Gone BR, questions on accounts/discharge

np001

Hi all,

Went BR on 11th July 2008 after much wrangling. It is a relief i have to say that i have finally done it.

OR interview was fine. Really nice, no IPA, car exempt, allowed to keep bank account.

I have one question though. I have allowances on SOA for holiday, road tax, servicing etc. Am i allowed to save this up in an account for when i need it, or will the OR sieze this at some point?

Also, do they review your accounts before discharge, ie statements and money in bank so would this get taken then if i had some saved for bits?

Thanks for your help.

oneandonlyboy

You might find it hard opening a saving account, there are a couple tho (post office and Bradford and bingley). When i was discharged they didnt ask for any statements etc.
Depends how much your putting aside if it was a couple of hundred amonth then they might find out and think you have a high surplus and look into an ipa.

I kept whatever money i had over each month under my bed didnt earn interest but at least it was mine.

k2nga

Hi and welcome to the forum.

No i think you are able to save up if they are asking you to do anything else and i dont believe that the OR will want to look at your new account at all.

fermi

np001 wrote: »

I have one question though. I have allowances on SOA for holiday, road tax, servicing etc. Am i allowed to save this up in an account for when i need it, or will the OR sieze this at some point?

Yes you can save it up.

If you were to save up a large amount in addition to those needs then technically the OR could take an interest. But if you don't have an IPA then you are not going to have a huge surplus income to do that, plus the OR does not routinely monitor accounts.

np001 wrote: »

Also, do they review your accounts before discharge, ie statements and money in bank so would this get taken then if i had some saved for bits?

It's technically possible that they could if they suspected you of stashing away £1,000's beyond that required for your reasonable needs.

Never heard of it happening to anyone here though, and the OR wouldn't do it without VERY good reason.

np001

Thanks,

I rang my bank who i told about going BR and they opened me a savings account which will do DD so i can pay my bills out of, and a seperate savings account for saving in, on top of my current account i have with them.

Was just planning in saving up the holiday money and servicing, road tax etc for when i need it.

My account has not been frozen yet though but they said they would just unfreeze it when it did....does this sound right?

frosty1970

Hmm depends on what bank....I really wouldnt take a word of what they say as definate...people here have been told in the past "oh sure we would love your custom & sure you can keep an account open with us" only to have the acc closed very soon after

Be careful......

peachyprice

Depends what bank it is Np, staff in branch have no authority to keep an account open, BR notices are sent to a separate legal department and it's this department that close accounts. So no matter what they might tell you, you just never know.

To be on the safe side I would open a Co-op account, you can do it by phone and if you never use it it doesn't really matter, at least you'll have a safety net if they do close you down.

np001

Its Natwest. Rang them on the day, then every few days since then to check if frozen yet. Thing is, rang up and they spoke to another dept who said it was fine. They since opened me up a savings account aswell. Rang for Coop and it was referred and since then nothing, did that on the 11th aswell. Its the not knowing thats the worst...with every step of the BR journey!

frosty1970

Natwest?...nooooooooooooooooooooo (they're not called crapwest for nothing :rolleyes: )

they are well known for doing what they've done with you...soon as they get word of your bankruptcy they'll close the account straight away without a blink..think right hand dont know what left is doing...and your not far from the way natwest is run
I'd check with the co-op again & see where your at because I doubt the natwest account will be open for very long

Sorry

np001

Cheers for the advice. Just rang both Coop and Natwest. Coop say account approved and just need some ID even though im on electoral roll...no worries though. Natwest say they received the letter from OR last Thursday and downgraded from Ad gold to Step account and its still up and running. Will still open the Coop just incase....