Linked banks and creditors
When dealing with your debts, it’s very important to ensure you have a safe bank account that isn’t linked to any of your unsecured creditors.
If you don’t and owe your bank money they have the right to offset – meaning they can transfer cash from your account to pay off their other debts.
If your bank account and any of your unsecured debts are with linked institutions, consider opening a new basic bank account to keep your money safe.
What is a basic bank account?
A basic bank account is a current account without an overdraft.
It can be difficult to get a bank account when you’ve missed debt repayments or have a bad credit rating.
We recommend opening a new account with a bank unlinked to your current account.
Some of the most used basic banks and building societies in the UK are:
- Lloyds Bank
- Coventry Building Society
- Santander
- Leeds Building Society
- Starling Bank
- HSBC
- RBS
- Barclays
- Nationwide
- NatWest
Get advice now
If you have any questions, contact us on 0800 316 1833, or simply click the “Get Advice Now” button, and we’ll call you back