Bank Account advice please!! Panicking!

stressedandconfused_2

Only my 2nd hour registered with this site and have already had kind, helpful answers from members, thanks a lot, I feel less alone in this horrible mess! I am so confused about the procedures (did a certain amount of research into all this, but now its happening I am panicking that I am doing things wrong and dont want to get into any more trouble! Before deciding to go bankrupt, I had an IVA and when I set that up I opened up a basic Nat West Step account, one of the few who would accept an IVA customer, have no cheque book, just cash / debit card, having been declined for a few other accounts under the circumstances. I have a very modest salary (was made redundant last year and took drastic pay cut) my partner is shouldering most of our outgoings, the account currently has about £300 in and next friday another £400 will go in, I am paid fortnightly. The OR letter says I should only spend money on usual day to day requirements. I havent returned my BR forms yet, I am still gathering the information, I was made bankrupt on 14th August, got the forms on 22nd. Should I have closed my bank account? Am I committing an offence using the account? Who closes it and will it definitely be closed? Am I supposed to cancel Direct Debits, eg what about my car insurance (my main concern) Can anyone help? Anyone been able to keep their account open? Can it be frozen without my knowledge? Should I wait til paid next week and draw out the cash? What about buying food for my daughter and paying for my MOT etc? Really panicking, it will be too late to open a new account, change DDs, change bank details with my employer etc within a week or 2 when they all fall due... HELP!!!!

and another one (sorry!!) does my employer have to find out about my BR? I am certain I would lose my job, just due to reputation etc of the business, its a small business and I am sure this would happen.

Thanks very very much to anyone who takes the trouble to plough through all this!!

peachyprice

Welcome to the forum!

Firstly take a deep breath.
On Monday phone your OR and just give them a quick courtesy call for permission to use your NatWest account, as long as it's a basic account they will let you use it, once you have the OR's permission you can leave all your DD's as they are and can carry on as normal, you don't need to take all the money out.

However, I would be inclined to open another basic account with either co-op or Barclays just incase NatWest decide to close your account, which they can. It's not the OR who closes or freezes account, it's the banks and sometimes they do it without any notice. You can open a Co-op cashminder account by phone.

There's no reason why your employer should find out about your BR.

HTH

fiveyearplan

Hi and welcome. I would hold off on MOT for the car until you ascertain whether or not you can keep it. It would be a waste of money if the OR doesn't exempt your car. When you phone him on Tuesday to ask about the bank account why don't you mention your car? It would also be a good idea to fill in your SOA on here before you submit your forms. Here is the link. Fill it in and when you get to the end format for MSE.

http://www.makesenseofcards.com/soacalc.html

peachyprice

Ooops forgot it's a bank holiday tomorrow, thanks FYP

stressedandconfused_2

Peachy Price, 5 Year Plan and loads of you (cant remember all the names without back-spacing etc etc, who have taken the time and trouble to help me and give advice - after only 24 hours registered on this site, I already feel like I am not alone and 10,000 times better prepared to face this seemingly unbearable situation. Everyone who has already given me support and advice - a HUGE thank you. I am at the very beginning of what I expect is going to be a very stressful "journey" (not unlike the X Factor...") I have hundreds of questions to ask, and I can't tell you how much I value your support x Thank you so much

So_Sad_Angel

stressedandconfused wrote: »

.....I am at the very beginning of what I expect is going to be a very stressful "journey" (not unlike the X Factor...") I have hundreds of questions to ask, and I can't tell you how much I value your support x Thank you so much

Hi S&C welcome Hun.

Ask away ...& remember the only stupid question is the `unasked` one.

We all know the stress & understand that a problem shared etc....remember knowledge is power & being `informed` about your situation will empower you to seek the solution. So read, read & read some more.

Take care, Angiexx