Quick question

Woody76

Hi everyone

I hope everyone is well. As you can gather from recent posts my husband and I are newly BR. My question is if we had any spare money each month (I know it wont be much if any but looking on the positive side) would we be allowed to put it into savings or a seperate account so we had an emergency fund as such and once there was enough start saving towards hols ect. The OR advised we didnt have to pay an IPA and we could earn up to 1820 a month without contacting her so can I assume any spare within this amount is ours to do with what we want?

If we can save the money which way would you advise would it be a seperate normal account or a savings account (isa or regular savings) are we allowed them as an undischarged BR. I just dont want to do anything wrong lol

I appreciate any thoughts please

Woody xx

alastairq

There is no reason why an undischarged BR cannot have a 'savings' account.

[be wary, before DI chips in, that the interest accrued is 'income']

The problem is, finding a bank willing to open one?

I have a Co-op Smartsaver account.

It has full internet access, a cash card, and can be managed at home on the compy.

Co-op have informed me, they have no actual policy of refusing such an account to an undischarged BR [unless co-op themselves were a creditor]...

The issue is the computer application!

Apply over the phone, and immediately inform the Customer advisor of your financial position [undischarged BR]....asking them to immediately appeal the inevitable refusal.

Your appeal then goes to their specialised department....who [all things being equal!] will open an account.

The advantage of this account for me...being a Co-op customer anyway, was that I could, instantly..transfer moneys to my current accounts to keep them nicely afloat...no waiting several days for monies to transfer.

Woody76

Thank you very much just trying to plan ahead as obviusly dont want to end up relying on credit again in the future so if I start now like I mean to go on lol xx

SteveABC

I'm a discharged BR and tried to open a Co-op Smartsaver account just to put money in for expected bills (car, insurance etc.) to keep it separate from my current account.

I was declined! I think this is a case of "the computer says no", as I applied on-line. (Co-op were not a creditor and I have my current account with them).

Think I need to telephone and ask them to reconsider.

alastairq

Think I need to telephone and ask them to reconsider.

follow the advice in my post above...?

Angiepange

I just rang to try and open this account after reading this thread and was turned down also due to a credit check with Experian, despite informing them of our BR in 2009. I asked if I could appeal the decision and was told a letter would be sent out to me anyway and I could send in bank statements and details of any properties I might own.

Will try that when I get the letter.

Woody76

Thanks for the replies

I wonder if I should just try saving with a credit union then as people not having much luck. Does anyone have any experience of credit unions?

Woody xx

monday_blues

I too had a smart saver account with co-op and am on a trust deed (very recently) and coop sent me a cheque for the amount that was in smart saver with a compliment slip saying "account closed due to trust deed". I queried this on the telephone and was told that "bankrupts should not have savings" (even though its a trust deed and not bankruptcy, that was their response anyway) I too, am now wondering how i can keep my car mot money etc separate from my other banking???

Angiepange

Angiepange wrote: »

I just rang to try and open this account after reading this thread and was turned down also due to a credit check with Experian, despite informing them of our BR in 2009. I asked if I could appeal the decision and was told a letter would be sent out to me anyway and I could send in bank statements and details of any properties I might own.

Will try that when I get the letter.

I have had a letter back from CO OP, our Smart Saver account has ben approved in principle and I just need to sign a form to return to them

It was worth appealing I think!

AdvicePlease

Thats interesting - I had a cashminder and a SmartSaver with a NIL balance when I went bankrupt, the idea was that I would save for car tax, MOT etc into the Smart Saver every month? But the Co-Op closed the SmartSaver as soon as I told them I was bankrupt - I just opened a second cashminder account instead, it will be just the same