Coop Bank

sort_me_own_yard_out

I have to say that when I got in touch with dedicated department within the co-op bank that deals with bankrupt people in March this year.I couldnt praise them enough for clear, to the point advise. Fully assured that my account would be left, I can carry on as before.

I think the choice of bank accounts is quite clear Co-op before and dont declare you are considering bankruptcy or Barclays after you are declared bankrupt. As bankruptcy is not a process that you do overnight and often takes months of planning and saving it is possiable to get banking in order as priority and have that worry behind you.

I feel that this thread has gone a little out of control and has the potential to add worry to an already worrying time in their lives.

mooandrah

Hi there,

Both my husband and i have become bankrupt in feb and march this year, we went to Barclays personally (and they were a creditor on my part) They opened an account for us without any difficulty, with a debit card that works in pay at pump self service tills etc... and thus far we also have internet banking !!! although I am sure that will catch up with us the lady at the bank said until they stop it we can use it, so we are. All out DD and SO are fine, the bank account is perfect, and there are no issues. We did have to go in and do it face to face and initially the application was referred but this was quickly sorted, we had a debit card within 48 hours, and all has been well since. We had banked with Natwest, and the OR said she was happy for us to keep the account but it was frozen anyway!! so we were both already bankrupt when we went into barclays. So even if they are on your creditor list they will give you an account with a debit card. Hope this is helpful to those who have become bankrupt since the Co op changed the rules. Incidentally the co op did tell us that if we had opened the account prior to the BR order we could have continued to bank with them after. so before you go to court open the co op account they won't close it according to the bank itself.
mooandrah. xx

Bella_Smythe

well its done - well half way anyway, went into branch for dh to open account, she did ask why, just said wanted basic account for his student loans and budgeting etc, wasnt any appointments today but we filled in form, she photocopied passport/driving licence so its getting sent off, we should hear in 7 to 10 days. i'll keep you posted xxxxx

alastairq

well, now we know.....?

Co-op are plugging their shortfall, basically using their own assets.

As someone put it on Robert Peston's blog.....Co-op simply had the cash anyway, but in the wrong form.

Co-op also appear to have had a less-than-ideal senior management? [Now rectified?}

A management that failed to see the bad debt issues surrounding Britannia BS [just knew it was a bad idea?]....and who continues with their blind faith, by attempting to do the deal with Lloyds.

As Peston noted, not a good idea having one lame duck taking over another lame duck?

And it was the acquisition of Britannia BS that made Co-op a bit of a lame duck in the first place.

Seeing as Co--op bank is , and will be, majority owned by the successful Co-op group, I cannot see that spreading alarm & despondency amongst ordinary private customers will do any good whatsoever?


Certainly, Co-op customers are in a better 'position' than those of , for example Santander? [question....will UK Santander customers truly be protected from the troubles to banks in Spain?]