Bank accounts for Bankrupts - Discussion Thread

jennie65

rog2 wrote: »

I'm finding it a bit difficult to open a Co-op Cashminder account
They are telling me that I can not open one if I am 'Self-Employed' or a 'Sole Trader'.
I have, since my bankruptcy, been getting my 'wages' paid into my wife's account, but as I am, now, getting back into self-employment, I really do need my own account, although I will continue to have my ASDA wages paid into my wife's account.
I am tempted by Barclays, but Barclaycard were one of my minor creditors. I have been discharged for over 2 and a half years now - should this make any difference?

Barclays were one of my creditors and they allowed me to open an account the day after - just not allowed online banking with it aarrgghh

tigerfeet2006

jennie65 wrote: »

I was discharged from BR on the 28/10/09 (went BR 15/04/09) Went into BArclays to see if can get online banking and she said no, she has to send it all off to head office, but until off my credit file (6yrs) she does not believe they will give it to me. WHY? What on earth do they think I am going to do with it?. Tis mighty odd.

Hmm very odd, I know several members on here have had it re-instated after discharge. Why not ring them and just ask to have telephone banking, if they mention the BR say you are now discharged and would find it easier to run the account if you had it, if not you will be looking to go elsewhere.

rog2

tigerfeet2006 wrote: »

Really surprised at Co-op though.

Me too, tf. At first I thought it was the man on the phone being a bit 'over zealous', so I checked out their T&C; https://www.co-operativebank.co.uk/cfscombi/pdf/cashminder_terms_and_conditions_011009.pdf

Section 1.3 clearly states:

"You can only use your account as a personal account. You must not use it as a club, charity, sole trader, company, partnership or any other business account or for any business purpose."

Shame, really, as I would prefer the Co-op on 'ethical' grounds. I won't actually be using the account to 'trade' under as my self-employment will be on a commission basis. I need the account so that I can pay in my expense cheques and (hopefully) commission earnings. I did explain this, but they still interpreted it as business use.

So it's probably BARCLAYS.

sieve

jennie65 wrote: »

I was discharged from BR on the 28/10/09 (went BR 15/04/09) Went into BArclays to see if can get online banking and she said no, she has to send it all off to head office, but until off my credit file (6yrs) she does not believe they will give it to me. WHY? What on earth do they think I am going to do with it?. Tis mighty odd.

Jennie take your discharge letter from the OR into a different branch, and get them to send it to their "Legal Issues" team. Once they have done so, the legal bods will remove the BR marker from your profile and your online banking will automatically start working again. Took a day after taking it in for me to be back online again so they do work quickly - but you do need to speak to the right person in branch.

Good luck - keep us posted how you get on with another branch.

tigerfeet2006

Ah! but I thought you were using it as a personal account

Several of the posters on here have the Cashminder and then use them as business accounts and Co-op seem to turn a blind eye as long as not to much money is going through.

jonathon01

I am sorry if this has been answered previously (I searched but couldn't find an answer) but when you become BR, you have to hand over your bank statements and credit card statements to the O.R., don't you? How many months' statements do you need to surrender? Would the last 3 months suffice?

Also, once you are BR, if you tell your bank immediately, then if any salary and benefits are paid into this account, post-BR, can the bank refuse to surrender these credits to the O.R. if you ask the O.R. if you can have the money?

mysterio_2

jonathon01 wrote: »

I am sorry if this has been answered previously (I searched but couldn't find an answer) but when you become BR, you have to hand over your bank statements and credit card statements to the O.R., don't you? How many months' statements do you need to surrender? Would the last 3 months suffice?

Also, once you are BR, if you tell your bank immediately, then if any salary and benefits are paid into this account, post-BR, can the bank refuse to surrender these credits to the O.R. if you ask the O.R. if you can have the money?

The receiver can go back as far as they like..usually around 2yrs worth of statements BUT dont worry if you dont have them all the receiver can source what they need themselves

you ideally need to sort a bankrupt freindly bank soon as you can (barclays or co-op) IF the bank account did become frozen then the OR will be able to sort & release any benefits etc that have been paid in

dvs

jonathon01 wrote: »

I am sorry if this has been answered previously (I searched but couldn't find an answer) but when you become BR, you have to hand over your bank statements and credit card statements to the O.R., don't you? How many months' statements do you need to surrender? Would the last 3 months suffice?

Also, once you are BR, if you tell your bank immediately, then if any salary and benefits are paid into this account, post-BR, can the bank refuse to surrender these credits to the O.R. if you ask the O.R. if you can have the money?

I was asked for 12 months. Any you don't have, the OR can obtain from the creditors.

jonathon01

Of course I would open a basic bank account immediately after BR and immediately after this I would inform the council directly, in person, by letter and by telephone! But, through experience with my incompetent council, there is a significant possibility that they would continue transferring benefits to the old bank account. They would probably only update the details after two months and no less than five complaints from me that they hadn't yet changed it!

What does the O.R. look for in your last 12-24 months' bank statements? Do they just skim them looking for obvious anomalies or questionable transactions or do they have specific things for which they are on the lookout?

kerrypn

Hi Jonathon

You could open up a barclays or co op account before the bankruptcy and have all you rbenefits paid into it, so by the time the BR comes around it will already be set up.

I think the OR is just looking for what you have spent your income on, although someone with more experience will probably be able to give you a fuller explanation.