Bank Account When In Debt

Getting A Bank Account When You Are In Debt

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Bank Accounts For When You Have Debt Problems

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Advice on banking if you're in debt

If you're in a small amount of debt, perhaps in the form of an overdraft, then paying it off successfully could simply be a case of cutting back on your spending for a while.

However, if you get into serious debt on your overdraft, remember that an overdraft can be withdrawn at any time by the bank - they do not legally have to give you one. Having said that, your bank is unlikely to take it away unless it's clear you've had problems managing your account.

Opening a new bank account while you're in debt

Having one unsecured debt like an overdraft might not stand in the way of you opening another bank account, but if you've got serious debt problems, you'll find it more difficult to open another bank account.

If you're on a debt management plan, or going through an IVA (Individual Voluntary Arrangement) or Trust Deed, you are going to have problems applying for financial products that require a credit check, which includes many bank accounts.

Debt management, an IVA or a Trust Deed could stop you obtaining a loan, a mortgage, a credit card or a bank account - especially a bank account with an overdraft. While you're having debt problems, it's advisable to avoid borrowing any more money before you have dealt with your existing unsecured debts. Many people find they can live without further credit, but can you live without a bank account?

Basic bank account

Some debt problems are more serious than others. For example, a few late payments on a credit card can damage your credit record, but not as much as a debt management plan, or insolvency.

A basic bank account is an option for someone with debt problems because you won't have to pass a credit check to open a basic bank account like this one from thinkbanking, which is available if you're on a debt management plan, an IVA, or a Trust Deed. You will have to prove that you're a UK resident aged 18 or over.

A basic bank account is an account with no overdraft and no chequebook. It does let you do other things you would expect of a bank account, such as using cash machines and setting up Direct Debits, and it's a useful alternative for people with debt problems because it's likely their credit records have been damaged.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it.
Think carefully before securing other debts against your home.
Repaying debt over a longer period may increase the total amount to be repaid.