Going BR Weds, Tax credits due thursday?

lindsaygalaxy

Hello

Im going Bankrupt on wednesday. My only other option is Monday, but the judge will only be there on the wednesday.

My tax credits are due on Thursday but if I go BR on Thursday I wont have a bank account for them to go into? There isnt another account they can go into. If I open an account monday with the co-op, will the OR take this money?

Thank you for your help

ooops

Hi Linda, I phoned the tax credits and got them to change payment to go into my boyfriend's account to avoid this. Have you got someone you trust that will do this for you? You can always change it to your new account once you have opened a new one in your name after your BR date.

tigerfeet2006

You can also ring and see if it is not to late to be paid by giro.

If it does end up going into your old account then give the OR a ring and he can fax the bank that he has no interest in it and you can go and take it out. Might have to wait a couple of days though.

fiveyearplan

Is your bank one of your creditors?

lindsaygalaxy

no my bank are not one of the creditors, but they are Nationwide!

Im not sure what will happen if I take my papers in Monday to go Bankrupt. They said on the phone I could do it monday or wednesday, but there is likely to be no judge there monday? I guess that means I wont be bankrupt until wednesday so would still ahve to wait to open my new account and things!

betterlatethannever

I had some money in a Halifax account when i went BR and the Halifax closed the account, but the Halifax and the OR allowed me to take the money out as it was essential money for rent/food etc. it shouldn't be a problem as NW aren't a creditor.

jo70

We are filing for bankruptcy at the end of August. I rang tax credits last week, told them we have a problem with our bank. They are now going to pay us by giro.
Apparently you have 8 weeks to give them new bankdetails.

Hope this helps.

skylight

I am having huge issues with my latest CTC payment. It was going into my Co-Op Cashminder but after 6 happy payments this has been stopped - the computer tells them the account details are no longer valid as its not a proper account! So, I am in limbo. A giro was ordered for me, then cancelled, then re-ordered, then I have given them new bank details so I may not get a giro now if the account details are processed faster than the giro and to top things off they tell me there is no guide to the time! So it would take days or weeks. The only thing they have promised me is that it will be sorted by the next payment date! But thats 2 weeks away and I need to pay my rent now.....



Anyway - my gripe over! Back to the point.... If Nationwide are not a creditor, then the OR is unlikely to have any interest in the account. You should have a quick phone call with the OR at the court after you have seen the judge. Tell them the money is being paid into that account on Thursday and you need it for essential living expenses. They are likely to let you keep it. Nationwide are likely to close the account once they discover you are BR, but they are not going to find out the day after, so withdraw or transfer the monies ASAP. And get on the phone to sort out another account elsewhere pronto. For an emergency, use a relatives (trusting one) account or open a post office cash card only account - this can only be used for benefits and you can only withdraw cash at PO or ATM, but quick and no credit checks and useful for a stop-gap.

Jaks

I contacted nationwide bankruptcy team today as I wanted to know what was going to happen to my bank account when I go bankrupt as I have my benfits paid in there. I was told that they don't close the account only freeze it and they gave me a fax number to give to the OR so he/she can give the bank permission to unfreeze it.

Jaks

fiveyearplan

Hi Jaks. I don't think Natwest know what they're talking about. I've heard several people say on here that Natwest said they could keep their account then within weeks it was closed down. If I were you I'd open a Coop account just in case and have my benefits paid into the new account. If Natwest then close your account you will be prepared and if they don't close your account you have a spare account.

I wouldn't risk it!

get_me_out

I'd say open another account, CoOp are great. The post office account is good BUT you have to go into branch to get funds out. Mine took 6 weeks to get set up and sorted out, where CoOp was done in a few days. I have child benefit in post office account, but will have that as well as tax credits into CoOp account after OR says it ok.