tell co-op im bankrupt?

Euphoria1z

Hi


I bank with co op. I opened the acc last year in preparation for bankruptcy.


Im going bankrupt tomorrow (depending on judge)...shall I phone co op and let them know ? I don't owe them any money. or does it not matter?


I was speaking with HMRC about something and I mentioned im going bankrupt, and they said the OR will automatically tell HMRC this...how does this affect my future job ( im currently unemployed) ?


Thanks ( handed in my forms today and go back tomorrow to hear judges decision).

onerickylambert

Found this guide re bank account. For jobs there is an existing thread that may be useful https://forums.moneysavingexpert.com/discussion/755959 For your other question..

When the bankruptcy order is made, you should

• immediately stop using your cheque books and bank cards; and
• hand them over to the Official Receiver as soon as possible.

All your bank accounts are usually 'frozen' by the bank when it becomes
aware of the bankruptcy order. So you will need to make alternative
arrangements for receiving money into your account and paying standing orders, direct debits etc. You should not try to open a new bank account before the bankruptcy order is made, because this account will also be frozen.

Some banks may allow you to keep using your existing bank account. But even if your bank agrees to this, they will freeze the account when they first hear about the bankruptcy order. (maybe get your weekly shopping in before the bankruptcy hearing if you have credit in your account).

Will I lose the money in my bank account?

Any money in your account at the date of the bankruptcy order is an asset in the bankruptcy. So it will be claimed by the Official Receiver or the trustee (if an insolvency practitioner has been appointed in place of the Official Receiver). However, the Official Receiver or trustee may release some money to you for necessary domestic expenses.

What happens if my bank account is overdrawn?

The money owed to the bank is a debt in the bankruptcy. So you must not make any payments direct to the bank, unless it has a charge (a form of security to ensure payment of a debt, such as mortgage) on your home. If your bank account is in joint names, the bank can ask the joint account holder to pay all the money owed.

Can I open a new bank account?

After the bankruptcy order, you may open a new bank or building society account, but you should tell them that you are bankrupt. It is for the bank or building society to decide whether they will let you operate a bank account, and they may impose conditions and limits. You should not get any overdraft or credit facilities without informing the bank or building society that you are bankrupt. You must not write cheques that are likely to bounce. As a bankrupt you might find it difficult to open a new bank or building society account. Some banks may allow you to keep using your existing bank account after they have contacted the Official Receiver.

Do I need to tell the Official Receiver or trustee about my new bank
account?

You should tell the Official Receiver or trustee about any new bank account, and about any money in the account that is more than you need for reasonable living expenses. The Official Receiver or trustee can claim the surplus amounts to pay your creditors. If you fail to cooperate, he or she may intervene in the bank account.

DorisTrousers

The Co-Op used to be Bankruptcy friendly, but I believe they change that policy at some point last year. Unless they have changed it back in the meantime then they will withdraw your banking facilities once they know about your Bankruptcy.


Sorry.

luvchocolate

That is not true....if the account with the coop is opened before br and you have not mentioned br this account will be fine. tell the or it is for your daily bills etc they will have no interest in this and and it will not be frozen.
However they will not open a new account to brs until discharged, you will be fine do not worry.
read the stickies at the top on basic bank accounts xx

egrescrimp

The Co-op have let me keep my account I even spoke to their bankruptcy team the day I went bankrupt, they checked my balance and said it's not going to be of interest to the OR so we won't freeze it.

Happily banking with the Co-op and Barclays