We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.

Going BR but have existing Co-Op account

[FONT=Verdana, Arial, Helvetica]I've just had a perfecly acceptable IVA rejected (thank you Northern Rock) and am now looking at bankruptcy as the only viable option. I'm not at all worried about it, just concerned with a few logistical details. The main one is my bank account.

In preparation for the IVA I'd already opened a Co-Op Cashminder account which is now fully functioning with wages going in and all my bills coming out via direct debit. Will I now lose this account when I apply for bankruptcy? If so, what should I do to cover my bills when this happens and where do I go next for a bank account? My creditors are Northern Rock, Barclays, RBS and HBOS.
[/FONT]

Comments

  • Robinho
    Robinho Posts: 12 Forumite
    I would say it is unlikely but as with any bank account it is at the banks discretion. If you are that worried then ask co-op beforehand, if for nothing else then to give yourself time to open another account incase they say no.
  • diddly74
    diddly74 Posts: 821 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Hi Dobby

    We had the same thing happen to us. IVA rejected so we went BR. We had also opened a BASIC Bank account with the Co op in prep for the IVA, well what I thought was the basic account, that is what I asked for but it seems they gave me a current account not a Cashminder . Just check with them that is definitely what you have and if so, it should be fine once you are BR, if not they will close it but as long as you have operated within the limits of the account you have now they will happily open you another cashminder straight away (thats what we did - a few DDs were messed up but that all got straightened out quickly).
    Donna
    Economy; careful management; providence. Whether you call it thrifty or frugality it all comes down to getting more for your money.
  • curly04
    curly04 Posts: 7,247 Forumite
    Just check what account you have with them like the others say
    But i opened my cash minder account about 5 months before BR as I had to save for the fees
    Total Weight Loss - 28lb and counting
    AD 17/11/2010
  • dojoman
    dojoman Posts: 12,027 Forumite
    As the others have said as long as it is the casminder account you should be fine. I opened mine 3 months before going BR, and like you I had it all fully functioning. As long as you are not in Brighton you will be fine, but for some reason the Brighton OR insists that the account pre BR be closed, and to open a new on after BR, strange but that is the only place in England that it happens.
    :pB&SC No. 298
    Life`s Tragedy is that we get OLD too soon
    and WISE too late!
  • I opened my co-op a couple of months before my BR and never had a problem at all
  • Loopy1
    Loopy1 Posts: 223 Forumite
    I've just literally opened a Co-op account and the assistant said its generally for people who are BR and I said I would be applying for BR and he was fine.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.4K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 241K Work, Benefits & Business
  • 617.3K Mortgages, Homes & Bills
  • 175.7K Life & Family
  • 254.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.