Cash in hand on BR day

WickedWitch123

Morning everyone, what a beautiful day it is already. Hope it is wherever you are.

On the day of my bankruptcy (Monday 23rd), how much money am I allowed to have either on me or in the bank? It'll only be a few days before pay day but I will probably have about £300 in total for shopping and day to day expenses. My child benefit and child maintenance go in on a Monday so that's where that figure comes from.

Would that amount be ok?

Thanks
WW

fermi

No limit as long as it is for necessary living costs.

DO NOT list that as cash in hand on the forms. That is for things like businesses/small traders etc that have some spare cash in hand, or people who genuinely have spare cash. Money you have for living expenses is not put down there.

WickedWitch123

Ah right thank you, much appreciated.

WW

speedyblue66

If you've not got any direct debits or standing orders coming out of that money, it might be worth withdrawing it before you go to court. Remember your bank account will almost certainly be frozen by your bank so you should make sure you have enough money to last you, this also means you won't be able to withdraw your wages, although they may allow you to have enough cash for things like food and bills etc. Once the OR has been in touch with your bank and providing there's no objections then your account will be unfrozen, it only takes a short while (mine was a week). Your circumstances may differ from mine tho as I have no children.
Good luck with it.

WickedWitch123

speedyblue66 wrote: »

If you've not got any direct debits or standing orders coming out of that money, it might be worth withdrawing it before you go to court. Remember your bank account will almost certainly be frozen by your bank so you should make sure you have enough money to last you, this also means you won't be able to withdraw your wages, although they may allow you to have enough cash for things like food and bills etc. Once the OR has been in touch with your bank and providing there's no objections then your account will be unfrozen, it only takes a short while (mine was a week). Your circumstances may differ from mine tho as I have no children.
Good luck with it.

Thank you for that. I will withdraw some money to get me through the week.

Just a thought though, I have switched my accounts to Barclays and co-op who I believe don't usually freeze accounts??

speedyblue66

I'm with Natwest who did with me, however they were very helpful with me at my branch and sorted everything for me.

egrescrimp

WickedWitch123 wrote: »

Thank you for that. I will withdraw some money to get me through the week.

Just a thought though, I have switched my accounts to Barclays and co-op who I believe don't usually freeze accounts??

Neither of those banks froze my accounts, I also called them the day I went bankrupt and both said the accounts would continue uninterrupted.

fermi

Very rare that either of those would freeze it. To be honest I really struggle to recall any cases where they have, but obviously you can never completely say never.

Saltysea99

WickedWitch123 wrote: »

Thank you for that. I will withdraw some money to get me through the week.

Just a thought though, I have switched my accounts to Barclays and co-op who I believe don't usually freeze accounts??

Hi,
I wouldn't worry if you have a Barclays account, I went BR a few months ago and they did not freeze my account (although I was also worried and took some money out just in case).

They didn't even query why I had a large sum of money in my account either I think as long as you can prove it's what you need to live on it's fine.

Good luck with your BR on 23rd!

WickedWitch123

Saltysea99 wrote: »

Hi,
I wouldn't worry if you have a Barclays account, I went BR a few months ago and they did not freeze my account (although I was also worried and took some money out just in case).

They didn't even query why I had a large sum of money in my account either I think as long as you can prove it's what you need to live on it's fine.

Good luck with your BR on 23rd!

Thank you Saltysea99 that's very reassuring.

The butterflies have kicked in already but i'm looking forward to getting it done.

WW