Frozen bank account

parrot23

Just wondering how soon after getting the BR order email your accounts are frozen? 

Thankyou 

mwarby

Hours to days I’d say

thevdm

Sometimes it can even be a few weeks, some accounts may never be frozen (if you owe that bank any money the account will be frozen though).

luvchocolate

Not all accounts are frozen..the O.R will notify your bank..it's then upto the bank. 
Make sure you have a basic account 

Minkym00

The OR doesn’t notify the banks, the banks themselves monitor the Insolvency register / London Gazette and freeze accounts when they find their client on there. 

parrot23

Ok I just wasn’t sure whether to transfer the small amount I will have left after paying my fee into the new basic account I have with co op or just withdrawing the cash?

mwarby

I’d get it as cash, gives you options if the account is frozen for a period. Obviously not so much cash that it makes you a target for being mugged or robbed, but say £50 or £100 cash in hand will be useful for food etc

Wanabee2020

I set up a new bank account with  'U account' when I went bankrupt and used this for normal bills etc. It doesn't give overdrafts etc, nor offer any other kind of credit, and this was fine for normal/everyday usage.

Samirish

Have to disagree with whoever has said that the OR doesn't notify your bank...they certainly DO notify them (or at least mine did) as I received copies of the letters.  Both letters said that the OR was not interested in the accounts and that any balance belongs to the account holder.  It is then up to the banks is they freeze or close your account (mine have done neither). 

mwarby

Wanabee2020 said:

I set up a new bank account with  'U account' when I went bankrupt and used this for normal bills etc. It doesn't give overdrafts etc, nor offer any other kind of credit, and this was fine for normal/everyday usage.

That may have been a good option when you went bankrupt, but its no longer a good option IMHO. Theres no reason why a bankrupt person should be paying monthly and transaction fees when most banks will offer a free current account with debit/atm card to bankrupts. A few years ago this wasnt the case, only Barclays and Coop would offer a bankrupt person an account, thats no longer the case

thevdm

Yep, the banks will be notified by the OR, you'll also receive a copy of the letters sent. I agree though, while bankrupt it's probably a good idea to use a free account as most major banks offer suitable accounts these days. There's a good list/comparrison of basic accounts here - https://www.which.co.uk/money/banking/bank-accounts/best-bank-accounts/best-basic-bank-accounts-axdj05l1236r