worried sick

trainee-t

Hi
this is my first time on the site feeling nervous.

me and my husband are in the first stages off brankrupcy, just in the prosses of filling out forms ect.

i am very worried about them freezing are bank accounts we only have our wages paid in and need to live on them.

we have no other assests and have walked away from our property.
any advise would be helpful thankyou.

luvchocolate

Hi we always advice the planning is the most important part of B.R.
take advice from one of the debt free charities I found Stepchange amazing, you must take this advice as you will be asked if you have at the court.

Open 1 or more basic bank accounts either with co op or barclays

the coop will not open one while you are br so if opening there do not mention B.R just say you need it for budgeting, you will get online banking.

Barclays you can open at any time but will not get online banking until discharge.
Its best to get these accounts up and running before you go to court, these accounts will not be frozen

read all the stickies on this forum and on the insolvency sevice website, read , read as much as you can.

Come back on here with any questions....try not to worry, we all understand xx

Mummy_george

Hi my husband and I are newly bankrupt. I would agree with advice already given. it is a basic cash card account you need they will try to upgrade you but just say you just want account for basic banking example direct debit. It is the bank that freezes accounts not OR but when they know the OR has no interest in the account you will be ok.
it is a emotional experience but you will be fine, add as much detail as you can on the forms it helps with the OR interview. good luck x

TheGardener

What bank accounts do you have? If they are not Barclays Basic or Co-op cash minder accounts - then they will be closed not just frozen.

• Go into one of these banks tomorrow - if Barclays are one of your creditors go with the co-op or vice - versa. If you chose the co-op do not tell them you are going BR. No other high Street bank is likely to let you keep you account even if its a basic one. Barclays will not let you have internet banking for the year you are BR but you can get it back when discharged - Co-op let you keep it.
• Then get your income paid into the new accounts and move any DD's to them too.
• Once this is done you will see on your BR form 6.28 where you list your accounts, that you have the option to tick the one which is your 'everyday' account - make sure you do this so the OR knows which account you will need.
• On the day of BR - on your way to court, withdraw as cash as much money as you need to cover things for about a week. You can declare this on the BR form as 'cash in hand'. ITs also useful to time your court date to be just after all your DD's are paid out so there's time for things to get back to normal before they are next due.
• The OR will tell your basic account banker that they have 'no interest' in the account and it will be 'un-frozen' (if it gets frozen at all) But its is critical it is one of the above accounts.
• The OR will not take your cash (unless there are thousands of pounds there) If its just your basic income they wont take it.

Plan, Plan Plan and read all the stuff on the Welcome Post. Timing will make the whole thing as smooth and painless as possible.

alastairq

http://www.moneysavingexpert.com/banking/basic-bank-accounts

The above MSE link gives relevant information regarding basic bank accounts....all in line with what has been posted above....


http://www.moneysavingexpert.com/news/banking/2014/12/charge-free-basic-bank-accounts-unveiled

Above I have posted an interesting link about the future of banking services [especially for this forum, and Bankruptcy?]