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. document.getElementById(‘adsense_placeholder_1’).innerHTML = document.getElementById(‘adsense_ad_1_hidden’).innerHTML; Being Denied a Basic Bank Account May Make Bankruptcy Harder Not having access to a basic account may, according to this Citizens Advice report, make the personal insolvency process a lot harder than it needs to be. Those that cannot access an account may not, for example, have anywhere to pay in a salary. This ma
