Looking into BR, but starting Uni in Sept. ??Student Loan??

NeverAgain_2

...They won't do either, so relax...

I wonder if the OP will automatically qualify for a student bank account to pay the money into?

Could be quite handy in terms of financial rehabilitation.

cutie_cupcake

What does this mean please NeverAgain??

NeverAgain_2

...What does this mean please NeverAgain??...

Some bankrupts find it hard to get a bank account, although there are options.

Your grant money will have to be paid in somewhere so you can use it.

If that means you automatically qualify for a student bank account, that could be very useful because it means you won't have to worry about finding another one.

And the bank who gets your loan won't know you are a bankrupt, so you will be able to get a debit card, a chequebook and full internet banking, which some banks won't give to bankrupts.

And when you've finished studying, they will automatically upgrade the account to a full one, which could save you more bother.

So all-in-all, it could be a very good thing for you.

tigerfeet2006

No they won't be able to get a student bank account. They will only be able to get the Co-op Cashminder or the Barclay's Cash account.

NeverAgain_2

There was an Insolvency Service link posted on here a day or so ago which said a bankrupt does not need to tell the OR if they open another bank account.

From a good housekeeping point of view, it would seem sensible to have the student loan paid into its own account.

Nothing to stop the OP wandering into the campus bank and saying: "I have a student loan on the way, can I have an account?"

As a separate point, the link also said the bankrupt is obliged to inform the OR if they get any extra money.

Not sure where a student loan fits into that, but it will have happened before, so the OR ought to know how it should be dealt with.

cutie_cupcake

Am confused again now...???

NeverAgain_2

...Am confused again now...???...

The short answer to your question is: Yes, you will almost certainly be able to get your student loan.

The mechanics of it will fall into place one way or the other, but if there's something in particular you are unsure of, just ask - I'm sure either me or somebody else will help.

tigerfeet2006

Cutie, dOn't be confused. You will get a student loan, you won't be able to get a student bank account or overdraft etc. You will have to open a Co-op Cashminder or Barclays Cash account before you go BR to get all your banking sorted ready to go BR and your student loan will go into that account. Just let the OR know when it goes in but he will have no interest in it as it is for your expenses as a student.

kepar

Quick question, judging by what my son will get if he gets to go to uni later this year it is not going to be enough to support him. If you go br how are you going to raise any extra funds? As others have said a Student Loan is not credit checked. Unless you are living at home and managing to walk there, your expenses will be more than you get, especially if you are having to live off the loan.
Whilst I appreciate you could work, this will have to be declared.

But I am sure you will have looked into all this, and been advised when you spoke to one of the debt charities.
Good luck with your course.

missyp123

I am in receipt of a student loan, and have it payed into my co-op account, i am still undischarged.

I know how worried you can get about applying for credit etc, i checked with the loans office and my OR bith said it was fine.

Dont worry x