BR - Bank account advice

raypadams

Hi All,

We are currently preparing for when my partner goes bankrupt. We have opened an account with Co-operative bank (Cashminder) and her work now pays her wages into that A/c. We thought this was good preperation but I fear that we have been to hasty! will this account be frozen when she goes BR?

If so will she be able to open another cashminder account with Co-op after the BRO has been made, or will we have to open one with another bank?

Cheers All
Ray

JennyGiraffe

Hi Ray,

I have also just opened an account with the Co-op, and was told that it would not freeze and would be suitable to carry on using afterwards. This seems to be what a lot of other people have done as well.

Jenny

startagain_2

raypadams wrote: »

Hi All,

We are currently preparing for when my partner goes bankrupt. We have opened an account with Co-operative bank (Cashminder) and her work now pays her wages into that A/c. We thought this was good preperation but I fear that we have been to hasty! will this account be frozen when she goes BR?

If so will she be able to open another cashminder account with Co-op after the BRO has been made, or will we have to open one with another bank?

Cheers All
Ray

Hi raypadams,
After you have been declared BR and have your little chat with the OR they will ask you which of your bank accounts has income paid into it?
As the Co-op cashminder is a BR friendly account - the OR will declare no interest in it and it shouldn't get frozen. If it is, just inform the OR and they will contact the bank to get it defrosted! No worries.
Mine has stayed open all through. Pre and Post BR.
HTH
SA

philnicandamy

i've only known 2 occasions where co-op cashminder accounts have had to be closed on the instructions of an OR....its very rare an OR will touch the account (unless you have a large ammount of cash sitting in it) you should be fine

betterlife2009

When you were applying for the co-op account did you tell them you were going bankrupt?

startagain_2

betterlife2009 wrote: »

When you were applying for the co-op account did you tell them you were going bankrupt?

Yes, it isn't a problem.....
Honestly

SA

louisebt

When i went br i had 3 acounts all were frozen straight off.... tho it was about 6 years ago

startagain_2

louisebt wrote: »

When i went br i had 3 acounts all were frozen straight off.... tho it was about 6 years ago

Who were they with?

It is probably worth saying again - the two BR friendly accounts that are widely used on here are the Co-op Cashminder and Barclays Cashcard.

SA