Open a new bank account before or after BR

taib0

Hi Guys,

What is the best procedure for a new bank account when you are about to go bankrupt. Would you believe we already bank with the Nationwide so thats killed that option, we don't owe them anything but all our DD's and SO's are paid from this account, also my wages are paid in. Do we need to open a bank account with say the co-op before or after ? We are due in court next thurs 6th sept

Regards, Taib0

betterlatethannever

Hi Taibo,
i tried the 'open an account' option before BR and it didn't work for me. I wish i hadn't bother because its caused no end of grief. Some people do manage to keep their accounts though.
Because the Halifax closed my account last week, my wages are now floating around somewhere and it will be late this week before my account with Barclays (who were EXCELLENT and have no problems with you being BR) is open, then another week till i can organise last months wages to go in there. I'm getting daily letters from people who say my DD/SO have been stopped and what am i going to do about it.
I'm now in a situation of having NO cash whatsoever and no way of getting any for at least a week.
IMO and if i had my time again, i'd open a new account straight after i walked out of the court.
Like i said though, some people have managed to keep there accounts and there is a sticky that says which banks are happy to accept BR's.
Hope that helps.

taib0

Hi BLT,
Thanks for that with a bit of luck the Nationwide may well let me stay with them but if not I'll head over to Barclays when we come out of court,

Thanks again,
Taib0

nicky7175

Hi I opened a nationwide flex account before going bankrupt. Luckly they allowed me to keep the account open afterwards

taib0

Hi Nicky, Thats what we have now a flex-account with a £500 overdraft facility which we have used occasionally but have never been overdrawn. They may well let us stay but I should imagine they will take away our debit cards, cheque books, overdraft etc. I can live with that as long as they will allow us to pay bills and pay cheques in.

Regards, Taib0

severe36

I applied to open a Co-op account on the 9th august.
went br on the 14th.
told on 21st by co-op that application accepted/account open.

do you think I will have any problems with this account??

fermi

taib0 wrote: »

Thats what we have now a flex-account with a £500 overdraft facility which we have used occasionally but have never been overdrawn. They may well let us stay but I should imagine they will take away our debit cards, cheque books, overdraft etc. I can live with that as long as they will allow us to pay bills and pay cheques in.

That is exactly what they normally do. In effect you are downgraded to the basic account.

Bankrupt's can't be trusted with a proper debit card and cheque book apparently.:rolleyes: Sigh....

fermi

severe36 wrote: »

I applied to open a Co-op account on the 9th august.
went br on the 14th.
told on 21st by co-op that application accepted/account open.

do you think I will have any problems with this account??

Most people have no problem with the co-op, as long as it's the basic account (cashminder I think?).

philnicandamy

I've had the co-op cashminder acc ( http://www.co-operativebank.co.uk/servlet/Satellite?c=Page&cid=1170748471957&pagename=CB%2FPage%2FtplStandard )since going BR back in march (opened the acc a week or so before BR) and so far it's been problem free

Lizzibuff

Taibo, i asked the same question as you not so long ago as was worried about ongoing dd's and wages etc.

I've arranged for my wages and dd's etc to go thru a friends account and then i plan to open a basic account the min i walk out of court from my br. I'm just waiting for all the so's to be transfered and then i will book my court date!

betterlatethannever

Just a word of caution for those who receive a wage.
My company have to know by the 13th of the month if the wages are to be paid into another account. I went BR on the 14th, so hence my problem with the wages.
I wish i'd changed my Br date or organised for my wages to be paid into another account.
We live n learn