Newbie - Clarifaction on cash & Bank Accounts

obewan

I have currently a Nationwide ( Cash)& Nat West ( step) accounts . I realise that both accounts likely to be frozen on bancrupcy, which I am considering.

Couple of questions:
1. Posts on site suggest clearing out cash before handing in you bancrupcy petition - won't the OR pick this up & say this should not have been done ? What if it is £ 1000+.
2. Exactly when should a application to say Co-op for a cash account be made ? after handing in the petition or after you have your interviews with OR etc.. I am advisedit can take 4-12 weeks for the bancrupcy to become " official".
3. I assume " cash " credit cards need to be cleared as well.

Thanks

tmcd01

obewan wrote: »

I have currently a Nationwide ( Cash)& Nat West ( step) accounts . I realise that both accounts likely to be frozen on bancrupcy, which I am considering.

Couple of questions:
1. Posts on site suggest clearing out cash before handing in you bancrupcy petition - won't the OR pick this up & say this should not have been done ? What if it is £ 1000+. You need money to pay br and to pay bills/food etc in cash whilst sorting things out. OR should accept this.
2. Exactly when should a application to say Co-op for a cash account be made ? after handing in the petition or after you have your interviews with OR etc.. I am advisedit can take 4-12 weeks for the bancrupcy to become " official". Br is offical from the moment you finish in court. Open co-op account before br if poss and get everything ready. Tell or about it and that you will be using it and they should have no interest in it.
3. I assume " cash " credit cards need to be cleared as well. Yes

Thanks

Hope this helps a little.

obewan

tmcd01 wrote: »

Hope this helps a little.

Thanks - if I open the account now, surely this has to go down on the petition & will be frozen , even if not used ?

startagain_2

obewan wrote: »

Thanks - if I open the account now, surely this has to go down on the petition & will be frozen , even if not used ?

Yes it does go on your forms but the OR will ask you which of your accounts has your income going into it - the Co-op are BR friendly and the account will probably not even be frozen at all. If it is, the OR will contact the bank and it will be reopened.

HTH

SA

philnicandamy

Only 2 occasions of someone with a co-op account opened before BR have had them closed/frozen (although this probably was down to a grumpy OR in brighton) you should be fine as the OR has no interest in a basic account