  |
|
|
|
Bad Credit Bank AccountAdverse Credit and Financial Difficulties Are No Obstacle
Adverse credit makes it very hard to get a bank account. The good news is that there are financial institutions that offer accounts, although they are rarely advertised.
Getting a bank account is easy when a person has good credit - very easy, in fact. This situation changes considerably should adverse credit, CCJ's or a default on a loan exist. Add personal bankruptcy to the equation and finding a bad credit bank account is like trying to find a needle in a haystack. Credit Reference AgenciesNot being able to get a bank account is sometimes a direct result of incorrect information held by credit reference agencies. Order a personal credit report and validate that all the information held is accurate. Incorrect information can be amended with credit reference agencies directly. Get Rid Of An Adverse Credit History - Challenge Unlawful Loan AgreementsIf bad credit still exists as a result of defaulting on a loan or credit card, it would be foolish not to check whether loan agreement are lawful. It is estimated that as many as 60% of all loan agreements won't stand up in a court of law. If the debt is written off, the bad credit history also has to be removed. The Basic Bank AccountIn order to prevent social exclusion, banks are under a lot of pressure to provide those with adverse credit a basic bank account where direct debits and standing orders can be paid. There won't be an overdraft facility and there may be restrictions on counter usage, but it still serves a useful function. Depending upon the severity of past financial difficulties there are a variety of accounts available. All accounts discussed below are available to those with County Court judgements (CCJs) and discharged bankrupts. Suitable Accounts for Those with Adverse Credit, Including Discharged Bankrupts
Of the above accounts, the Natwest Step Account is arguably the best. Not only will customers get a full counter service, there is the added benefit of a Solo card. This means that purchases can be made online and at local merchants. If a Natwest Step Account is managed satisfactorily for a period of 6 months it may be upgraded to full status. This would mean that, regardless of a previous adverse credit history, a cheque book, cheque guarantee card and overdraft facility would be available. The account is available for discharged bankrupts, but a certificate of discharge will be needed. The cost of this is currently £60. Banks Accounts for Undischarged Bankrupts
The Co-Operative Bank Cash Minder Account is arguably the most useful. Unlike many accounts available to undischarged bankrupts and those with very poor credit, it comes with a Visa Electron card. Pre Paid Credit CardsIf being an undischarged bankrupt or having bad credit remains a problem, it is still possible to get a pre paid credit card. No credit check will be necessary so people with adverse credit will definitely be approved. Getting a Regular Credit Card with An Adverse Credit HistoryIf bad credit has been a problem, it is still possible to get a credit card with an adverse payment history but a higher rate of APR will be charged by lenders to underwrite the higher risk. The financial system does work against people that have bad credit, but there are always ways around things. Don't forget that any adverse credit information is completely removed from credit records after 6 years has elapsed.
The copyright of the article Bad Credit Bank Account in Personal Debt Management is owned by Asa Ghaffar. Permission to republish Bad Credit Bank Account in print or online must be granted by the author in writing.
|
|
|
|
