Timing - Br and wages in bank issue

blackbetty_3

Hello, I am begining to consider going BR. If I do, when should I put my wages somewhere else? At the moment they are paid into an account that is overdrawn so I think that account would be closed. So I would need my wages paid inot another account. I understand that I can open a co op cashminder account, but do I do this before BR or after? And I can have my wages paid to my partners account but is this a good idea?

Thank you

sausageface

Hi BB

I opened a new bank account a good few months before BK, just because with HSBC, whom I banked with, I had a loan, credit card and overdraft which I could not afford to pay.

I opened an account with NatWest (whom I did not owe money to and also none of their sister banks). I have been assured that my account there is fine (went BK 12 June) but they would down grade it to a 'step account' and I would keep the same a/c no. etc. My tax credits were paid in yesterday and I withdrew money fine today.

People here have opened Co-op accounts prior to bankruptcy and they have not been frozen (apart from the Brighton area I believe, someone will correct me if I am wrong).

I did attempt to open a Co-op a/c the day I went BK but it was referred to their underwriters. I thought I would not have been able to keep my NW account but in having been referred to the underwriters by Co-op I rang the NW thinking I would have to beg for my account but they were quite happy in any event for me to keep it.

All in all, I would open the Co-op account before as if the NW had not been able to keep my a/c open, I would have been stuck for somewhere for my wages/TC to have been paid in because the Co-op had referred it and said after the referral had been approved I would have to go into one of the branches and provide my proof of i.d. etc. (I was subsequently approved but it was too late in my wages terms to change the details)

Best to get this out of the way, I think, in case they require the same of you.

Hope that helps

xx

blackbetty_3

Yes it does help, thank you. Now you've taken that step and become BR, how is it?

UnLunDunShwazzy

I'm looking into this too blackbetty, so would be interested to know what you find out