Nov 05

Bank Accounts for Bankrupts in the UK

Can I open a bank account while I am still bankrupt?

Filing for bankruptcy is seen by many people as an easy way to get out of a sticky debt situation. However, there are many financial consequences that follow the decision to file for bankruptcy. These include poor credit scores and difficulties in getting financial assistance from credit lending institutions. One of the biggest challenges however, is opening and operating a bank account after filing for bankruptcy. Here are a few things you need to know about bankruptcy and opening a bank account if you happen to find yourself bankrupt.

Can a bankrupt person open a bank account?

As mentioned, the rules of managing finances change dramatically when you are declared bankrupt. Even though getting a bank that can open an account for you is challenging, there are quite a number of banks that offer bank accounts for bankrupts. Here are five banks where you can get a basic account for after you have been declared bankrupt:

Cashplus Deluxe Account

They will open a bank account for you and let you operate it at a monthly charge of 9 pounds. There are no hidden charges and they approve your application almost instantly. They also allow you to install Creditbuilder to improve your credit score.

Ffrees Family account

This account offers banking for bankrupt people and charges no monthly fee. The banking system also allows you to have your pension or benefits to be paid in free of any charges. They have cash back rewards for their customers. Although opening and operating the account is free, you will be charged 2 pounds a month if you don’t use the account for two months in a row.

Eccount Money Current Account

This bank allows you to open an account and run it at a monthly charge of 12 pounds. The system includes a Visa prepaid card, cashback and a free mobile app. The best thing about this current account is that it offers guaranteed acceptance for insolvent people.

Secure Trust Bank Prepaid Bank account

The account offers you banking services at a cost of 12.50 pounds per month. There are no hidden fees or credit checks when opening the account. The account also allows you to get 4 percent in cash rewards. The account also charges a 0.50 pound ATM withdrawal charge.

Barclays Cash Card Account

This is another account that you can open and operate with no monthly fees. You will enjoy direct debits, free ATM withdrawals and standing orders. The card type that you get for this account is a visa debit card.
Those are five bank accounts for bankrupts in the uk. These banks offer basic banking services. However, it is important to note that the services offered by these banks are very basic. In order to regain unlimited use of financial services offered by banks, you should work hard and repair your credit score after filing for bankruptcy. Getting credit card services from a bank after a bankruptcy takes time, but with the right guidance, you will succeed. In case you do not know how to start repairing your credit score, you can retain a financial adviser to help you get back on your feet financially.

Sep 30

Fire safety risks to your business

Assessing fire safety risks to your business


Fire safety Possibly the cornerstone of fire safety in the workplace is what’s known as a fire assessment, which is a method of determining precisely what hazards may be present, the systems that may presently be in place, and also any further action that might be required.

It is essential to be certain that fire safety products and installations are in position to take care of any fire risks that may be present in your premises. Such equipment is vital in ensuring the protection of your workforce along with ongoing smooth operating of your company.

One popular solution in the fire security market is the Dry rising fire main. Yet, dry riser maintenance in many cases is overlooked, with a lot of people not even realizing that they’re actually there, let alone their particular importance. The purpose of a dry rising fire main is to be sure that the fire service are able to get access to a water supply on all floors of the property by way of the outlets. Water can be pumped into the system from ground level, with the fire service able to swiftly connect their hoses to the outlets nearest to the fire.

Such systems are an excellent method of fire protection in larger, multi-level buildings in which getting to a water supply may be difficult. Nonetheless, they are often vulnerable to criminal damage and neglect, and in the worse case scenario might not even work if needed. Keeping this in mind, it is recommended to look at dry riser systems regularly in order to ensure they’re in working order.

Within a smaller sized premises you would generally rely upon portable fire fighting equipment such as fire extinguishers, since you might not have a dry rising fire main present.

Even though it’s not their direct responsibility, advice on work place fire and safety can nevertheless be obtained from the fire brigade, whom tend to be only too happy to visit your premises and help out. In order to improve your knowledge of fire safety there’s also countless online resources as well as a variety of pamphlets which are available from local libraries and government buildings.

Sep 22

Variable rate mortgage information

What You Should Know About Variable Rate Mortgages

Normally there are two types of home loans a borrower can opt for in UK, a fixed rate mortgage or a variable rate mortgage. A variable rate mortgage is a type of home loan where one doesn’t have to pay a fixed interest rate.

With variable rate mortgages, the interest rate is periodically adjusted based on a certain index which reflects the cost to the lender as well the cost of borrowing on the credit markets. In some cases the lender may be given the loan at his standard variable rate. Where there is no legal and direct link to a given index or market rate and the lender doesn’t offer one, the lenders can change the interest rate at his own discretion.
With fixed rate loans, borrowers usually know what the principal payments on their mortgage will be including the interest they will carry on a monthly basis as long as they are servicing the mortgage. Monthly interest and principal payments on a variable mortgage loan however depends on a predetermined schedule. This implies that with interest rates being adjusted periodically, the borrower is not confined to specific payment limits throughout the life of the loan.

Variable rate mortgages are usually attractive compared to fixed rate home loans because they have low interest rates during the initial period. The initial rate is usually less than the rate on a fixed rate mortgage and therefore a borrower can yield significant savings at the beginning of the mortgage term. Depending on the market interest rates, the rate will however fluctuate up or down once the introductory period comes to an end. In most cases, borrowers of – variable rate mortgages face challenges when interest rates increase. This is because the rates may be adjusted upwards to the extent that a homeowner defaults and he eventually loses the home to foreclosure. Generally, with a variable rate mortgage the more money one borrows the more a change in interest rates will affect his monthly payments.
Variable rate mortgages generally permit borrowers to lower initial payments as long as they are willing to assume risks that come with changes in interest rates. Besides, borrowers in UK tend to prefer contracts that have low initial rates especially on mortgages that offer low monthly payments. The decisions that borrowers make however depends on the financial advise they get from lenders especially those that prefer such loans mostly due to the market structures.
For borrowers, variable rate mortgages may be less expensive but they come with higher risks that is borne by the borrower himself. Most of these loans have teaser periods or short initial fixed rate periods when the loan yields relative low rates below a given index. The initial fixed rate period can be between a month to a year after which the interest rates either decrease or increase. In most cases, the teaser period may influence a borrower to think that a variable rate mortgage is more beneficial that it actually is. Where the teaser period rates are low, the borrower is likely to pay higher interest rates.