Very loooooooooooooooooong interview....

elljay

...but 2 hours later I'm so relieved, feel 2 stone lighter! OR was so nice, increased my allowances right left and centre and was totally sympathetic. Lots of questions about the reason for the BR and I have some papers to send in, but she shaved £150 off the payment order I had calculated - brilliant!

Having lived so frugally for the past few years, this increased amount will mean I'm going to be able to put a bit aside for grandchildren/birthday presents etc I don't intend to start paying for more expensive cuts of meat etc just because I can! Am I likely to be able to open a little savings account or would I be better putting it under the mattress as cash? I thought I'd like to open a credit union account, not bothered about interest, but would like to feel I'm putting something back as well as somewhere to stash the money. Would this be possible now I'm bankrupt or would the OR think I have too much money so increase the payment order? Presumably she'd monitor it along with my current account.

Very excited to be in a position to think about saving even a fiver a month - haven't done that in years!!!

EJ

fermi

Great news. Very pleased it went well.

National_Debtline

elljay wrote: »

...but 2 hours later I'm so relieved, feel 2 stone lighter! OR was so nice, increased my allowances right left and centre and was totally sympathetic. Lots of questions about the reason for the BR and I have some papers to send in, but she shaved £150 off the payment order I had calculated - brilliant!

Having lived so frugally for the past few years, this increased amount will mean I'm going to be able to put a bit aside for grandchildren/birthday presents etc I don't intend to start paying for more expensive cuts of meat etc just because I can! Am I likely to be able to open a little savings account or would I be better putting it under the mattress as cash? I thought I'd like to open a credit union account, not bothered about interest, but would like to feel I'm putting something back as well as somewhere to stash the money. Would this be possible now I'm bankrupt or would the OR think I have too much money so increase the payment order? Presumably she'd monitor it along with my current account.

Very excited to be in a position to think about saving even a fiver a month - haven't done that in years!!!

EJ

Hi elljay

Firstly, well done and I am pleased to hear you feel a sense of relief - it's an understandable reaction.

Savings accounts can be tricky to open as a bankrupt with many High St banks for the same (arcane) reasons that bank account applications are declined. Individual credit unions will each operate according to their own individual policies so the worst you can do is ask.

The OR has decided that you need £X a month to cover your living costs and now that the interview is done, I would be surprised if she were interested in scrutinising your expenditure in further detail (unless there are any major changes in circumstances). By all means you should inform her if you open a savings account, but if all you are putting in there is previously declared income, I can't see it changing anything for you.

Regards

Dennis
@natdebtline

alastairq

.well done.....BTW, if you were to pay ..for example, your leccy by the quarter, you would expect to have to put so much pay each payday....wouldn't you?

If in doubt, why not pop into Barclays, and open a[another?] basic account?
[there are no restrictions in bankruptcy , on how many accounts can be had, and used]

Whilst you may not get any interest, at least you will have put money aside? [where you would not normally be able to touch it?]

woodformoretrees

I opened a NS&I account (not allowed to save via premium bonds, but you can save in their savings account) as I had to put my SA tax money aside. Didn't bother the humiliation of trawling the high street to be turned down.

elljay

Thanks all, so there are options. I just have no idea what is and what is not possible, and also want to save myself further humiliation wherever I can - I've beaten myself up enough over this and it's probably time to stop. Will start with credit union then go to Nat Savings - would rather not use high street bank if I can avoid it..

Thanks again.

chasingfreedom

I've opened a couple of savings accounts since discharge and had no issues. I suppose because they have no need for credit and are purely for depositing with no overdraft etc. Worth a try with your bank for sure.