Bank accounts for Bankrupts - Discussion Thread

blueafternoon

Hello,

At what stage is a bank account frozen? I am filling out my statement of affairs form on insolvency direct now - once I have submitted it is it only a matter of time before my bank hears about it, or is there a specific stage in the process which is reached before the account is frozen?

Apologies for my ignorance and thanks in advance.

antarctica

When you fill in the form online you have to print it and take it to the court, pay your fees and file for bankruptcy before anything will happen.

SuSu1871

Hi all

My boyfriend is considering bankruptcy, but is worried about the cut off date for closing his bank account and how this will affect his salary payment. He needs to give notice to payroll before the 15th of the month so there's a risk that he might miss this date and "lose" his next month's salary to the OR.

I had an idea that I could open a basic bank account in my name and he gets payroll to pay his wages into there with immediate effect. The account will be in my name, but it will only have his salary/DDs coming in/out. When the Bankruptcy order is made, I would then add his name to the account, thus creating a joint account.

Is this possible? It is legal? Don't want to get into trouble

Grateful for any advice.

Many thanks

Freshmon

Hi All,
I went to payplan originally and they advised me to get a new bank account which I did a Halifax Easy cash account. Since then I recently went bankrupt and the OR said it was fine to keep my Halifax account as it had no overdraft facilities etc. I even checked with Halifax twice to let them know i had just been made bankrupt and if I did have to have the account closed then i could open a new one straight away, they were fine aslong as the OR was fine with me having this account. I were made Bankrupt on the 15th July and only spoke to OR on Monday 17th August. I went to the cashpoint today and my card was swallowed. I rang Halifax and they said they have stopped my account because of the bankruptcy and I cannot get another account with them, plus the money in my account I need the OR to send a letter to free the funds inside and i get payed this week. So I think the co-op will be the first port of call tomorrow. I didnt owe anything to the Halifax either and I am now waiting for my girlfriend to pick me up as i dont have any money on me and no cash card now!

Halifax why didnt you let me know sooner!!!! arrrrrrrrrrrrhhhhhhhhh

iquit

Sorry F, a lot of non-BR friendly banks seem to tell people all will be ok after BR but I think the action is from their head offices. Many apparently trawl the london gazette to get names of customers gone BR. You could ring the co-op today. It only takes about 15 minutes to set up new account - good luck. PS don't forget to get your money back!!

skylight

Freshmon - you need to get your wages paid elsewhere fast. Contact the payer today as that money will also be frozen in the Halifax account. Use a trusted friend/family members account for the interim period.

Freshmon

Thanks, I will ring the co-op when i get picked up. Luckly my girlfriends understanding but i cannot believe Im left with no cash at all to live and its a case of tuff luck. Im gonna sort all this out when i get home. I have other questions about my IPA but i will make a new thread on this later. But thanks for your comments and cheers!

sscott5581

SuSu1871 wrote: »

Hi all

My boyfriend is considering bankruptcy, but is worried about the cut off date for closing his bank account and how this will affect his salary payment. He needs to give notice to payroll before the 15th of the month so there's a risk that he might miss this date and "lose" his next month's salary to the OR.

I had an idea that I could open a basic bank account in my name and he gets payroll to pay his wages into there with immediate effect. The account will be in my name, but it will only have his salary/DDs coming in/out. When the Bankruptcy order is made, I would then add his name to the account, thus creating a joint account.

Is this possible? It is legal? Don't want to get into trouble

Grateful for any advice.

Many thanks

Creating a joint account will mean your credit rating will suffer due to your partners bankruptcy so you may want to re-considor that option.

Regards
Steven

ians1

Thanks for the heads up on this peeps, I have been able to advise a friend who was considering this and they have now got the Coop account which is great because there are no bank charges!

Would not have even thought about it without reading it here.

Cheers! :T

sams247

Hello, I have just ben declared BR, I have no intention of using my old bank account, and am in the process of opening a co op account. I have heard I have been accepted and a card etc will be on its way. Trouble is I am due to be paid in a few days time and I am not convinced the co op account will be set up in time. So my question is - if I get my wages sent to my partners account (and work have said that I can) will this effect my partners account? Will the OR mind? Thank you