Will my bank account get frozen

molly1412

hi everyone,

sorry to keep pestering with questions but i am now panicking about another thing.

i am online at the moment cancelling direct debits (as most come out on the 1st) but i have now started worrying that as 3 of the accounts are with our bank (barclays) then they might get wind of something going on and freeze the account.

my plan is to keep essential direct debits but cancel all loans & cc withdraw the remaining money which this month will be £750 and next month £1200 (was hoping to use this towards fees and small contingency) but at the moment our cashminder account not fully set up so wondered how i go about doing everything and dont want to do anything wrong or that will leave us exposed.

also on a seperate note - we have tenants in our mortgaged property can i not pay the mortgage for a month but take the rent? i feel really morally wrong for doing this and wondered what people advise or if anyone has done this?

having a panic at the moment with everything - ahh does this get easier? thanks again and sorry for long post

Ineedaname

Barlcyas are unlikely to freeze your account for cancelling a DD, but they may have the right to offset money in your account to any debts you have with them. Hang on as much as you can until you have your Cashminder sort code and account number, then get everything transferred over and cancel the remaining DDs you don't want transferred.

Any large amount of cash the OR see you withdrawing, they might want to know what you have spent it on. So you need to be able to justify that contingency fund just in case you are asked. If the OR feels you don't have a 'reasonable' need for that money they can ask for it from you.

Not sure how the mortgage/rent thing would be viewed, looks as though you have enough for the fees by not paying your other debts anyway. But as you are intending handing the keys back on the property, I guess paying any more money towards the mortgage is a waste. As above though, if you end up 'cash rich' at BR, the OR may want some of it!

molly1412

thank you for the reply

the problem we have is that we dont have enough money this month for the outgoings and now i am worried as i dont think that the cashminder account will be up in running in time before barclays payments need to come out, but i would be able to withdraw all the cash in the time and try putting in a different account (alliance and leicester) and then try paying the direct debits direct to the companies until the account sent up. but then that means withdrawing like £900 before they barclays payment is due.

as for the mortgage i feel awful that they would be paying up but yet we dont pay the mortgage as dont want anyone going round to the property and hassling them as that is not fair on them, they have only got 2 more months to pay then they vacate so we can send keys back to the lender.

it feels like one step forward 3 back at the moment

molly1412

also with regards to being cash rich we certainly wont i have worked out after not paying loans etc we will have £2500 minus fees for bankruptcy and then we got 8 weeks to live (fuel, nappies and food etc) so actually they prob wont be anything left after all that

Ineedaname

As it's a working day today, why don't you ring the Co-Op and see where things are at with your Cashminder account? You might find it's set up and they can start transferring DDs over for you. This means your monthly DDs can go out of Barclays on the 1st (having cancelled the debt DDs) and by the time the next lot is due they will come out of the Cashminder account. Or you can cancel everything, move the cash into the new account and then set up new DDs for regular bills.

That way you won't have any cash in hand as all your daily living money will still be in a bank account. If you don't pay the mortgage then you'll have a little more money available to put across both accounts if needed, just to cover any hiccups in the transfer.