bank accounts

samzak

I opened a co-op cashminder account yesterday after telling them i will soon be bankrupt but i`m worried now that this account is going to get frozen when i become bankrupt? I`ve just read it somewhere although the woman at co-op said it wont.

Also are you allowed more than one bank account whilst bankrupt as i`d like to try and start saving a little?

dalip

Nothing is guarenteed. There is a slight risk that your account may be temp frozen but in my time on this forum only one co-op account got frozen. Maybe some of the die hards who have been here a lot longer than i have could perhaps ease your worries.D

k2nga

afraid not there is a good chance that it will get frozen the best advice i can give to anyone is dont try to get your new account with Co-op until after you have gone BR. Just do what i did and call them from the car park in the court straight after.

rog2

Theoretically, samzak, Yes it could be frozen - the OR will write to the Bank to inform them of your bankruptcy - but the ultimate decision will be taken by the bank if the OR confirms that he has no interest in the account, so I don't think you need worry. The OR will, obviously ask you what the 'balance' of the account is, but if you explain that you have just opened it for your wages, or benefits, then there should be no problem at all.
Some people advise on opening the basic account before your actual bankruptcy hearing - personally, I favour waiting.
Just make sure that any payments due around your BR date are directed to the new account.

Savings accounts are a different kettle of fish - methinks you may have problems, but I believe philnicandamy managed to open one - perhaps he'll come on and advise.

GettingHopeful

Just to say that my Cashminder with Co-op wasn't frozen. I'd set it up a month before and wages/pension going in OK, and the DDs I needed to retain. Told them I was going BR, they said OK, told them when I went BR and they said this is the account set up for people like me. The OR said he would inform them he had no interest and all has gone smoothly for me.

Not to say it will for everyone but it was fine.

Yes you can set up whatever bank accounts when BR that you can get.

fermi

dalip wrote: »

Nothing is guarenteed. There is a slight risk that your account may be temp frozen but in my time on this forum only one co-op account got frozen. Maybe some of the die hards who have been here a lot longer than i have could perhaps ease your worries.D

Yep. It is very very rare that the Coop Cashminder account is frozen.

Even if it is, then it is normally quite simple (and quick) to get the OR to call/fax the Coop to let them know that they have no interest in it and it can be unfrozen.

I can only think of one person recently that has had a problem, and that was only because their OR's examiner couldn't read their own manual properly.:rolleyes:

Saying all that, the risk is not zero. But the vast majority of people are OK.