Few quick questions.

Reidy1982

Hi everyone,
I was wondering if someone could help me, i have paid my fee for bankruptcy few days ago and was just finishing my form up to send in, But there few things i'm not sure about.

I have a paypal account (Account Type is Premier one not business) and ebay account, do i have to place the paypal account on the form??
I have nothing in the account and very rarley used it apart from about 6 months ago when i sold load of junk and bought few small pieces.

Are paypal account and ebay accounts allowed buring BR or are they limited or closed?

I have four bank accounts, i know two will be instantly closed as there current accounts which is fine, but the other two are coop cashminder and basic account with barclays. The two banks told me BR shouldn't affect those basic accounts. Will i be allowed to keep both coop and barclays or will they ask me to pick one account only??

Lastly i have two mobile contracts, one only has 9 month left out of 12 month contract with vodaphone) and the other was a contract i got stuck in after the company said i didnt cancel before my cooling off period so i let my partner use the contract for the period of time and hes paid it for the time being with orange. How do i bring these to the attention or do i wait to speak to the OR About it. The additional phone contract i got stuck in isn't an issue for me and will gladly add it on i just want to know how i put down the debt of it do i total it to the additional months of the contract left on it ??

fiveyearplan

I didn't mention my paypal account - not out of deceit I just didn't think about it as it was rarely used.

BRSurvivor

We never mentioned our Paypal and eBay accounts - we just made sure we paid everything into our current account.

Accounts are not necessarily frozen - in theory they should be, but in practice they aren't always.

The Co-op and Barclays account are the accounts you may be allowed after BR. I opened a Co-op Cashminder straight after the BR hearing, some people open them before. You probably just need to agree with the OR which account you can use.

With regards to our mobiles, you don't need to declare the account unless you are in debt. And then you just put what you pay down on your SOA. I would recommend you try and keep the contracts (at least one of them), because they are actually a line of credit and should show on your credit files. Before BR we had an O2 contract each, and a Virgin home phone/broadband. These are showing as all green from before and right through the BR.

alastairq

Accounts are not necessarily frozen - in theory they should be, but in practice they aren't always.

The Co-op and Barclays account are the accounts you may be allowed after BR. I opened a Co-op Cashminder straight after the BR hearing, some people open them before. You probably just need to agree with the OR which account you can us

The OR can request a bank to 'freeze' an account if the OR suspects there are assets hidden in there.

However, for normal living expenses the OR isn't interested.

It is the banks that suspends or 'freeze' accounts...

The Co-op and Barclays [and possibly some others as they become enlightened?}...have a BR-tolerant policy with regards to their basic bank accounts.

The problem is, whilst everyone should be entitled to basic banking facilities these days [our whole economy is set-up on this premis...try asking your employer to pay you in cash?], it is entirely up to a bank as to whether they wish to allow an individual to open an account....or not.

There is no legal rule preventing an undischarged BR from obtaining credit [loan, overdraught, or even, payment plans?], but that undischarged BR is obliged by the BR rules to inform any potential creditor of the fact, if the credit sought is over £500.

This alone puts the mockers on what financial products are available.

Hairymonster

The other reason for trying to keep the mobile phone line open is that you will still be able to upgrade without a credit check. If you include the remaining months in your BR then yeah the line rental will be cleared but you will struggle to get a contract mobile phone again. Like has been said it is a line of credit that will boost your credit file. I wish I had kept my mobile phone line open.