable income': with experts getting your essential bills paid on your behalf, you'll know exactly how much you can spend on other things.

An account for after bankruptcy

What about life after bankruptcy? It usually takes 12 months before you're 'discharged', at which point your debts are written off. Even some basic bank accounts aren't open to undischarged bankrupts, but you should find it's easier to get an account once you've been discharged.

At thinkmoney, it's simply not an issue. You can apply for a thinkmoney Current Account even if you're in the middle of bankruptcy.

You can also apply if you've already put your bankruptcy behind you - or if you've never been close to being declared bankrupt in the first place!

After all, you don't have to be bankrupt to enjoy an account that:

  • Helps you get your bills paid on time
  • Shows you exactly how much you can spend on other things
  • Won't charge any unexpected fees
  • Helps you avoid non-payment fees from other companies
  • Lets you manage your money online or by SMS
  • ...and much more.

Our account costs just £10 a month (or £15 for joint accounts). That's it - no unexpected charges at all for missed or rejected payments.

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