Bank Account

Hull_BR2016

So, pressed the button Monday, got confirmation of BR Tuesday and got a phone call Thursday arranging my interview for next Wednesday.
My worry is my main bank account. What's the timescale for it to be frozen and will I get it back?
I get paid on Friday 26th and I'm concerned I won't get access to it.
It's a Co-op Cashminder account by the way and they are not a creditor in my BR.

A4445

I opened a Cashminder account a few days before my BR, the account wasn't frozen, the OR asked what account I'd be using gave the details and the account worked as normal

I did draw a few hundred out off the cash point just in case, I Advised the OR of this and they were fine with it.

LincsPaul

If it's your main account and does not have an overdraft facility etc, and they are not a creditor, it should stay open. The OR will ask you if it is your main account and they will ask the bank not to close it if possible. As it's a cashminder you should be ok.

In terms of timescale, I'm been BR over a week now and literally nothing has happened with regards to any of my accounts - and one of them IS a creditor! I assume the OR has yet to write to them yet, but they are supposed to within a week.

Violet1881

I also have a pre br co-op account that has never been frozen. I think it is a basic one - no overdraft facility.

philnicandevan

One thing to remember try and stick to the bankrupt friendly banks (barclays/co op) most others once they hear of your bankruptcy MAY close the account totally...it's NEVER a guarantee an account will be allowed to continue to run once bankrupt....

london1973

My Lloyds account, not a creditor, took 2 months to be frozen, I moved to Barclays at the time of my BR but left a few quid in Lloyds as an experiment!

LincsPaul

The OR is supposed to notify the banks within 5 working days. I suspect if there are squillions of £££s in there the bank would freeze the account straight away, whereas mine has zero and hasn't been touched hahaha!

philnicandevan

LincsPaul wrote: »

The OR is supposed to notify the banks within 5 working days. I suspect if there are squillions of £££s in there the bank would freeze the account straight away, whereas mine has zero and hasn't been touched hahaha!

problem is they dont....usually insolvency service guidelines say an OR's assistant etc have UP TO 8wks to speak to creditors banks etc...

anyone who keeps a bank account after bankruptcy is VERY lucky to be honest as it's very hit & miss with banks and never shows any consistency at all

LincsPaul

philnicandevan wrote: »

problem is they dont....usually insolvency service guidelines say an OR's assistant etc have UP TO 8wks to speak to creditors banks etc...

anyone who keeps a bank account after bankruptcy is VERY lucky to be honest as it's very hit & miss with banks and never shows any consistency at all

Interesting, as the new basic accounts are designed with people with poor credit ratings in mind. Indeed, the customer service chap from the Virgin one told me they allow undischarged bankrupts to apply because they want to open up banking to all.

philnicandevan

LincsPaul wrote: »

Interesting, as the new basic accounts are designed with people with poor credit ratings in mind. Indeed, the customer service chap from the Virgin one told me they allow undischarged bankrupts to apply because they want to open up banking to all.

indeed that was the whole idea of making basic accounts available to all..sadly some banks seem to want to pick & choose customers

:mad::mad::mad:

LincsPaul

Best bet might be to open a new one after going BR. I heard Nationwide are good and the account can be opened online. Virgin similarly seem helpful.