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| T O P I C R E V I E W |
| Angela.vo |
Posted - 11 May 2012 : 21:31:56
hi i am preparing to go bankrupt as i have been in a voluntry arrangement for some time now and i will be out of work in next few weeks due to moving home, i was told i would have to open another account , as i was going to go on an iva but new this would not be possible due to my circumstances , im so confused as i have opened a cashminder account with the co operative bank which i have set up direct debits and my tax credit ect to go in , would this get frozen as the court do ask for your bank accounts , i have one with santander and will be sending them my card for this , but dont want to send them my new account as i will have to start all over again with another bank, would this be a problem for me and do i tell the co operative i am going to go br , thanks please help |
| 6 L A T E S T R E P L I E S (Newest First) |
| year 2029 |
Posted - 15 May 2012 : 21:34:10
My personal experience with bank accounts and BR.
I went through the pain of setting up new bank accounts, going through the 'time' of giving my life story etc, before going BR, on the advice of some professionals.
As it happens, when I went BR, the OR asked which account I wanted to use.
The accounts that didnt have any money in (to speak of), and accounts that I wasn't bothered about, all wrote to me after they received letters from the OR, allowing me to use those accounts, but in branch only.
The OR actually said to me that they dont tell any bank to 'shut' an account down or keep it open, only that they tell them the situation you're in.
I went to my own 'everyday' bank the day after BR, and told them. I got a bank card issued that meant I could only use the card in their cash machines. Takes a bit of getting used, but still allows you to use your card when shopping/ on line.
My business account was also mainly left unaffected apart from I have no card for that at all now as they couldnt 'downgrade' that type of card, so all my banking for that is online, and transfers to personal etc.
Like I said, just my personal experience the end of last year. |
| Skippy |
Posted - 15 May 2012 : 14:30:48
The OR will contact your bank to advise them that you are BR. I didn't notify my bank and I didn't have any problems using the account - if the bank froze it temporarily I didn't know about it!
You'll be fine with a Cashminder, the Co-op are excellent.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 and I'm now looking forward to getting married in September 2012 - I'm proof that you can go BR and come out the other side. |
| debtinfo |
Posted - 15 May 2012 : 13:09:16
Yes as viki says, not a problem, in fact there is a specific standard letter that the OR sends to the bank to request that they leave the account open for your everyday use |
| James Falla |
Posted - 15 May 2012 : 12:40:05
Hi Angela
If you have been using your co-op cash minder account for some time I would recommedn that you do speak to Co-Op to let them know you will be daclaring yourself bankrupt. I am sure they will tell you that this will be no problem.
When you are completing your bankruptcy appication forms you must include details of your Co-Op account in section 5. However as Viki says, there should be no issue with the OR as there is no borrowing against the account and it is just used for your normal income to be paid in and your living expenses.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
| pcoventry |
Posted - 15 May 2012 : 12:21:59
quote:
Originally posted by Viki.W
The cashminder account won't be frozen. You don't need to tell them you are declaring bankruptcy as this is a bankruptcy friendly account and you can carry on using it once bankrupt.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
I would never question your advice Viki however I just wanted to add the OR told me a few hours ago that the account I opened on the same day I went BR with the co-op is of no interest to them provided I have informed the co-op that I am now BR as they have a duty to inform them all the banks you hold accounts with. My account I had before was also a BR friendly Barclays Cash Card Account but they had that and have told me to send my cards to them.
So it wont be frozen but the OR might get funny but hopefully not |
| Viki.W |
Posted - 12 May 2012 : 00:27:18
The cashminder account won't be frozen. You don't need to tell them you are declaring bankruptcy as this is a bankruptcy friendly account and you can carry on using it once bankrupt.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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