new back account before BR

cancatsdance

should i go get a new bank account now or after BR ? i have a good job and dont want my wages frozes as need to still pay rent etc.

luvchocolate

its always best to sort out a basic bank account before br...get all you direct debits wages etc going in and out.
Coop will give you online banking but do not mention br, they will open an account before but not during br.

Barclays seem to offer a basic accounts to br's but not online banking.

I have 2 co op accounts they work really well for me.
Check the sticky on basic bank accounts

woodformoretrees

I would open it before. As long as it's a basic account (no chequebook and overdraft or savings etc you will be allowed to keep it open)
I have a thinkmoney account. They have a monthly fee of £15 but they do offer very good online and text banking which I don't think Barclay's do. (unsure about co-op) They also manage your money and prevent you from spending money destined for DDs. I know some people would HATE that.

TheGardener

Do it now, before BR. Barclays will open a basic account for you (although a couple of posters have said that they were refused because Barclays were a creditor) You will not be allowed internet/phone/mobile app banking until discharged but you can have weekly statements and texts.
The co-op is the only other high street bank (for the majority) they will let you keep an account but don't let on you are planning BR when you apply. They will not let you open one after BR

Another good idea is find your local Credit Union and open an account there - you can use them to save for annual expenses (its hard to get instalments for things like car insurance hen you are BR) CU's have no restrictions on BR's opening accounts.

Make sure you tick the column on your BR forms (6.28 Q5.4) to let the OR know which is your 'everyday' account and they will let the bank know they have no interest in it. My newly opened Barclays account was not frozen at all.

cancatsdance

so the OR will not care that my wages etc are into a new account? whats stopping them freezing that one too?

luvchocolate

it is the banks that freeze accounts ...but not basic ones if you put on your form this is a basic account for your day to day living expenses and when the or calls you after you have been to court this is something they will ask you then.

TheGardener

cancatsdance wrote: »

so the OR will not care that my wages etc are into a new account? whats stopping them freezing that one too?

As luvchocolate says - its not the OR who freezes your account - its a response by the banks to the info in the London Gazette/from OR that you are BR. If you plan well time your BR to be after payday and withdraw the cash you need for bills etc - you can declare this cash as 'cash in hand' on your BR forms - its not a 'bad' thing unless you don't declare it. Make sure the OR knows which account is needed for your salary and bills you should be fine. The banks and OR are only interested initially with assets that could be hidden (stashed cash and high value goods etc) they are not interested in your salary until they come to look at IPA's etc.

Marty774

I recently went bankrupt last month, I too was worried exactly like you. I went into barclays the day after my bankruptcy I had debts with them and I was so nervous more so than going to court.They were brilliant, I opened a basic bank account with them right there and then and they even gave me my wages back I had paid in the day before. Once you have your new bank account get your wages paid into them they will not close your accounts until the OR gets in touch with them and they will not close your new one anyway as this is what you need for paying rent and bills. I have had payments going into my old account and have just been transferring them into my new account online with no problem.
This was 3 weeks ago that I went bankrupt and I still have online banking, the lady at the bank did say if you have mobile banking you should be able to keep this so ensure you set it up before you go bankrupt any problems she said with banking on line then come back in and she will sort it for me as she had done it for several ppl in same situation.
Cannot fault barclays at all, bankruptcy has been embarrassing for me but had no choice when I became single dad, I would say you really don't need to worry I did and I didn't need to. Good luck

tigerfeet2006

Marty, get all payments etc. sorted ASAP so they go into your new account. Internet banking will be closed down in the very near future and will not be allowed on the basic account. The same with phone banking and mobile banking, they do not allow these on the basic account. You can ask for them to send you a weekly statement if that helps.

Marty774

Tigerfeet2006 thanks but the girl assured me if my mobile banking didn't work to arrange appointment with her and she will sort it as she had done so for several other ppl. I have now sorted my payments into my new account and I'll let you know how my online banking goes. My online barclaycard account has gone today but my basic and old account (which I obviously haven't used since BR apart from transferring wages) are still going strong lol. I think maybe they are getting more relaxed about things at the banks now anyway what with all the dodgy dealings and bad press. Let's face it online is the future and cheaper for them too.

alastairq

To the OP...get on the phone now, and open at least two Co-op Cashminder accounts.

[Do not mention BR, since BR cannot, and is not, something which can be pre-ordered. Nothing happens, BR-wise, until the Judge has stamped your petition]

By ope4ning two accounts [you can have as many basic bank accounts as you like, during BR].....this will help you to budget once any access to credit effectively becomes impossible......

Use one account for income, pay an amount [each month, or whenever] into the other acount for all fixed, essential bills, DD's etc..not touching it for any other purpose. Use the first account for day-to-day expenses, safe in the knowledge you are not pinching from essential bills money.

Simples!

Co-op banking does not rely upon having a branch nearby.

Payments into your accounts [cheques, etc] can be done at any Post Office.

Cash can be withdrawn in the normal way [including at a Post Office!]

However, whilst Undischarged BR, Co-op allow you to retain full internet access to manage your accounts. [unlike Barclays current policy?]

However, if you haven't opened an account [well] prior to your BR petition, currently only Barclays will allow you to open a BAsic account, sans internet access.

To MArty....keep going with the internet access..Barclays can be a bit slow off the mark regarding responding to the BR petition.....