Bank account. Iv'e messed up, I think!

Grumpy_Shunter

Hi MSE,

I originally planned to petition for BR at the end of November.
In preparation for that, I took advise and opened up a basic Coop current account.

I cancelled my BR date only to re-think my posistion and make sure I was doing the right thing. Since then I have realized it's the only way forward for my wife and myself. We rescheduled our BR and now we both have out BR petition this Friday 4th.

However, on my SOA, and I'm sure you all know this, I have had to declare all current bank accounts, including my Coop account which was set-up for my original planned BR.

Am I in the brown stuff if the OR closes my account? or when coop learn of the BR through the OR shut-down my account?

The only other option is to go to Barclays, who I understand take on new BR's to set-up a basic account. The only problem is that Barclays is the other bank that I have listed on my SOA and froze my account because I defaulted on my loan!

After yesterdays good news about finding a house to rent on the first attempt, I feel a bit sick in the stomach on realizing the potential bank problem.:o

Teen_the_Drama_Queen

Hi Grumpy

Hope all goes ok on Friday. Think you should be ok with the Co-Op account, we opened our account prior to BR and the OR didn't shut that one down. The Co-op are great too, they knew why we wanted an account with them and it didn't deter us from getting one. However, if you have a different account with any 'spare' money in, then get it out ASAP. We had a bit in a different bank account, a rarity when you are in the process of going BR, but as we had stopped paying mortgage and loans and credit cards etc. money had to accrue somewhere before the Co-op account was up and running. We tried to get it out on a daily basis, but ran out of time and suddenly out of the blue, a couple of months after BR, the OR grabbed an amount out of that account (incidentally, the OR didn't close that account either, which was handy as all our DD's came out of it).

alastairq

Am I in the brown stuff if the OR closes my account? or when coop learn of the BR through the OR shut-down my account?

No, you are not. The OR will not, does not, close accounts...simply informs you/the bank named, whether he/she has an interest in the account, or not.
If the account is used solely for day-to-day living, then the OR will have 'no interest'.....[the OR is simply trying to identify if funds have been salted away].

The Co-op will not shut down the account due to BR.

[BTW, an individual is entitled to change their minds over going BR...which is why nothing can be done about it in advance......[apart from preparations as outlined on these threads]

Your Cashminder account will be fine.

Grumpy_Shunter

Thank you, Alastair.:beer: