Some more questions - thanks so much

thegrape

We have a bank account that our salaries get paid into and that all our direct debits come out of.

From what I have read I assume this gets frozen/we are not allowed to use it from the point of going BR.

My question is that, my wifes salary will get paid into it about 5 days after we are going BR. What does this mean?

• The money that she earns and we need to sustain our family is now lost?
• What will happen to the direct debits that come out throughout the month and immediately after we go BR? Do they bounce? surely we don't want to start our 'new life' in a position where we already cannot pay our bills?
• Is it reasonable for us to withdrawal all the money in that account to use for our household bills(pay them over the counter as the DD will bounce), but I am still confused what happens with my wifes wages?

This is making me go mad thinking of all these things - can someone please shed some light on this?

Thanks so much

arcon5

- have her get her employer pay it in to a friend or family members account to be safe. Or go to Barclays and open a cash card account and give them the new bank details. This account specifically allows BRs and up on attending an in-branch appointment you should get the account details straight away.

- best thing to do is change the DDs over to a new account or arrange to pay them via card using a friends bank account or something. Difficult one as they will likely be cancelled if the account is frozen (if it's a current account it will most certainly be so).

- I believe it's recommended to withdraw enough money to live on. If you're worried, keep records of what it was all spent on in case the OR asks about it.

All your problems can be solved though by opening a cash card account and getting everything changed over prior to BR.

thegrape

IS it best to open the BR bank account before you go BR - I read that you have to do it after?

Also, We have missed the dead line to change the bank account for wifes wages - I will see if she can have it changed as a one off

dextersmum_2

ive read a few questions you have posted today, and am concerened that you really understand the complications of bankruptcy. have a look at the other post as well re my comment.

in terms of a bank account it is the banks that will refuse you that priviiage, there are hardly any that will allow you to bank when with them for personal or business use when you are a undischarged bankrupt, it is best to open a basic account pre the BR- The basic cashminder account with the co op is still prob the best as it has all internet banking availalbe,you can ring co op and open one on the telpehone and they do most if not all the checks there and then, but you must ask for a BASIC CASHMINDERreetake away many necessaties aCashVRt alage

dextersmum_2

I dont recommend barclays for quickenss as they always do a full credit check , of which is often refused , then it often goes to a underwriter who agrees only the most basic account , barlcays from memory dont even allow internet banking.
I think most banks will not allow you to open a account when you are made bankrupt, co op changed to this in sept 2012, so it is imperative you get a basic account opened now.
dont even bother trying to get anything decent because at the point of BR you have to see k the permission of the bank for further use, and anything more than the most basic will result in them closing it , as they do with isa's and any saving account.

Alt open up a credit union budgeting account. i would not be having money passed to family or friends as you may need to demonstrate where funds/salary are being paid to the official receiver.