Bank account advice help!!!

becky_d_2

Hi just need abit of advice really,

Im due to go Bankrupt in 2 months and really confused as to what is going to happen with my bank account, i hear the OR is going to own it basically and that it gets frozen but for how long???

And do i need to get another bank account opened before i go BR!!

im currently I.V.A 'd so not really got a good credit history

please help me .....

mazman83

Hi

Somebody should be along shortly to help you more, but yes your Bank/creditor accounts will be frozen, not by the OR but by the bank itself once they find out you are BR.

There are some basic bank accounts you could open which have no overdraft and no cheque book facilities. So you can have your salary/benefits paid into.

Have a look at these stickies which will give you some ideas

https://forums.moneysavingexpert.com/discussion/1056083

https://forums.moneysavingexpert.com/discussion/1639655

tigerfeet2006

Who do you bank with at the moment?

IF

Hi Becky, They are only two BR friendly basic bank accounts. The Coop cashminder account and Barclays basic account, if the Coop are a creditor they are unlikely to accept you for a cashminder account, if Barclays are a creditor you can open the basic account after you are BR. Both provide debit cards but only the Coop allow access for internet banking. If you can open one now, both accounts will set up DD for your utility bills etc.


Best wishes
If...x

IF

becky_d wrote: »

Im due to go Bankrupt in 2 months and really confused as to what is going to happen with my bank account, i hear the OR is going to own it basically and that it gets frozen but for how long???

Oh and forgot......It is the bank themselves that freeze bank accounts not the OR so when you speak to the OR's clerk on the phone (either at the court or later) they'll ask you a few questions and you ask them you wish to use your coop/barclays basic account as your pay and DD's go through it. They will then speak to the bank and say they have no further interest in the account.

If...x

becky_d_2

HI great advice already thankyou !!!

i bank with lloyds tsb at the moment , 1 of my creditors is barcleys so cant really go with them, just out of being cheeky wouldnt go with them!!! will i have my account frozen for ever then so cant bank with lloyds at all ???

JustinCredibleGillespie

It wouldnt be very wise to bank with one of your creditors. Ring Co-op and apply for their Cashminder account. They aren't connected with anyone else except Smile I believe.

Best of Luck to you

becky_d_2

lloyds bank isnt 1 of my creditors went with them just before i was I.V.A 'd so havent borrowed anythink with them got £100 o/d and never been in debt with them so as far as there concerned everythink has been run smoothly just let all know xxxxx

Also can i tell co-op im due to go BR and thats why im opening a cash minder account????

IF

becky_d wrote: »

HI great advice already thankyou !!!

i bank with lloyds tsb at the moment , 1 of my creditors is barcleys so cant really go with them, just out of being cheeky wouldnt go with them!!! will i have my account frozen for ever then so cant bank with lloyds at all ???

As Justin says ring Coop today 08457 212212 unless you have a smile account. Yes Lloyds will keep your account frozen once BR unfortunately.

EDIT: yes tell coop the reason is BR, they are lovely and don't judge :beer:

tigerfeet2006

Lloyds will freeze your account. Barclays you can open after your BR. Co-op Cashminder you can open now.

Open it over the phone 08457 212212. You can use the Post Office or Brittania BS to deposit money into your account. You get a visa debit card, telephone and internet banking (internet is a bit slow to update, so although it says available balance is x amount it may be lower, so keep an eye on that.) You can use any link machine. You can set up DD's and SO's as well.

I would suggest you get it up and running before BR. You tell the OR htat this is your post BR account and he should declare no interest. Co-op are very BR friendly and don't freeze accounts and if for some reason it happens a quick call to the OR will sort it out.

mazman83

becky_d wrote: »

Also can i tell co-op im due to go BR and thats why im opening a cash minder account????

When I applied for my cashminder I made a point to say that I was due to go bankrupt and this is why I want to open the account. They said they had no problem with that.

Now that I am BR as my OR has no interest in the account I confirmed with co-op that they would have no problem in keeping it open.