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Bankruptcy questions
Comments
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I opened one basic bank account before submitting my application, and a few weeks after I opened 3 more, all with different banks. I find more accounts helpful in budgeting, but have certainly had no problems opening nor keeping any of the accounts. I'm not suggesting everyone gets four, but that you should be fine with one if you open it before you submit.
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Best to be prepared in advance of "pressing the button".
If your current bank account is with one of your creditors, you will lose it anyway, if it isn`t, but has an overdraft, then it may or may not be frozen, its at the OR`s discretion.
Having a new basic account is really a must have thing, you should ideally transfer everything over prior to going bankrupt, and also be prepared to pay for things in cash, or a pre-paid card of some kind if you have to, its best to think worse case scenario and cover all the bases.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I got a nationwide basic account set up before I "pushed the button". The account is great. Recommended!0
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I am an undischarged bankrupt (March 21) I had some problems with TSB even though it was a basic bank account but opening a new account and transferring dds was a simple process.
No one has mentioned your insurance. It is difficult to check whether or not it will apply to your policy without divulging the info to the company but I have found it VERY difficult to get insurance on monthly payments and a yearly upfront premium was not budgeted for.
I have no idea whether or not existing policies are void if you don’t tell them you’re Bk. I didn’t want to ask.
Stepchange did mention insurance so maybe they can advise.1 -
Just to clarify, it is not the OR who freezes a bank account, it is the bank itself. The bank will then unfreeze after the OR sends a letter to say they have no interest in the account.1
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It's worth pointing out that the bank will not necessarily unfreeze your account after the OR has told them they have no interest in it. In my case Santander took no notice of this letter from the OR and they went on to close my account, even though they were not a creditor.The best bet is to open a basic bank account elsewhere as already advised above.Good luck!0
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Some banks are more BR friendly than others. Nationwide, Barclays and co-op seem to get good reports.
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