Bank Accounts Conflicting Opinions..

laiste_2

I'm getting more & confused as I read the posts on bankruptcy & accounts. Can you anyone help me to dispel at least some of my doubts as as I need to make a decision about this matter asap.

I have three current accounts, Santander (ex-Alliance & Leicester -£200 overdraft), Santander (ex-Abbey National -£500 overdraft) and Co-operative Bank (£300 overdraft). Needless to say, they're are all overdrawn. Co-op Bank wanted me to pay it back asap, so I had to include that on my DMP.

There are conflicting opinions on this forum about b/accounts. Some people say you should open a basic account before bankruptcy, others say if you do that the account will be closed and you'll be left high & dry.

The problem is both Barclays & Co-operative bank are my creditors (and Barclays a very big one

My questions are:

1- Are they likely to accept me as a client for a basic account when I owe them??
2- Does anyone know about the Natwest Step Account? I heard that is another possibility for basic account.
3- Shall I close my current accounts before BR ? Anyway, can one close an account when we're overdrawn?

I'm totally confused an lost and don't have a penny to pay for BR advice. Thank you!

philnicandamy

laiste wrote: »

I'm getting more & confused as I read the posts on bankruptcy & accounts. Can you anyone help me to dispel at least some of my doubts as as I need to make a decision about this matter asap.

I have three current accounts, Santander (ex-Alliance & Leicester -£200 overdraft), Santander (ex-Abbey National -£500 overdraft) and Co-operative Bank (£300 overdraft). Needless to say, they're are all overdrawn. Co-op Bank wanted me to pay it back asap, so I had to include that on my DMP.

There are conflicting opinions on this forum about b/accounts. Some people say you should open a basic account before bankruptcy, others say if you do that the account will be closed and you'll be left high & dry.

The problem is both Barclays & Co-operative bank are my creditors (and Barclays a very big one

My questions are:

1- Are they likely to accept me as a client for a basic account when I owe them?? Co-op unlikely as they're a past creditor BUT nothing to stop you looking at a basic barclays acc AFTER you go bankrupt, they were my biggest creditors & they offered me an account along with many more here..
2- Does anyone know about the Natwest Step Account? I heard that is another possibility for basic account. Natwest wont entertain you for an account until your discharged from bankruptcy
3- Shall I close my current accounts before BR ? Anyway, can one close an account when we're overdrawn? if the accounts are o/d then they'll not let you close them unless you pay the ammounts owing..

I'm totally confused an lost and don't have a penny to pay for BR advice. Thank you!

Just a few thoughts

dojoman

laiste wrote: »

I'm getting more & confused as I read the posts on bankruptcy & accounts. Can you anyone help me to dispel at least some of my doubts as as I need to make a decision about this matter asap.

I have three current accounts, Santander (ex-Alliance & Leicester -£200 overdraft), Santander (ex-Abbey National -£500 overdraft) and Co-operative Bank (£300 overdraft). Needless to say, they're are all overdrawn. Co-op Bank wanted me to pay it back asap, so I had to include that on my DMP.

There are conflicting opinions on this forum about b/accounts. Some people say you should open a basic account before bankruptcy, others say if you do that the account will be closed and you'll be left high & dry.

The problem is both Barclays & Co-operative bank are my creditors (and Barclays a very big one

My questions are:

1- Are they likely to accept me as a client for a basic account when I owe them?? The Coop will not but Barclays will, the only problem being that if you do open an account with them before BR they may claim any funds in the account at the time of your BR.
2- Does anyone know about the Natwest Step Account? I heard that is another possibility for basic account. Natwest are very anti BR.
3- Shall I close my current accounts before BR ? Anyway, can one close an account when we're overdrawn? It will not matter as they will be closed by the banks once the OR informs them of your BR.

I'm totally confused an lost and don't have a penny to pay for BR advice. Thank you!

Hi and welcome, hope this helps?

Too quick for me Phil

wolfers

I hate to add to the conflicting advice you've received but I disagree with the last two posters. I had my main bank account with the Co-op and when I went bankrupt I owed them about £10,000. Despite this, they were happy to open a basic bank account for me after I'd gone bankrupt. They were super nice about it and super efficient about setting it up.

As to timing, I opened the account (and a Barclays one) after I'd gone bankrupt. I drained my current account of cash before I went bankrupt (about £100) so I had something to live on while the new accounts were being set up. Why two accounts? Well, I originally opened a Barclays one, which was fine, but they don't allow bankrupts to have online banking, so I dumped them and opened the Co-op one.

andyf1980

I think that as others have posted previously, there's an element of "luck of the draw" as to who you speak to at either coop or barclays. I suspect that procedures at both banks are not that widely distributed. At the end of the day there is little for the bank to gain from a brs business.

As a reformed banker :A I think it's a short term view. I would be much more likely to stay with a bank post br (and make them money) if I had good service during my br. Plus as they pay zilch interest they have the use of your money to place in the markets

philnicandamy

wolfers wrote: »

I hate to add to the conflicting advice you've received but I disagree with the last two posters. I had my main bank account with the Co-op and when I went bankrupt I owed them about £10,000. Despite this, they were happy to open a basic bank account for me after I'd gone bankrupt. They were super nice about it and super efficient about setting it up.

As to timing, I opened the account (and a Barclays one) after I'd gone bankrupt. I drained my current account of cash before I went bankrupt (about £100) so I had something to live on while the new accounts were being set up. Why two accounts? Well, I originally opened a Barclays one, which was fine, but they don't allow bankrupts to have online banking, so I dumped them and opened the Co-op one.

as I said to you on previous occasions wolfers...you were lucky plain & simple

nothing stopping OP trying but dont be suprised if the answer turns out a "no"...I had a cleaned up credit file managed to obtain a credit card & a full account with natwest...thats after the co-op said I wouldnt stand a chance of an upgrade or indeed a new account until the bankruptcy fell off files in 6yrs