Bankruptcy


(Steve) #1

Hi,

I opened a Monzo account as I am about to go bankrupt and a prepaid card seemed a sensible option. I was just wondering where the change of account from prepaid to current account will be affected by bankrupcy?

Thanks


(Hugh) #2

That is a very interesting question and probably best one answered by the in app chat.

However, if you don’t apply for an overdraft Monzo won’t run huge credit checks on you (as there is no need) so I think you would be fine opening a current account, getting an overdraft would probably be more difficult.

Hope that helps :slight_smile:


(Kevyn) #3

You are not asked if you are bankrupt when you sign up and you are only soft credit checked to confirm identity/money laundering stuff. You’ll only have a hard check if you apply for an overdraft. You might not get the overdraft, but I can’t see why you would be rejected for the card. You cannot go into an unauthorised overdraft full stop. Monzo have stated they want to support disadvantaged groups previously too.

Obviously, an official response would be good to confirm.


(Danny) #4

You are allowed to operate a bank account in your own name if you are bankrupt. However it will normally have to be what is known as a Basic account. These accounts usually come with internet banking and a debit card. However they do not offer any credit facilities.


(system) #5

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