Bank Accounts

Maybeelady

Hi,

A couple of quick questions about bank accounts that I hope someone may be able to answer for me!

From what I can gather, once BR I can only open a basic account with either the Co-op or Barclays - as I currently bank with and have a loan with Barclays, I guess its safe to assume that Co-op will be my only option!

As I get paid weekly by cheque would it be considered ok to not bank my last cheque or two before going BR, in order to be able to pay them into my post BR account so that I can pay rent and bills?

Am guessing there would be no point opening an account with Co-op just before going BR as it would automatically be frozen? Or have I got this wrong?

Any advice greatly appreciated!

Round_The_Bend

Maybeelady wrote: »

Hi,

A couple of quick questions about bank accounts that I hope someone may be able to answer for me!

From what I can gather, once BR I can only open a basic account with either the Co-op or Barclays - as I currently bank with and have a loan with Barclays, I guess its safe to assume that Co-op will be my only option! Not necessarily. Barclays have permitted some individuals to open accounts (I think it's called the cashsaver), even if Barclays is one of their creditors.

As I get paid weekly by cheque would it be considered ok to not bank my last cheque or two before going BR, in order to be able to pay them into my post BR account so that I can pay rent and bills? Yes, no problem but it might be an idea to keep a record of your expenditure in case the OR (official receiver) asks.

Am guessing there would be no point opening an account with Co-op just before going BR as it would automatically be frozen? Or have I got this wrong? So long as you are not filing in Brighton, you can open the Co-op account prior to bankruptcy. Just let the Co-op and the OR know what it's for.

Any advice greatly appreciated!

Keep posting any questions.

Maybeelady

Am I missing a trick?? I can open a new basic account before BR and it won't be frozen along with the rest?

fermi

Maybeelady wrote: »

Am I missing a trick?? I can open a new basic account before BR and it won't be frozen along with the rest?

The OR will normally allow to to continue to operate a basic account.

The rest is up to the bank.

Barclays and the Co-op will normally not close/freeze a basic account. Other banks will just close them without notice, so don't bother.

So_Sad_Angel

Personally I have a 2nd Coop account opened that has no usage on it.

As I bank Coop anyway I shall switch DDrs over on BR date to the new account.I did find that opening a 2nd account was very straightforward...just a phone call as they already had ID & V from first account anyway so knew me already.

Barclays get their `knickers in a twist` in the branches when faced with a BR case & I did`nt have the time to keep arguing with them. Steer clear is my advice. (then that`s just my opinion of course).

Angiexx

wayforward_2

fermi wrote: »

The OR will normally allow to to continue to operate a basic account.

The rest is up to the bank.

Barclays and the Co-op will normally not close/freeze a basic account. Other banks will just close them without notice, so don't bother.

It's so annoying - we opened up a bills and a spending basic account with Halifax when we set up the DMP and went through all the hassle of transferring DD's and salaries and child bene etc - that account is running fine yet in prep for BR we are having to do it all over again with Co-op! Should have done it with them in the first place!

Maybeelady

Co-op have told me it takes about 14 days to open an account with them!!

Have been reading through posts and noticed some people have said that they've had their account closed when BR goes through and have had to do it all again afterwards. Is this still happening? I'll need somewhere to pay my salary into, so won't be able to wait for two weeks after BR date!

fiveyearplan

Most people don't have their basic account frozen and if they do it is only for a day or two. If you can hold on to a couple of cheques and pay them in after you have gone BR that would be a good idea and when you do go BR make sure your bank balance is close to £0 just in case.

kutiez2005

I opened a new account with COOP yesterday in prep for bankruptcy. I asked them if it would be frozen when I go BR and they said most of the time it doesn't get frozen at all but sometimes it is frozen for about 24 hours and thats it.

Hope this helps.

K

ladylumps45

are direct debits allowed out of the coop cashminder account? im going to have to open mine online as there is none around here.
my husband went BR in april so would i be able to open it up in joint names as they are BR friendly or not?
is the account just a cash card?

ladylumps45

meant to ask as well,what account is it at barclays that doesnt get frozen that is basic? i might be better applying there as one is near us.