Bank accounts for Bankrupts - Discussion Thread

mrtaximan

I applied for a Co op account as soon as i was made B/R.I was discharged after one year but kept the account going for a further year.So after two years i asked the Co op to upgrade my account as i had a faultless record with them post B/R.They turned me down flat saying it was their policy not upgrade until six years had passed.I was not prepared to accept this so i applied to Natwest and was allowed a Step account with a Visa Debit Card but no cheque book or over draft facility.Otherwise it is a fully functioning account.After running this a/c for three years i was then allowed to open a foundation a/c that is a basic business a/c that comes with a cheque book but no overdraft.My B/R is going to be removed from my file in Jan 2010.So hopefully i can then get my full credit rating back and have a big boys bank account.So it would seem that in my case going the Co op/Step a/c route was the right thing to do and i hope this story may help others trying to get a Bank account post B/R.

Mark:D

yellowmonkey

Kittie_Cat_ wrote: »

I wonder if someone can help me? When I first sought advice from CAB on BR they advised me to open a separate bank account for wages and make sure it wasn't with one of my creditors. I therefore opened one with NatWest.

However, I am now worried that this will be frozen with BR and I won't be able to access any of my money.

I hear that Co-Op and Barclays are the two best accounts to have in BR, but what do you do if you have loans/credit cards with them? Do they still let you have a basic account and not touch it for your debt?

I would be really grateful for any advice. My appointment with the OR is soon and I want to change from NatWest if I have time and it seems sensible. If I can't alter my account for wages in time for my employer to alter their records, can I still get any remaining money from my NatWest account if the OR says they have no interest in it?

Thanks again.

Hi

I had a Step account with Nat West pre BR and changed to the Co-op to get my wages and bills sorted.

Nat West were not creditors of mine and I had a letter from the OR saying they had no interest in the account.

I noticed it was still up and running and used it tentativly for small amounts ( after AD ) and seemed OK. Got a New card through the other day ( embossed Visa Debit) and I went into the branch to order a new PIN as I had forgotten the old one and have transferred money into it and am using it for food and petrol.

As has been said though it is not the norm and I can count myself lucky

Kittie_Cat_

Following my previous thread a few weeks ago, I went to Barclays to open a basic account with them. The staff were really helpful, but said that in their experience I am unlikely to get an account with them whilst undischarged as they were one of my creditors. Two staff members then rang separate head office departments who said there shouldn't be a problem as long as there's no fraud involved. However this is obviously not the experience of the branch staff.

We have sent off the paper work anyway, but what is the general experience of everyone of Barclays if they were a creditor? What if they don't let me, can I appeal? If that doesn't work what are my other options? I also had debt with Co-Op so figure I'll have no luck with them either.

Thanks.

confuzzled7

Kittie_Cat_ I think, based on what others have said previously, Co-op are usually more BR-friendly, even if they are a creditor of yours, so chances are you'd be able to get a basic account with them. If you get really stuck (as I did) then consider an account with the Secure Trust Bank (google 'em and all the info is on their website). They don't do any credit checks, were fantastic with me when I opened an account with them when I went BR, and have been great since then - I can't recommend them highly enough. The downside is that you do have to pay them to 'manage' your account (£12.50 / month) but I had no other option (Barclays were a creditor and refused to let me have a basic account; Co-op could find no record of my address on their system) but STB proved to be the solution for me. (You get a mastercard that's worked everywhere for me apart from randomly being refused at some Tesco Pay at Pumps - works if you go in the kiosk, though; full internet banking; cheques raised on request (but no cheque book); and can pay in cash/cheques for free at any Barclays, or for a small fee at most other banks)

To be honest I had a Lloyds Current Account prior to going BR (they weren't a creditor of mine) and, as they never closed the account, I'm hoping to go back to them soon so I get free banking as I'm now discharged - but that's no negative reflection on STB, just that there's no point paying for banking if I can get it for free elsewhere now.

angrydotcom

I successfully opened an account with First Direct, who are part of HSBC. You need to remember that you cannot open an account with anyone you may have connected debts with.Alliance & Leicester is part of Barclay card so is you hve Barclays debts dont try there.

andyf1980

angrydotcom wrote: »

I successfully opened an account with First Direct, who are part of HSBC. You need to remember that you cannot open an account with anyone you may have connected debts with.Alliance & Leicester is part of Barclay card so is you hve Barclays debts dont try there.

A&L is part of the Santander group. I wouldn't touch them with a barge pole as their customer service is beyond terrible

catherinerose

cheesed off. cab advised us to open a co-op account(basic). we have done this and i have now read on here somewhere that the account may be frozen or we will need permission to use the accounts. there was us trying to be organised and it seems it will not help. we only opened them so we can get wages/benefits etc paid in and pay our mortgage and other essential bills.

do u think we will be affected and the accounts frozen or OP not allwing use?

dojoman

I opened mine 10 weeks before going BR, by the time I went BR all my DD`s, SO`s and incomes were going in and out of this account. I mentioned the account to the OR in my initial telephone conversation at the court, she just said to tell the Coop she had no interest in this account. The account was never touched and is still running fine nearly 2 years on. As long as you are not in Brighton you should be fine.

Mismanagement

I posted in the June 2011 BR club also but am curious about the Brighton comment , as I am just about to go through BRand live in Brighton !

IF

Mismanagement wrote: »

I posted in the June 2011 BR club also but am curious about the Brighton comment , as I am just about to go through BRand live in Brighton !

I've replied on the June BR club thread, click on link below:-

https://forums.moneysavingexpert.com/discussion/comment/44363904#Comment_44363904