What's an insolvency and what can I do?

An insolvency is a situation in which the debtor is unable to fulfil his financial obligation to the creditor(s). How this is going to affect your N26 account depends on whether you have a p-account and whether we received an insolvency application or insolvency opening.


Why is my account seized although I have a clearance (unseizing) from my insolvency manager?

Your account is seized because we received a garnishment. If the garnishment is issued by one of the insolvency creditors, the insolvency manager has to inform us accordingly. In this case we will unseize your account. If, however, the garnishment is based on a claim which emerged only after the insolvency proceedings, the seizure will be maintained. Since we cannot be sure if the garnishment is valid or not, your account will be seized again until we've received a written confirmation to release your account from your insolvency manager.

The insolvency manager ordered for my account to be released/ the insolvency proceedings are over. Why does my account remain seized?

In order to release the account we require written confirmation from the insolvency manager directly. It can take a few days until they send it to us and we receive it. Until then your account remains seized. If you have a p-account, you can use your funds to the extent of your monthly allowance.

Is it possible to convert my p-account back to my normal account whilst I have an active insolvency?

You can revert your p-account to a normal bank account at any time. We recommend that you make sure we have a written confirmation to release your account from the insolvency manager.

Is it possible to pay out a new garnishment whilst I have active insolvency proceedings?

In that case you can only issue a transfer order for the new garnishment in agreement with the insolvency manager.