My shiny new Co-op account

JennyGiraffe

Hi all,

A quick question has popped into my mind....

I have my shiny new Co-op account (as the title suggests!) for use after BR...will the OR have any interest/take any notice etc what the balance of that account is at the time? I'm obviously not talking about squirrelling away thousands, but if for instance I had a couple of hundred pound ish balance at the time of BR would it be affected. Obviously it's for ongoing bills....;)

Thanks

sieve

I think they would take it from what I've heard but am happy to be put right.

I intend to have all the money I need for bills/mortgage etc withdrawn as cash a few days beforehand, so that I can survive the month. I think they only take what is in the account on the day of BR though so it wouldn't be long before you could start funding it again.

JennyGiraffe

Thanks Sieve, can't say I like that answer!! :rolleyes:

Anyone have any advances on that....:D

notfes53

Jenny,

I opened my Co-Op account before my BR (05/01/09), like you. I kept it empty and made it clear on my Debtor's Petition SOA that this was a new account for use only after my Bankruptcy Order. They ignored the account (i.e. didn't freeze it) and I'm using it now with no problem.

I agree with Sieve - get out cash for your essential living expenses, and then pay it in to the Co-Op account after you are declared BR.

It is often a good idea to plan your BR Petition for just after you get paid, so that your pay can be withdrawn first and not get mixed up with the BR. You should, of course, declare it as Cash In Hand on the SOA, but when you eventually get your OR interview, you'll probably have spent or comitted most of it anyway.

It would make sense not to leave any spare pay/funds in a bank account connected to any of your creditors as (if you've already agreed to relevant terms and conditions) they could have the right to seize it to set against your debt to them.

Hope that helps.

startagain_2

JennyGiraffe wrote: »

Hi all,

A quick question has popped into my mind....

I have my shiny new Co-op account (as the title suggests!) for use after BR...will the OR have any interest/take any notice etc what the balance of that account is at the time? I'm obviously not talking about squirrelling away thousands, but if for instance I had a couple of hundred pound ish balance at the time of BR would it be affected. Obviously it's for ongoing bills....;)

Thanks

Hi Jenny,
When I had my chat with the OR office just after my BR I was asked which of my bank accounts my income went into? I replied that it was the Co-op and the account had been opened just to use post BR (everday living) - it has not been closed or frozen at all. I have to say that there was only £12 in it at the time. Just to be on the safe side you could always withdraw it just before BR "to pay for food and bills" and deposit any that is left after BR.
HTH
SA

JennyGiraffe

Ok, thanks for your advice guys, I wont take any chances!