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 Iopening my new basic account?

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T O P I C    R E V I E W
Thehitman1977 Posted - 16 October 2008 : 15:06:52
If i am going bankrupt in a couple of weeks, when should i look at opening my new basic account? - i want to make sure any direct debits have a place to go before my current one is closed down + let my employer know so i can have my wages paid into the new one. Is there a set process for this or will it be dealt with by the OR? I dont want any new account closed down because of the bakruptcy just after i've opened it

Thanks

Hitman
15   L A T E S T    R E P L I E S    (Newest First)
Needafriend Posted - 18 October 2008 : 09:32:27
Hi Paul

Have you looked at the guide that is on my blog, its a rough idea of expenditure the OR may allow, its a little out of date but it can be used purely for guidence.

Check it out and then start a new thread and post what you think would be good I&E and we will all put our input in and help you work it through.



Take Care

Jo x

Please visit my blog for info on how I got here and other information to guide you through from my experience called:

"Needafriends Links and added info on Bankruptcy!" available to view at:

http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Paul Posted - 18 October 2008 : 07:24:32
Yeah a little thanks, Christ there is a lot to take in with all this. Ive got my second appt with the CAB on Tuesday, do you know how much they allow you for expenditure for you for living as would like to work out roughly what i am going to be left with.

Paul x
Needafriend Posted - 17 October 2008 : 22:30:20
Hi Skippy

Thanks for that info, i think its best if you know your gonna get one to try and get it started asap as the sooner its started the sooner it ends.

Have a great weekend.:-)

Take Care

Jo x

Please visit my blog for info on how I got here and other information to guide you through from my experience called:

"Needafriends Links and added info on Bankruptcy!" available to view at:

http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Skippy Posted - 17 October 2008 : 22:28:26
I chased my OR to get the IPA started - I knew I was getting one, and I didn't want it to drag on any longer than necessary. It still took 3 months.

Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.

View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Needafriend Posted - 17 October 2008 : 20:18:38
Hi MW

Its ok we are all learning :-)

I am no expert really i am just like you, finding out more each day:-)

LOL

Take Care

Jo x

Please visit my blog for info on how I got here and other information to guide you through from my experience called:

"Needafriends Links and added info on Bankruptcy!" available to view at:

http://debtfreejo.blogs.bankruptcyhelp.org.uk/
movin on Posted - 17 October 2008 : 20:17:01
Hey Jo

Thanks - you say it so much better than me - so all i had to say is, it goes on for 3 years from the start date. Durrr

Thanks Jo - i really go all round the houses sometimes

xx

The weights are coming off my shoulders very slowly, but making such a big diference !!
Needafriend Posted - 17 October 2008 : 18:10:38
Hi sorry to add to your reply Money worries but the IPA for 3 years starts from when the OR sets it up which could be 2, 3 or 4 months after you have been declared BR that means that if they dont set it up for a few months then its not 2 years after discharge that it would end but 3 years after it starts.

EG:
BR 1/1/08
IPA starts: 5/5/08
Discharged: 1/1/09
IPA Ends: 5/5/2011

Sorry i just had to add this in :-)

LOL

Take Care

Jo x

Please visit my blog for info on how I got here and other information to guide you through from my experience called:

"Needafriends Links and added info on Bankruptcy!" available to view at:

http://debtfreejo.blogs.bankruptcyhelp.org.uk/
movin on Posted - 17 October 2008 : 18:06:59
Hi Paul

If (after all household expenditure has been accounted for - i.e. prescriptions, glasses, hair cuts, clothing, housekeeping etc etc etc) you have £100 or over you will have to pay 50-70% over to the IPA for 3 years. You will still be discharged after the year, but will be paying for an additional 2 years after that.

Hope this helps

xx



The weights are coming off my shoulders very slowly, but making such a big diference !!
Paul Posted - 17 October 2008 : 17:47:16
Doh!!!!!!!!!! no they are not one of my creditors either.

x
Paul Posted - 17 October 2008 : 17:45:24
That is very bizare, you would haver thought they would givethe same advice to all.

I was going to fill out the form when they sent, but now knowing you can do it online will be easier thanks for advice.

I defo wont forget the money.

Thats no long at all is it really, I was told that i might have to pay into the br pot for three years, is this right and if so how much do they look for.

Paul x
movin on Posted - 17 October 2008 : 14:31:42
Hi Paul

Thats really weird because i got my new debit card today and phoned them to double check i can definitely have the account and they said because its such a basic account that it would be fine. Its not fair that they are giving each individual person different info.

Are Lloyds Tsb one of your creditors ?

Im very cynical and believe that we are too low rist once we are br, as they can not 'sell' any products to us

I phoned towards the end of September and got my app for Monday 13 October, but each area is different and some even have a walk in service. I did all my forms through the insolvency website which was a whole lot easier, you just fill in the info when you have it, and can even save it and go back to it another. I only submitted mine a few days prior to br, just in case there were any last minute changes to me made.

I know this sounds obvious but do not forget your money whatever you do. My app was for 12 and i got there 15 mins earlier, and was out for 1.30, thats including speaking to OR office on the phone. It really is as easy as everyone here says it is.

Does this help a little?

Jenny

xx

The weights are coming off my shoulders very slowly, but making such a big diference !!
Paul Posted - 17 October 2008 : 14:22:02
Hi Jenny

Thanks I spoke to tsb on Wednesday and they informed me that I couldn’t open an account with them until 1 year after BR.

But after all that My Dad has got an account he hasn’t used for ages, which is a bonus, as I still need to pay standing orders.

Its mad though don’t you think you would have thought any bank would give a simple account for BR clients, as you still need to manage your finances & they will earning money in interest from you still.

How long does the whole process take, as I will be filing next week.

And that must be a hassle having to do that all over again.

Paul x
siobhan Posted - 16 October 2008 : 20:11:18
heard that abbey do too, but will let u know tomorrow as going to sort out our bank act, we informed natwest who we have no debt with, and had organised all DDs, wages etc. looks like we're gonna have to sort it out all over again :(
movin on Posted - 16 October 2008 : 20:09:59
Hi Paul


I have phoned Lloyds TSB today and they have said you can have a basic account with them. I use the coop now as my main account, however i just wanted an extra account so clothes, prescription etc. money doesnt get mixed up with bills money

Jenny

The weights are coming off my shoulders very slowly, but making such a big diference !!
Paul Posted - 16 October 2008 : 19:47:05
I am going to be filing for BR next week, and have been told that Barclays & co op offer basic accounts, they are both amoung my creditors with this in mind would they still let me open an account. If they wont can anyone advise me of any bank that will.

Thanks

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