A report released by Citizens Advice on the 12th July 2010 (Called to account) outlines the difficulties faced by many bankrupts when it comes to getting access to basic bank accounts. Although seventeen financial institutions offer this kind of product, only two will allow a bankrupt to apply. What does this mean for those going through bankruptcy proceedings and what alternatives are available to them?
Why do Bankrupts Traditionally Use Basic Bank Accounts?
Bankrupts may find that their access to previous bank accounts is cut off when they go though the insolvency process. There are also limits placed on their ability to access credit. This is why basic bank accounts (which come with no credit facilities) have been traditionally used as a solution.
According to this report, however, only two accounts of this type will currently accept undischarged bankrupts, leaving many without access to basic banking services. There is no legal reason why a bank should deny an account to individuals going through this process.
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