Bank account - sorry another question

larz7500

Hi me again - when I took my IVA out just over a year ago I made sure I changed my bank account from the bank I owed too and opened a Barclays basic account. Now I have decided BR is the right decision for me would the OR let me keep this account or Barclays or could they close it. Basically do I need to open another one and would that have to be a co-op one. The nearest branch to me is miles away - any advice would be good thanks again

fermi

The basic Barclays account should be fine.

larz7500

That's ok because I get paid weekly I just didn't want my wages going into somewhere I can't access and thanks a lot

doseduk

yeah, what fermi said seems fine - I don't mean to complicate things, but just for awareness, somebody else may be able to help as to whether this is the case or not - it still could be the case that the account could be temporarily frozen in bankruptcy, this would certainly normally be the case for accounts, but with it being a purpose-specific, insolvency friendly account, I'm wondering if maybe it would be treat differently?

The only reason I mention is just in case this came up as a shock, I'm sure that with it being a basic account, no debts on it, and required for your income, if it was frozen, this would be momentary and you could ensure the official receiver let the bank know they had no interest in it. But I just wanted to point out there is that risk that at least for a short time immediately after bankruptcy, if declared, it could still be frozen.

I dont know what would happen to incoming (wage) payments if it was frozen, whether they would defer until after freezing, or bounce back to your employer, but it may be worth just double checking in advance, to make sure you aren't left short or anything come the time, should you go head with bankruptcy.

Either way, this account as you probably know is fine for undischarged bankrupts, and as you rightly say, the other is the co-op cashminder (which Im with)... so should be fine to keep, just worth double checking if it would be frozen automatically by the bank upon bankruptcy, until they have word from the O.R. to say they can release it.

I realised these things too late, and had to pay a fee to my employer to fast-track a change in bank account at last minute before my wages were paid, to have them paid to my dad's account while I awaited my new a/c details from the co-op. Since you have the account in place, I guess just anticipate maybe a tiny period where it could be frozen.

But, I'm just speaking from my own bankruptcy experience, hopefully somebody can contribute to help a bit more objectively, as I'd really not want to complicate things/cause concern if I may be wrong.

More importantly, well done on taking steps towards clearing things up, and I hope to hear more of good progress with your affairs in due course.

All the best, adam

PippaGirl_2

The basic bank accounts such as the Cashminder are fine and won't be frozen by the bank.