Sometimes bad things happen, in fact, bad things happen all the time. Defending yourself against them is very difficult, especially in a time when financial stability is the stuff of legend. If you lose your job or your company goes under, you can be left with huge bills that are simply impossible to pay off. You could enter into an IVA, which will keep you from bankruptcy but last a number of years, and will leave you financially restricted throughout that period. You could also simply accept that filing for bankruptcy is the only option, something which many people refuse to believe but ultimately has a number of advantages. Either way, your financial difficulty is going to make you a significant credit risk and make it very difficult to get a bank account at any of the high street banks.

Your credit report will be a story of devastation if you hit these problems, and it can take years for it to return to an acceptable level. However, all is not lost. There are bank accounts available that are offered to people with bad credit ratings, and are fully functioning just like other bank accounts. These bank accounts are often offered by smaller companies who are used to dealing with struggling consumers, and fully understand the problems that people face with bad credit. Because of the risk they are taking in giving you a bank account, they will ask for a small fee upon your first deposit, but other than that there are no hidden charges. The bank will talk to you upfront about their terms and conditions; they aren’t interested in trying to take your money, it is in their interest that they get back on track and start building up a solid financial situation again.

The bank’s advisors will help you set up payments and manage your money so that you don’t go overdrawn, whilst also giving you a debit card and cheque book, among other things, that make your account almost exactly the same as one you would get from a high street bank. These banks will not be bothered if your credit report has hit the floor, they will simply need to find out whether you have committed any fraud in the past and will need proof of identification. Apart from that, the bank will be very understanding and will want to help you get back on track.

These bank accounts really are a fantastic way of starting afresh. You can start putting some money together for savings, budget properly knowing exactly what is going in and out of your account, and other things.  Whatever your financial situation, a guaranteed acceptance bank account can really help you restart your life and move towards having a solid credit rating in the future. These bank accounts are relatively new, having become a necessity after credit card debt became a real problem, but there are still extremely good companies who have years of experience dealing with people who have hit the financial wall.

Apply for a UK bad credit bank account

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what is an IVA

An IVA – or Individual Voluntary Arrangement – can prove to be an extremely useful way of bringing debt problems under control and heading off what would otherwise seem to be the only other alternative, namely bankruptcy. Despite the growing numbers of people forced down such a route, bankruptcy retains not only a painful stigma but several severe penalties, many of which can affect the bankrupt’s present and future employment prospects. An IVA, therefore, can be a very powerful device for avoiding such a fate.

In simple terms, the IVA is based on a recognition by both the debtor and his or her creditors that the repayment of a significant total of debt has become practicably unfeasible. Instead, the IVA represents the debtor’s commitment to making the best possible settlement of those debts, whilst acknowledging that the entire obligation to repay cannot be met. Through a comprehensive and honest declaration of his or her current and foreseeable circumstances, the debtor aims to convince the creditors that the proposed IVA represents the fullest repayment likely to be achievable. In return, the creditors agree to the repayment terms set out in the IVA and after an agreed period (typically five years) any remaining debt is written off.

In a nutshell, therefore, an IVA can be seen as a bargaining process in which the debtor commits to repaying a proportion of his or her debts, shown to be the most that can realistically be expected, and the creditors for their part agree to this amount being the most they are likely to recover.

If the creditors agree to such an arrangement, it becomes a legally binding contract. Once it has been drawn up, the proposed IVA becomes the basis on which the debtor can apply to the courts for an Interim Order which restrains the creditors from taking any further legal action to recover their debts. Instead, a meeting of all of the creditors is called in order for them formally to accept or reject the terms of the IVA. This requires three-quarters of the creditors, in terms of the value of the total debts owed, to approve the arrangement.

If the IVA is approved, it is the debtor’s responsibility to ensure that the agreed repayment terms are kept. Provided the debtor does so, at the end of the IVA’s term, the debtor is free from all of the debts, whatever amount has actually been repaid.

Given the formal and legally binding nature of an IVA, it must be drawn up and supervised by  a recognised and qualified professional. This might be a solicitor, an account or an insolvency practitioner. The appropriate professional fees will be charged for this service and these fees are typically incorporated into the total of the debts to be recovered under the terms of the IVA. Whilst this adds to the cost of an IVA, the financial penalty in the longer term is still likely to be less than that associated with bankruptcy.

Given its formal nature and the costs associated with setting up and managing an IVA, it is likely to prove a solution to problems arising from more substantial or intractable debts amounting to around £12,000 or more.

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Being made bankrupt or declaring yourself bankrupt is usually the very last choice for people who find themselves in financial difficulties.

If you find yourself in the situation where you are already bankrupt you will probably know just how difficult it is to get any form of credit including getting a bank account.

Let’s face it, a bank account is something which is very difficult to live without as we still have bills to pay and find that we need things like Direct Debits or Standing Orders etc to pay these bills.

And I am 100% certain that you already know you need a bank account to have your salary paid in to. Therefore, having a bank account is a necessity to your every day life.

But how do you get a bank account if you are a registered bankrupt?
Well that USED to be a major problem. High Street banks don’t like us to have any form of bad credit. They see us a ‘high risk’ and shouldn’t be trusted with a cheque book or overdraft. God only knows why banks have to look at people with bad credit like some form of second class citizen. It is frustrating to say the very least and you can’t help feeling that, in some way, you are being victimized or persecuted.

High Street banks are living in the dark ages when it comes to dealing with customers who have been declared bankrupt.
In fact, telling your bank manager that you are registered bankrupt is likely to get you prodded out of the branch with a 10 foot pole as if you have some kind of disease.  When you think how much the bank messed up their own financial affairs it’s rich that they still treat you the way they do because you messed up your financial affairs.

However, regardless of what your High Street bank thinks, even if you are currently bankrupt, you can still get a regular bank account that you can use to pay direct debits, standing orders, have your salary paid in.

It’s time to step up to the current times and leave your bank in the dark ages because you can get a regular High Street bank account even if you are currently bankrupt or subject to an IVA, guaranteed.
Bankrupt and IVA Bank Account Resources:

• Quick and easy to apply with no credit checks
• A bank account with guaranteed acceptance that’s open to everyone*
• One-to-one Account Manager and secure Internet banking
• No hidden bank charges and you won’t incur any overdraft fees
• Manage your account on your mobile phone
• Plus you’ll get  your own Prepaid MasterCard® card so you can control your spending
• If you want all of this from a bank account even if you have bad credit, have an IVA or are currently registered Bankrupt then use the link below right now and apply online for instant acceptance.
  

Apply for A Bankrupt/IVA Bank Account – Click Here

Remember, these are Guaranteed Bank Accounts that can be opened regardless of your Bad Credit History. Even if you have an IVA or are currently Bankrupt, you can still open a new bank account, guaranteed.

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