Bank account @ direct debits

NIC71

Hello,
I’m submitting my application tomorrow.
I would like some advise as to what to do re my bank account and the money in it.
I have a basic Lloyd’s account. All my direct debits go out of there.
I’ve been told by business debtline that it would be ok to transfer my bills money and living expenses out of that account and into my sons account. This is in case my account is frozen and my direct debits can’t go out.
I was planning on cancelling all direct debits and calling everyone to make a payment over the phone this month.
Then set up the DD’s again once I know what’s happening with my account.
My questions are
1/ Is this the best way to do It?
2/ I’ll need money for food/petrol etc, will I need to put this amount in the assets part on the form as cash?

Sorry for the long post and thank you 😊

Annie35

What is in your account is essentially 'cash' & assets so needs to be declared no matter where you store it (in your pocket/ in sons account). Personally I would keep anyone else out of my affairs, why drag your son into it.

I emptied my account morning I declared BR & put any bills onto quarterly paper to give me space. However it took about 4 weeks for the OR to write to the bank & them close the account next day! Messed up all my new dds!

It's hard to say what will happen to your account as my br friendly Barclays basic got closed, that was unexpected! What I'd do now would be to open a new basic day after the OR interview & move all dds over there, it's only about 4/5 days from declaring & you don't need to tell OR about new accounts after your interview. Much easier

NIC71

Annie35 wrote: »

What is in your account is essentially 'cash' & assets so needs to be declared no matter where you store it (in your pocket/ in sons account). Personally I would keep anyone else out of my affairs, why drag your son into it.

I emptied my account morning I declared BR & put any bills onto quarterly paper to give me space. However it took about 4 weeks for the OR to write to the bank & them close the account next day! Messed up all my new dds!
It's hard to say what will happen to your account as my br friendly Barclays basic got closed, that was unexpected! What I'd do now would be to open a new basic day after the OR interview & move all dds over there, it's only about 4/5 days from declaring & you don't need to tell OR about new accounts after your interview. Much easier

That’s a great help thank you 😊