Co Op to stop basic accounts for BR

Newbielookingforadvice

Tupperware_Queen wrote: »

This is a board which aims to support those who are about to, or have, been bankrupt. Your comments do not really advance this thread at all, and are sadly reflective of the attitude most BR have to put up with.

You dealt with your debts, well done, that is a great achievement, but some of us are not in a position to do that, and BR remains a difficult, but neccesary action. It is a legal process, and is not the easy option you seem to think it is.

I think you've mistaken my post.

What I was saying is if you are unfortunate to be in a position where paying back your debts is not possible then bankruptcy is a get out of jail free card if you like and what I was saying is people get thousands of debt wrote off then complain that the banks won't give them a bank account.

Now the way I look at is most people who have been made bankrupt are actually more wealthy then most as they are debt free.

Now I am not moaning but I find it hard to see how people are sad when they've just become debt free and all that worrying has now stopped and they then moan that a bank don't take them on.

debtinfo

I won't argue with you as you are unlikely to change your mind apart from to say this, try shutting you bank account down and closing all your dd's etc. Try living without those facilities for 12 months and see how hard it is

rossireps

so because my husband of 15yrs had an affair and left, i cant have a bank acc?
honestly what rubbish .
not everyone had a choice going br and we shouldnt be treated like 2nd class citizens

Loopy1

Changling wrote: »

Hi, no, I found that out when I went onto their website. However, I've just opened one via telephone and been accepted (minor miracle).
So I'll keep it in my back pocket with just a quid in it ahead of BR.
Maybe Co-op will get a rush of Cashminder applications today??
Gotta dash off now.
Thanks everyone.
Life's an education!
Ch
xx

Yes I just got my DH to open his and he has been accepted so fingers crossed if he does go BR (looking very likely) and they then say he cant use his account we can argue it was opened prior to the 17th

OutofDebt-NOT-OutofDanger

Quite apart from anything else it is simply not possible to live without a bank account.

Very few employers still pay in cash (even benefit payments require an account of some description) and even if they did, paying bills in cash instead of by DD would greatly increase outgoings.

Just looking at the basics (rent, electric, gas, phone & council tax), by paying in cash it would cost me at least an additional £25 per month and that's assuming I could fit paying in bills around my working hours and didn't incur late fees (which doesn't happen while everything is paid by DD).

I (and I suspect many BRs) currently do not have this amount spare and if we did isn't it better that it goes towards the creditors via an IPA rather than unnecessarily boosting big companys' profits?

foeism

Hi. I thought you couldn't open a basic account until after you've been BR? I'm only asking as shortly I will be going down the BR route and will need a basic account.

alastairq

foeism wrote: »

Hi. I thought you couldn't open a basic account until after you've been BR? I'm only asking as shortly I will be going down the BR route and will need a basic account.

Not quite correct as such.

An individual can open as many basic bank accounts as they wish, prior to an intention to petition BR.

The OR needs to be informed, subsequent to the petition being granted, which accounts are used for day-to-day living expenses....and how much is in them.

Accounts which will be frozen [ie, the OR declares an interest] are those which are not basic bank accounts.....or those which contain monies the OR may deem as an asset in the estate.

The OR will notify the bank as to whether the OR has no interest in the accounts, as soon as practicable.


In recent years, the only Receiver who seemed to buck that trend appeared to be the Brighton one....but in view of the Co-op decision, they may relent from being so draconian in their interpretation of the guidelines??

capeverde

Couple of points, firstly I had a nat west current account when I went BR. I gave all the details to the OR and he declared he had no interest in it. Nat West left the account open with all the benefits such as debit card etc. I used it throughout my BR.

Secondly after discharge I cleaned up my history and went into Lloyds. I only expected a basic account and even this after appeal. However, the manager put my details into the computer and it gave me the option of numerous accounts. I chose the full current account and they also opened a savings account for me. I have cheque book and debit card. I also have a business account with them with cards and cheque book.

Someone on another thread was saying cleaning up your history didnt matter. If that is the case, how does this work? Why is it possible for some people to open accounts and others not? Is it relevant that I only had one creditor when I went BR, even though it was for a large amount?

PippaGirl_2

Newbielookingforadvice wrote: »

I still think many people are still lucky that theirs such a thing as bankruptcy and to be perfectly honest hopefully banks do make it a lot harder for people to get bank accounts as banks are there to make money and it wasn't the banks fault that customers take out more debt and live beyond their means.

I do not mean this in a horrible way but back in the early nineties my our finances hit rock bottom with about 27k of debt but as my OH wanted to join the police we made sure this was all paid up before applying and it took us 9 years to pay every penny back.

Were we stupid probably yes but our pride and carrers were important to us so we struggled with every thing didn't even have a holiday for best part of 10 years so I really honestly think finding a bank account should be the least of your worries if someone's going BR.

Once again I don't mean to sound nasty but you can't really have your cake and eat it as there are far worse people out there.

Our friends very close friends went BR in the late nineties and asked us for advice knowing we've been their and done it and they basically owed around the same amount as us and they decided to go down the BR route instead of at least trying to pay it back and within 2 years they were having holidays going for expensive meals clubbing etc.

So think yourself lucky IMO.

You may not mean it 'in a horrible way' or to 'sound nasty' but to be honest I think you are bitter and jealous or it certainly sounds like it. Many people are BR through no fault of their own and due to circumstances beyond their control and it would seem you would like them to suffer just a little bit more. Nice, not.

Southernman

PippaGirl wrote: »

You may not mean it 'in a horrible way' or to 'sound nasty' but to be honest I think you are bitter and jealous or it certainly sounds like it. Many people are BR through no fault of their own and due to circumstances beyond their control and it would seem you would like them to suffer just a little bit more. Nice, not.

Well, while for some it may not be their fault there's always going to be others who were irresponsible.

Anyway, it's not the end of the world. Natwest have a first reserve savings account with card and you can have D/D attached to it. It's a non credit scored account and is just an alternative to their basic account with restricted cash machine access.

So it is possible to have direct debits and manage without a bank account. Wages can also be paid in. Plus you get some interest on the side!