Going BR, CO-OP are a creditor - CashMinder card?

Mr_E_3 · 28 December 2008 at 10:23AM

Hi to all,

This is my first post here.

Before I start many thanks for the info I've picked up so far from you all.

I'm going BR mid feb. I need to inform my HR department, before my BR date, of a new account into which my salary will be paid at the end of feb - the nature of their pay roll system.

Now, I currently have the following CO-OP "products":

1. CC with several thousands of pounds on it.

2. A CashMinder account.

I've several queries:

1. Has anyone had experience of going BR with a CO-OP CC and CashMinder in place?

2. Was the CashMinder frozen upon the BR? Was it subsequently un-frozen?

3. Call this madness but I was thinking of possibly using the CashMinder for my salary at the end of Febuary - if there's a possibility of the CashMinder not being frozen? Any comments on this "madness"?

4. From what I understand if an account is frozen it is still possible that money (i.e. slary) can be paid into it but that money is not accessible?

5. If my understanding above (4.) is correct what happens after BR if money is paid into a frozen account? Can the OR get the money for me in some way?

Cheers, Mr E.

Richard_S · 28 December 2008 at 10:37AM

Hi Mr E,

Any bank accounts that you have at the date of your bankruptcy order are likely to be frozen, but the O.R will instruct the bank to un-freeze the account so that you have access to funds for essential expenditure.

Given that you've already got Co-op accounts it may well make more sense to have your salary paid into a friend or relative's account until such time as you're declared bankrupt and then open a Barclays cash account. I had my salary paid into one of our daughters accounts in the month before and after our bankruptcy.

As for having any cash in a bank account, surely you need that for essential current expenditure?

Regards

Richard

fatou256 · 28 December 2008 at 2:21PM

hi mR E i had aslo a bank account with the Co-op before i went BR and the co-op closed down my account as i owed them money beforehand and wthey will not let me open a new one as apparently , as the women on the phone told me " that this is part of a new security measure".
although it happened to me it doens't mean that it will happened to you but be aware of this. u still have the possibility to open an account with barclays too

maxmycardagain · 28 December 2008 at 2:26PM

i owed Coop credit card £12K at BR, they wouldnt let me have a cashminder post-BR, bad losers or what!

fiveyearplan · 28 December 2008 at 3:44PM

I wouldn't risk it. Open a Barclays account - I hear it now comes with a debit card (I think I'll go try and open one myself!). I would also not risk having a balance in an account when you go BR - take out all your money just in case. If asked by the OR tell him you needed the money for basic living expenditure and couldn't afford for it to be frozen.

Mr_E_3 · 7 January 2009 at 11:01AM

Hmmm,

Just spoke to the CO-OP (without giving personal details). Told the lady:

I owe several thousand pounds on a CO-OP CC.
I've got a Cashminder card.
I'm going BR next week.

Then asked, can I keep the cashminder after BR even though the CO-OP will lose thousands (cheeky of me). She said "yes that's what a cashminders for, BRs". I asked again that even though the CO-OP will lose out they'll still let me keep the Cashminder. She said that I sounded a bit unsure about what she'd told me and put me on to her manager. The manager assured me that I would be able to keep the cashminder ???

Crazy.

Mr E.

raffey · 7 January 2009 at 11:58AM

Hi,
I agree open a Barclays account, but send the form off about 10 days before the BR as it takes this long to process, so it should be ready before the end of the month.
Also set up a Nationwide Cashbuilder Acc. just a savings a/c. I had one which I withdrew all monies from just before the BR and interview with the Examiner; it was then frozen, and has just been released, so that is a good back up option for an account.
Anyone else reading this e mail, I found the COOP great for opening a new account, and very quick.
Also just found out about a pre paid mastercard, which for a small monthly fee £4.95 can start to rebuild your credit rating. Called Cashplus with credit builder.

Mr_E_3 · 7 January 2009 at 12:07PM

Hi Raffey,

How long was it between you asking for the frozen account to be unfrozen and it actually happening?

Mr E.

peachyprice · 7 January 2009 at 1:02PM

Banks should unfreeze an account as soon as the OR confirms they can.

If co-op decide they no longer want you as a customer once you're BR they'll probably close the account and send you a cheque for the balance, this is what Barclays did to us.

tigerfeet2006 · 7 January 2009 at 1:17PM

raffey wrote: »

Hi,
I agree open a Barclays account, but send the form off about 10 days before the BR as it takes this long to process, so it should be ready before the end of the month.
Also set up a Nationwide Cashbuilder Acc. just a savings a/c. I had one which I withdrew all monies from just before the BR and interview with the Examiner; it was then frozen, and has just been released, so that is a good back up option for an account.
Anyone else reading this e mail, I found the COOP great for opening a new account, and very quick.
Also just found out about a pre paid mastercard, which for a small monthly fee £4.95 can start to rebuild your credit rating. Called Cashplus with credit builder.

Raffey we have found on here that Nationwide are very much un-bankrupt friendly nowadays and just close accounts now. But always worth a shot still.

Mr_E_3 · 7 January 2009 at 2:57PM

Hi all,

This thread initially concerned the CO-OP being listed in my BR as a creditor and me being allowed to still keep open my Cashminder account post BR.

Lots of the responses have mentioned the Barlcays account as an alternative. I've not yet attempted to open one of these, but guess who else is listed in my BR as a creditor? You guessed it .... Barclaycard ... funny in a way. So the thread could have been entitled "Going BR, Barclaycard are a creditor - Barclays account?".

Hey ho.

Following my call with the CO-OP this morning (see earlier post), I checked my CC on the web and the Cashminder was sitting alongside it - no surprises. Now I think it "strange" that I've missed two CC payments and they are well aware that I have a Cashminder - no questions when I opened the Cashminder ( I opened it prior to missing my first payment) ... they must realise what I'm up too? Only had one letter from them; don't know if they've tried phoning?

Another Hey Ho.

Mr E.

Going BR, CO-OP are a creditor - CashMinder card?

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