Bank accounts and mortgage payment

kes0904

Just been doing some more research, and have been reading about bank accounts.
I'm aware that all bank accounts will now be frozen, and not to touch them.
We took out money on the morning of going to court, so we had enough to get by for the week ahead for fuel and food.
What I think I should have done is take all of it out, and put a stop on my husbands next lot of wages going in

I had opened an additional account with Nationwide to get money out of the way of our main bank, HSBC- as we had debt on cards & overdraft with them.
We had £604 in the account, and there is a further £364 going in. I maybe wrongly assumed we would be able to access this money to pay for our mortgage for this month.

Our payment for the mortgage was due out yesterday, so I spoke to the mortgage company on Thursday- who said to put a stop on the payment going out of our overdrawn HSBC account, so we avoided any additional charges from both them and HSBC.
I told the mortgage company I should be able to make a payment over the counter next week (which they gave me details on how to do this)- thinking I could hopefully access the money in the Nationwide account as it was to pay for keeping a roof over our head.

Now I wonder if this money is all taken as part of our assets.
I completely understand why it would be- I just wish I'd taken more out, and done something sooner about my husbands wages due in on Tuesday.

Oh well- we will just need to take each step as it comes.
If we pay the mortgage late- then so be it!

And is it true that you can open an account with Barclays even if you had debt with Barclaycard. The guy I spoke to at CCCS said it should be OK, but I assumed it wouldn't be as they were all the same business.
Better get a new account open first thing Monday- so we can get all our wages and direct debits swapped over!

iquit

If you have no luck with Barclays you could try The Co-op bank for a cashminder account. All the best.

Ineedaname

If your husband's wages do go into the HSBC account you should be able to access the money with your OR's help as that's not debt or assets and the HSBC has no right to keep it.

I'd try Co-op Cashminder first, when you have the new account details get your husband to inform his wages department immediately so they can pay his next wages into the new account.

The rest of the money that you put into the Nationwide account is living expenses, if the account is frozen you'll need to negotiate with the OR again to get the money back. So go withdraw it tomorrow if you can, just in case NW freeze the account as they are not BR friendly.

dojoman

You shouldhave no problem with opening a Barclays basic account, they were one of my biggest creditors and they opened one for me. I also have 2 cashminder accounts one opened pre and one post BR, as long as you do not have debts with the coop then once again you should not have a problem. The beauty being with the coop is that you can apply over the phone, whilst with Barclays you will have to go in to a branch. Here is the link for the cashminder:)

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

kes0904

Thank you for advice
My husbands wages were set up just over a week ago to go into the nationwide account- so by Tuesday, there will be just short of £1000 in there.

I believe now our bankruptcy order is in place, and we've not spoken to the OR yet, we should not touch any accounts at this stage, as you can get yourself into a large amount of trouble.

I am hoping when we explain why we need to access the money, they will release it for the purpose of paying the mortgage.

We have a Barclays in the town who said they would do what they could to help. Our nearest co-op is miles away, so thinking barclays would be best as long as we are safe with them and they won't touch our money in the account (we owe £15,000 on barclaycards).

If you open a co-op account, and there is no local branch- is it easy to use the account?

fiveyearplan

It is very easy to use Coop online and you can pay in at the post office. I've had my account nearly 4 years now and only been to a branch once.

dojoman

fiveyearplan wrote: »

It is very easy to use Coop online and you can pay in at the post office. I've had my account nearly 4 years now and only been to a branch once.

Ditto, only I have had mine for nearly 2 years and been nowhere near a branch. You would not get in to trouble using a basic account for day to day living.

kes0904

Thanks
Probably didn't explain myself very well!

When I meant I would get in trouble for touching accounts, I meant the existing account I have which we have money in- which are frozen for the first few days while they look into all of our finances.

While the accounts are frozen, I understand you are not to touch them, so will wait until we've spoken to the OR to see if we can withdraw our money from the Nationwide for our mortgage payment.

Thanks for the advice on the co-op account- sounds very straight forward.

Angiepange

Hi kes

You may be ok with your Nationwide account. We didn't have any funds in ours at the time of BR and they weren't a creditor. But luckily for us they allowed our account to remain open once they knew the OR had no interest and they just downgraded it to a cashcard plus account. I was expecting to lose it so was really happy at this outcome.

This is the number for their insolvency team 01604 854830 in case you want to ring for advice. I found them very helpful and very sympathetic to the BR.