please advise: how long will my bank acc be frozen for?

oriana

does anyone know how long your bank account gets frozen for when you go bankrupt?

i imagine it depends on circs, so heres some info about my situation:

i have approx 45k unsecured debt.

i dont have a mortgage, and my only asset is a car, worth max 200GBP and essential for my job. i earn approx 12k p.a. (gross pay).

any help would be much appreciated.

x

oriana

p.s

i am currently saving for the 460GBP to declare myself BR, but looks like one of my creditors might beat me to it! does anyone know if it makes a difference (esp re: my bank account) if they do it or i do it?

x

serena

Hi Oriana,

I am sorry that I can't help with your question, but I am posting this to bump your question higher up the page, where someone much more expert than me may see it and reply soon!

loubie_lou

Hi I'll bump you up to!!! :rotfl:

Can anyone help Oriana?

smokey112

Our account was not frozen when we declared BR last Oct - saying that is was only a basic account - our OR told us that our bank didnt usually bother about freezing accounts but if it was it would be unfrozen same day.

If you owe money to the bank where your account is I would shift pronto.

HTH

Ang
x

Addicted2Chocolate

If the account is overdrawn then OR sends a letter to bank informing them of the bankruptcy and asking them to close the account. This is to prevent the account getting further overdrawn eg by direct debits.
If the account is in credit and used for receipt of wages , benefits or income, then you need to make this clear in the statement of affairs (section 5.4 Bank Accoutns asks for all bank account numbers addresses, whether used for receipt of income, and balances). Then OR will send letter to bank informing them of the bankruptcy but stating that the account is used for receipt of income and that continued use is matter for the bank. It is then up to the bank to decide. Some have policies not to allow undischarged bankrupts to operate any account.
If overdrawn maybe open new basic account such as Post Office and arrange for income to go in there.

Xbigman

Standard advice is to open a new basic bank account. If you have a current bank account you are unlikely to keep it open having gone bankrupt. Exception would be if you did not owe the bank anything, on that account or others, and they agreed. Open a basic bank account ASAP just in case.
Regards



X

oriana

thank you for your help everyone!

my account is with the cooperative bank. does anyone know what their policy is re: BR & freezing/closing accounts?

it is a fairly basic account: i have an electron card, cheque book (but no guarentee card) & 100GBP OD facility.

i am OD at the moment, but its payday next wk. i would like to get rid of the OD facility then, to make it a 'true' basic account, but i will hopefully be declaring BR in the next couple of wks _pale_ , so would this be perceived as 'favouring a creditor'? i go OD each mth, but then its paid off on payday.

(the reason i want to try & stay with this account is that ive had it for approx 5yrs & i dont have any other debts with coop)

x

cd02

i was told by CAB that as soon as you declare yourself br, its up to the bank to frezze your account but that 99.9% of the time they do/would.

was then advised that there are 3 banks that will let you up a new account afterwards.. co-op, barcaleys and another..

so if you're going br, do it after you get paid, withdraw your money and that way, if its frozen, you've got cash in hand to open a new account.

poppy52

If the Co-op account is a cashminder account then apparently they often won't freeze it. Since this account doesn't have a cheque book and no real debit card (only an electron) you can't get any credit on it anyway.

crystal_clear

Just a quick question for a friend.
Recently they were declared bankrupt and had wages paid in Halifax but OR told bank of Bankruptcy and they immediately proceeded to close account on them even though in credit....
My question is who can you bank with whilst bankrupt ??? They are not discharged yet as only recently happened ????
Crystal