Cardone Managed Account

0scar123

Has anyone on here used a Cardone managed bank account? If so, what was your experience? I am thinking of opening an account with them.

philnicandamy

Any reason why you cant open a free basic account elsewhere?

skylight

0scar123 wrote: »

This is my situation. I am 76 years of age and in receipt of State pension, pension credits and council housing benefit.
My total income is about £600 per month.
My credit card and overdraft debts total £7000, and I am currently making repayments of £200 per month which is one third of my income and means that I have no hope of reducing my debts in the near future.
My utility payments (gas, electricity and water) are in the region of £130 per month. Virgin cable (phone, TV) is another £40 per month, leaving very little remaining for groceries, etc. Holidays are out of the question.
My car is a 12 year old Corsa worth about £400 and I have no other assets.
I am now seriously considering bankruptcy as the only way out of this mess.
My question is, in view of my current financial state, how much would I have to pay in court fees, etc?
Can the bank touch my state pension income?
Your reply appreciated.
0scar

Looking at your other post, Oscar, plus this one.

No - dont pay for an account that you can get for free. The Co-Op offer the cashminder as a free account with online banking and a debti card. Plus the usual direct debits etc. Dont pay for something unneccessarily unless you are forced to.

As to your position, if you only income is a state pension and a state top-up (credits), then no, you will not pay anything in a IPA after BR and you can get the court fees waived with the right paperwork and proof - will still cost you around £350ish though for the OR fees. Currently the bank CAN take your pension for repayments you owe them, but not after BR. You can change your account now before BR to stop this from happening.

Personally, as you have no assets (barr the low value car) then BR or a DRO would be great for you. A DRO would be cheaper to get.


I am going to be blunt now, but be aware that due to your age, the debt collectors are going to try to take you for a ride. Once you stop paying them, they are going to threaten all sorts, like prision, bailiffs etc. They will use your age to scare you into paying money and they are good at what they do. Do not answer their calls. Change your phone number and ignore all letters.

script

Hi Oscar,

Sorry to hear about your troubles.

It may be that a Debt Relief Order will be suitable for you.

It's simpler and a lot less expensive then Bankruptcy.

To see if its appropriate - go to the second post on the first page of the forum.

0scar123

Thanks for that. Would the basic account also be frozen if I go bankrupt? I am currently not being chased for any debts, as I have done my best to keep up repayments, but I see no light at the end of the tunnel. I find it all very daunting.

skylight

Basic accounts are not normally frozen by the ORs as they have no interest in them (no debts etc). However, it is then up to the bank themselves to keep the accounts open and this is where many banks say no. With the exception of Barclays and the Co-Op, but the Co-Op one has online banking etc where Barclays does not.

0scar123

Thanks again, Skylight, (and everyone else How do I go about opening a Co-op account? Sorry to be a pain, but this is all new territory to me.

philnicandamy

0845 602 7057.....tell them you want to open a cashminder account as your considering bankruptcy & they'll sort it all for you no hassles

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts?WT.svl=copy

0scar123

Thanks once again. I'll get things moving. Feel better already.