Life without a debit card
The past few weeks have been very frustrating. I am beginning to rebuild my business life after the bankruptcy and need to spend money on the internet. My problem is that I only have a cash card for my bank account and every service I require seems to need a credit card to purchase.
Fortunately many traders now accept payment via PayPal. I use PayPal myself to allow my clients to pay by methods other than cheque or cash. When you signup for PayPal, you can start accepting credit card payments instantly. I realised that as the world's number one online payment service, PayPal was the fastest way to get a merchant account for my business. Best of all, it was completely free to sign up for a merchant account and my bankruptcy was not an issue! To sign up click the link at the top of the page.
I tried getting a card from my bank but in their eyes I am still a risk and they have advised me not apply again for another 3 months. Looking around on the forums people seem to recommend the Co-Op so I will investigate further and see what they offer.
The other route that has been suggested is pre-pay credit cards. To be completely frank with you, whilst I can see the benefit of being able to use one of these cards the cost seems prohibitive. They will my last resort.
I have also tried applying for a Capital One card for people with bad credit histories and also a Vanquis Card. Capital One turned me down immediately and I am still waiting to hear from Vanquis. You need to understand that it is not credit I am after, it is simply the transactional facility that these cards offer to purchase goods online.
If anyone has any more ideas about bank accounts for discharged bankrupts that include a debit card or a bankrupt friendly credit card company please let me know.
In the next few days I will be posting information about what information will help you with the credit reference agencies and also update you on my quest for friendly banking facilities. Stay tuned!
Fortunately many traders now accept payment via PayPal. I use PayPal myself to allow my clients to pay by methods other than cheque or cash. When you signup for PayPal, you can start accepting credit card payments instantly. I realised that as the world's number one online payment service, PayPal was the fastest way to get a merchant account for my business. Best of all, it was completely free to sign up for a merchant account and my bankruptcy was not an issue! To sign up click the link at the top of the page.
I tried getting a card from my bank but in their eyes I am still a risk and they have advised me not apply again for another 3 months. Looking around on the forums people seem to recommend the Co-Op so I will investigate further and see what they offer.
The other route that has been suggested is pre-pay credit cards. To be completely frank with you, whilst I can see the benefit of being able to use one of these cards the cost seems prohibitive. They will my last resort.
I have also tried applying for a Capital One card for people with bad credit histories and also a Vanquis Card. Capital One turned me down immediately and I am still waiting to hear from Vanquis. You need to understand that it is not credit I am after, it is simply the transactional facility that these cards offer to purchase goods online.
If anyone has any more ideas about bank accounts for discharged bankrupts that include a debit card or a bankrupt friendly credit card company please let me know.
In the next few days I will be posting information about what information will help you with the credit reference agencies and also update you on my quest for friendly banking facilities. Stay tuned!
posted by Personally Bankrupt at 11:20 pm
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3 Comments:
I went bankrupt last year September after 5 months HSBC upgraded my account to a solo debit card. Try banking with them they are very good
did you ever get a Vanquis card - I'm looking at one now after reading your blog - I'd be interested to know if you rate the product highly or not?
I went bankrupt earlier this year, I applied the same day for a Co-op basic account which comes with an electron card. Declared my bankruptcy and had an account a week later. The electron card would seem to be the ideal solution to your problem!
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