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| rachellm |
Posted - 10 December 2008 : 19:19:20
Hi there, I am complete novice in all things BR, but I am going to have to learn pretty quickly (which I guess all of you on here have had to do!) and there are several questions that I need answers to already and this before we actually even start the process of BR - we intend to do so in the New Year.
If anyone can help I would be sooo grateful 
Firstly, bank accounts- I see on here that several people recommend you switch everything over to a Co-op account BEFORE the process starts as they are BR friendly etc. I'm confused as my bank manager at Lloyds has said as soon as the process starts they will freeze this account. I was panicking as my husband who has just managed to get a new job, gets paid by BACS. So I found this fab forum and read that really it would be the best thing to hop over to the Co-op.
Can anyone confirm that they really won't freeze this account either? If not why not? We have several DD and Standing Orders i.e. gas, insurance etc, I am happy to swap everything over to a new account with Co-op but I am still worried that there is no point if they will freeze it anyway!
Sorry I am waffling, I was going to ask other questions, perhaps I will wait for another time! Thanks very much. |
| 2 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 11 December 2008 : 14:38:42
Hi Rachellm,
When you go BR, it is published electronically in the London Gazette and Stubbs Gazette which is monitored by all the financial institutions. It is standard practice for the banks to freeze any accounts in your name on publication until they hear from the OR.
However, it is at the banks' discretion, and a friendly chat with your manager can avoid this if you don't owe them any money when you go BR.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
| Needafriend |
Posted - 10 December 2008 : 21:47:18
Hi and welcome
The banks can freeze the accounts as its not the OR that do it. If the OR has no interest in the account they can write to the bank and inform them they have no interest and the bank may unfreeze it or offer a basic account that is providing you have no debts with it like a overdraft.
That said i think it would be better to get your Coop account set up before hand if you want to but the bank wont freeze it immediatley so you could open a new account the day of your BR, that is what we did and then had wages paid in that month.
We withdrew all the money needed for the month jsu after they went in and planned our BR date 4 days after payday.
I also had all our benefits paid by giro and our child benefit held until the coop account was up and running that way nothing went in to that account after BR.
The coop they may not freeze but i would try and get your BR appt just after payday and then you have enough time to sort out wages and any DD's can be paid either by BGC for one month then back to DD the next.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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