Long winded but...what do I do

Bald_Runner

Realised we had some money problems so changed bank account from RBS where we had probs to Barclay's and cancelled all creditor payments from old account. Barclay's account (new) is in credit. We then proposed an IVA which was rejected. I have told Barclay's that I intend to go BR; they said we will change you to a Cash Card account when you do (not until 9th April). OK so far. However, the money we should have paid into the IVA this month is still there in the Barclay's account. I will use it to pay the court fees. There is also some other money - dentist, opticians, car tax, etc. that we have been budgeting for since January when all this started. I don't want to lose that money obviously. Is it OK for me to withdraw it all just before I go BR then pay it into the new account a few days later? The timing means it will be two weeks after my Court appointment before i get paid and utilities will need paying in the interim.

Thanks

dalip

Draw the cash out now as, as soon as they get wind of problems they will freeze it.

fiveyearplan

Yes, by all means withdraw all the money. With the long weekend you should be able to get it all out before Tuesday morning. You'll need it to live on. As Dalip says, Barclays may freeze it. They took money out of my husbands account (took him right up to his overdraft limit!) to part pay my loan to them!

Good luck and keep posting.

Bald_Runner

I don't actually owe Barclay's anything so they won't touch it. I am wondering whether the OR will be 'annoyed' because I emptied the account to pay bills before the account was frozen. Barclay's have been good. I don't want to upset BT and Electricity company etc.

fiveyearplan

If you don't want to upset BT and Elec., do you mean because you have direct debits going out to them? You'll have to change the account that they come out of anyway when you go BR. If you leave the money in your IVA payment will be taken out. Take out the money NOW and phone BT and elec and tell them you are closing that bank account and you will give them new DD details once it is open, or pay this month by debit card payment tomorrow (you want to have all your money out of the account before the banks open again on Tuesday!)

Since you don't owe Barclays any money you could get your new account set up and dd's in place. Also cancel the dd for your IVA. Personally, I prefer the Coop Account because it comes with an electron card instead of the cash card that Barclays offer.

fiveyearplan

Bald_Runner wrote: »

I don't actually owe Barclay's anything so they won't touch it. quote]

Barclays may not touch it but your IVA may come out on Tuesday and you could use that money to pay your BR fees.

Bald_Runner

Thanks all. The IVA was rejected anyway and the 1st payment is not due until 28th March - I'll cancel it don't worry!

peachyprice

Hi BR,
I spoke to Barclays yesterday, in a similar position, our account with them is in good order, and we owe them nothing. We were advised to do nothing with our account, they will write to us once they receive notification from the OR telling us what they are going to do, and will automatically downgrade our existing account to cash card, so no need to cancel anything.

We're just going to leave enough in to cover DD's over the next few weeks, as it's our living expenses account and Barcalys are not one of our creditors the OR should have no interest in it.

HTH

Bald_Runner

Thanks PP, Same as us i think. Barclay's did say though that they have to open a 'new' Cash Card account with a different number etc. so all the DD's will have to be changed and I have to do that... Is that the same for you?

peachyprice

Well, the in branch 'personal banker' didn't even know we couldn't keep our current account, doh! Then she said we had to apply for a cash card account, by post, which would take 14 days to open, and we couldn't have a joint one???? All in all she really didn't seem to have a clue about anything.

So I came home and phoned customer services, again they said we had to open a new account, but we could in fact have a joint one, but it wouldn't happen automatically, so I then asked about time frames, the man went off to speak to a supervisor, who told him that I need to do nothing and that it would all happen automatically and they would downgrade our account for us.

Do you think someone somewhere at Barclays actually knows what they're talking about?? lol