Thank you Barclays?

dstonks

Undischarged Bankrupt.
My wife and I have recently, unfortunately been self declared Bankrupt and apparently the only bank account we could apply for was the Cash Card Account from Barclays Bank. We did this at our local branch, explaining that we were in an undistcharged bankrupt. The advisor, who seemed full of knowledge, enthusiasm, opened our new account instantly, Cash card account, Debit card, Internet banking, a Savings account and Telephone banking. This last only a week, when Barclays said that we were not entitled to Internet banking and Telephone banking, this made our hair stand on end. Anyway the next thing we knew, we received a letter in the post from Barclays, also stating the were not entitle to a Savings account either. Barclays advertise all of this is listed on the Barclays website for people who are undischarged from undischarged bankruptcy

rachaelpie

Hi I have an account with barclays too. You are not allowed savings with any bank at all. And internet banking is banned until you are discharged. That was a tough year, you forget how easy having online banking is.
Sadly it is part of being bankrupt. Your only other option is a post office account which doesn't come with a debit card.
I know, I've been there but glad to say barclays were very helpful for me.

TheGardener

Uninformed staff are common I'm afraid - at all banks. I have to say my local Barclays were quite clear at the outset that I would lose the internet banking (but were a bit surprised themselves that I would lose phone banking and their own in branch account machine)

I am grateful that there are any banks that accept undischarged BR's; its not that long since none of them would have us.

dstonks

I agree, after admitting to there mistake they paid in cash for there mistake?.I have since found out that The Co-Operative bank offer an account for undischarged bankrupt people, WITH online banking.
Yeh, for them?

TheGardener

dstonks wrote: »

I agree, after admitting to there mistake they paid in cash for there mistake?.I have since found out that The Co-Operative bank offer an account for undischarged bankrupt people, WITH online banking.
Yeh, for them?

Unfortunately the co-op no longer allow undischarged BR's to open an account but will let existing account holders keep their basic account if they subsequently become BR. At present, the only high street bank that will allow undischarged BR's open a new basic account - is Barclays.

Of course the other option that is well worth exploring is credit unions. I am lucky to have a local one that has an arrangement with my employer which lets me have a savings account and pay into it by pay roll deduction. You can have a savings account with a CU regardless of BR. Look on the MSE banking pages for more details.

Decry

Use a mate/partner/family member's spare A/c for a while???!!

jcarver007

So what happens if on going bankrupt your allowed to carry on trading as a sole trader - are you not allowed to use internet banking? I presume your clients can make payments into the account? Surely internet banking is needed for most sole trader businesses??

TheGardener

jcarver007 wrote: »

So what happens if on going bankrupt your allowed to carry on trading as a sole trader - are you not allowed to use internet banking? I presume your clients can make payments into the account? Surely internet banking is needed for most sole trader businesses??

Internet banking is a facility usually available to all customers, regardless of what type of account they have. Barclays will not allow BR's to keep internet banking; I assume it is a basic account rather than a business account? Some people slip though the net and get to keep their internet access but it seems to be internal Barclays admin errors rather than a change of policy.
The restrictions are only on the BR - electronic payments by other parties are not affected, customers will still be able to pay you electronically - you can have weekly paper statements if you ask for them if that helps.

woodformoretrees

If you need internet banking and would find difficulty dealing without it you can go via a paid provider (ThinkMoney etc) from a sole trader point of view it kept me going.
I opened a savings account with NS&I.....reading here that you're not allowed a savings account is a little worrying. I thoroughly read all their terms and conditions and then talked it over with them on the telephone. I used this to save my self assessment tax.

Nikacy

Try Cashplus - mycashplus.co.uk

wildheart83

The only thing I'd say about going with a managed bank account (one you pay a fee for) is that because the account is split into account A for bills and B for everything else, THEY decide what goes into account B and it's often a costly phonecall to get the funds released so that you can access it.

The cost of phonecalls plus the monthly fee soon adds up, but it's down to personal preference really