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Credit card charges: Insolvency law to give banking access for un-discharged bankrupts

Reforms have been introduced that make it easier for banks to provide basic accounts to un-discharged bankrupts.

Presently only Barclays offer them, with the Co-operative Bank pulling the accounts in September.

However, the numbers should increase as a legal change means it is unlikely the bank can be sued. Yet, it does not mean the accounts are compulsory, it will still be a commercial design by individual financial institutions.

"Having access to a bank account means being able to make vital transactions quickly and safely, avoiding the risk of carrying around large sums of money," said consumer minister Jo Swinson, adding that it is difficult for bankrupts to restore their coffers without an account.

It should mean bankrupts can manage their cash better, and avoid credit card charges due to missed payments.

Mike O'Connor, the chief executive of Consumer Focus, has said that banks need to start offering these accounts as soon possible.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801503403-ADNFCR



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