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Cashminder account advise
Adviserequired
Posts: 3 Newbie
Hi,
I am new to the forum, so apologies if this has been asked before.
My husband and I will be filing for bankruptcy. Initially we wanted to enter into an IVA, however after speaking to Step Change, we were told that we would probably now not be accepted owing to the huge debts and low income.
In September I opened a Cashminder Basic Co-op account with the intention of entering into an IVA. I even told the customer service representative at the time. However, now it looks as though we are going to be going Bankrupt, I am scared that this account will be closed having read that they do not allow un-discharged bankruptcies to bank with them. My question is, because I opened the account before BR, will the account be kept open? Money has been paid into it since it was opened, along with DD and standing orders. It is for our basic living expenses. They are also not listed as a creditor in any of my debts on the BR petition form.
I have read the only bank that does allow BR clients is Barclays. However, I owe them money for two loans, Barclaycard and I am heavily overdrawn on my current account. I therefore doubt they will allow me to open as basic account because of the amount I owe them?
Any advise would be greatly appreciated.
Many thanks in advance!
I am new to the forum, so apologies if this has been asked before.
My husband and I will be filing for bankruptcy. Initially we wanted to enter into an IVA, however after speaking to Step Change, we were told that we would probably now not be accepted owing to the huge debts and low income.
In September I opened a Cashminder Basic Co-op account with the intention of entering into an IVA. I even told the customer service representative at the time. However, now it looks as though we are going to be going Bankrupt, I am scared that this account will be closed having read that they do not allow un-discharged bankruptcies to bank with them. My question is, because I opened the account before BR, will the account be kept open? Money has been paid into it since it was opened, along with DD and standing orders. It is for our basic living expenses. They are also not listed as a creditor in any of my debts on the BR petition form.
I have read the only bank that does allow BR clients is Barclays. However, I owe them money for two loans, Barclaycard and I am heavily overdrawn on my current account. I therefore doubt they will allow me to open as basic account because of the amount I owe them?
Any advise would be greatly appreciated.
Many thanks in advance!
0
Comments
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I opened my cashminder account a few weeks before going bankrupt and it was never an issue for them, but that was in 2009. I had an account with Natwest that they turned to Step Account after the bankruptcy order. The OR wasn't interested in either and they were never frozen. You might want to check out Nationwide's Flex Basic account I can't see anywhere on the website saying it's not suitable for bankrupts, plus it has contactless card!0
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Thank you so much for replying to my question. I will look into the Nationwide account now
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coop is fine if opened prior to BR, you will have no problems, just list it as your everyday account.0
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I went BR in Nov and they didn't do a thing to my Co-op cashminder. It should be fine.Save £12k in 2025 #33 £2531.77/£5000 (If this carries on I might have to up my target!)
April take lunch to work goal - 3 of 120 -
luvchocolate wrote: »coop is fine if opened prior to BR, you will have no problems, just list it as your everyday account.
It's now okay if opened in bankruptcy too.0 -
Barclays will allow you to open a basic bank account with debt elsewhere in their business. Please see my bank accounts update thread for all the latest banks accounts in bankruptcy info.
https://forums.moneysavingexpert.com/discussion/53721580 -
Hi OP
I would second those who have said that your existing Co-Op account should be unaffected by bankruptcy. All the best with your petition.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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