cashminder when i have debt with coop

susiehasdebts

Hi,
i have read several threads advising people to open a cashminder account pre BR, to get benefits wages etc paid into, and this seems like a good idea, as i would definitely need to have a "safe" place for these as i couldn't afford to lose any of it, but i currently have a smile current account (they are the internet branch of co-op), which i have a£860 overdraft on, which i would need to include in my BR. If i open a cashminder account, could they take all the money out of it to repay my o/d, or just close my cashminder, leaving me no account? Any advice appreciated...

pippin49

Hi Susie, Get all your benefit payments transferred to a Post Office, card account. Info here. http://www.postoffice.co.uk/portal/po/content1?catId=19100189&mediaId=19200177
Can't really help you with wages as things become really complicated depending if your in England or Scotland. If you have a partner get your wages transferred to his account. Or consider getting a prepaid debit card which accepts BACS. Once your Bankrupt no one should be able to freeze your bank account or get your employer to deduct money. You accountant in Bankruptcy (or England counterpart) is the only one allowed to touch your money. Benefits are not counted as income. Legally I think co-op can nick money out of your smile account. Your just using their version of online banking. As always seek advice from CAB. They are really on the ball and give great advice and help with all the forms. Regards

betterlatethannever

Hi Susie,
I'm not sure if the co-op would be a problem, but i'm sure there are others around who've been in a similar situation and will help you soon.
Have you thought about opening an account with Barclays. They are the other bank that allows BRs, and i've had nothing but excellent service from them.
As pippin said, the post office are a good one for benefits only.

fiveyearplan

I would advise to open with Barclays. I would have chosen them myself but they are my biggest creditor so I went with the Coop. My Coop account was opened very effortlessly but I would still prefer Barclays because there are so many branches.

If you are going to get a prepaid credit card www.mycashplus.co.uk is very good.

susiehasdebts

thanks, i guess i was thinking cashminder was preferable (online banking, debit card etc), but beggars can't be choosers..can you open a cashminder after br (still undischarged) if one of your debts was with coop?

Broken_hearted

You are best off getting an account somewhere you don't have any debts with.

tcalamity

funny thing happened to me, i opened up a basic barclays account the day before my br, they opened it no problem and the strangest thing was i owed them alot of money and they still wanted my custom and tried selling me house insurance..
i have since changed my mind and opened a cashminder because of the online banking facility.

welshpaula

hi i opened a nat west step account 6 months after discharge with no problem ,have a solo card and internet banking .while i was bankrupt i used a spare account of my eldest daughters for a year with no probs (card was in her name but with chip and pin no one takes any notice now !)good luck

ash_bash_girl

Hello all,

Just reading through some posts and saw this one. Went BR 7/11/07 and have just opened a cashminder account with no problems and i owed them £1000s, it started off as Northern Rock CC and the Coop tooki it iver.

Bit worried about if they can take money out of my account even thought BR?
Do any of you good people know anything else?

Ash x

tigerfeet2006

No they can't take your money. If they try it then report them to the OR.

ash_bash_girl

Thanx tigerfeet got myself a bit worried there, was thinking of Barclays but owed them aswell!!
Will keep an eye out.

Ash