Preparing for bankruptcy

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brokemummy123
brokemummy123 Posts: 20 Forumite
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in Bankruptcy & living with it
I have a million questions about bankruptcy, but could anyone help me with the following:

1. How many months of bank statements do I need to provide the receiver with?

2. Does the OR inform all accounts I have or just the creditors? For example, I have a Monzo account with no borrowing facility and would like to continue to use it if I can.

Thank you! I’m sure I’ll be back with more questions.

Emily
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  • TheGardener
    TheGardener Posts: 3,303 Forumite
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    brokemummy123 wrote: »
    I have a million questions about bankruptcy, but could anyone help me with the following:

    1. How many months of bank statements do I need to provide the receiver with? Usually 1 years worth but the OR can get them direct from the bank if they want/need more.

    2. Does the OR inform all accounts I have or just the creditors? For example, I have a Monzo account with no borrowing facility and would like to continue to use it if I can. The OR will normally inform all banking services providers regardless of whether there is a debt.
    ...
    Is the Monzo account one that would allow you to use it post BR? If not Nationwide and Barclays do good basic accounts.
  • brokemummy123
    brokemummy123 Posts: 20 Forumite
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    Thank you!

    I’m aware that people have got Monzo accounts like mine after bankruptcy, but unsure if mine would need to be closed.
  • TheGardener
    TheGardener Posts: 3,303 Forumite
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    If its your 'everyday' account there is usually a space on the BR form to say that. The OR does not close bank accounts - the banks do. However, it maybe that depending on the type of account, Monzo will allow you to keep using it. Be aware that there is usually a period of a few days where your account is 'frozen' while the bank make decisions, this usually happens a week or two after the date of BR depending on how quickly your OR sends out notification to the banks.
  • mwarby
    mwarby Posts: 2,048 Forumite
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    https://forums.moneysavingexpert.com/showthread.php?t=5950561 may help

    I'd speak to CS in app, as they will be able to give you a definitive answer, but think you might be in luck

    One word of caution though many banks have a rule along lines of 'you can have an account, but only if its your only account' (the rule was never enforced in my case), Monzo while great don't have branches which makes some things more difficult(like paying in cash), many keep a high street bank account too, which is tricky if the 1 account rule is enforced
  • terrence45
    terrence45 Posts: 132 Forumite
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    I didn't provide the OR with anything - they never asked for any statements and didn't seem to give a hoot after the interview (maybe my circumstances meant they knew they'd get nowt!).
  • Bankruptski
    Bankruptski Posts: 7 Forumite
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    What were your circumstances, if you don't mind be asking?
  • HookupGeek
    HookupGeek Posts: 1 Newbie
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    And now i have million questions
  • terrence45
    terrence45 Posts: 132 Forumite
    edited 22 August 2019 at 2:54PM
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    Bankruptski wrote: »
    What were your circumstances, if you don't mind be asking?

    At the time unemployed and no assets. I was astonished at how disinterested they were in my case. I was expecting so many questions about individual transactions on my credit card, why I'd consolidated my loans weeks before bankruptcy, why I'd withdrawn cash here and there, that I should cancel the holiday I'd booked in advance... nada. Nothing even mentioned.

    Even after I started working again I had to chase THEM to send me the paperwork to submit a new SOA, as they ignored my first notification. And after submitting it I never heard a word back.
  • pcoventry
    pcoventry Posts: 52 Forumite
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    My account was frozen 3 hours after BR granted - it was Monzo they let me keep it I use it day to day whilst still in BR
  • pcoventry
    pcoventry Posts: 52 Forumite
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    mwarby wrote: »
    https://forums.moneysavingexpert.com/showthread.php?t=5950561 may help

    I'd speak to CS in app, as they will be able to give you a definitive answer, but think you might be in luck

    One word of caution though many banks have a rule along lines of 'you can have an account, but only if its your only account' (the rule was never enforced in my case), Monzo while great don't have branches which makes some things more difficult(like paying in cash), many keep a high street bank account too, which is tricky if the 1 account rule is enforced

    I had a Starling account - I had a £500 OD and they were not even included in the BR as I was at £0 - the amount of OD means I didn't have to tell them but I did - and they closed it anyway

    The OR did ask me to break down to the best of my knowledge how I spent a 25K loan I got 6 months before I had to go BR - but nothing after that. I had to go BR as I lost my job due to being on long term sick, which in turn has degenerated my health and I am now disabled.

    4 months to go before I can even start to look at sorting my life out again
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