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T O P I C R E V I E W
superbev
Posted - 11 July 2009 : 02:51:38 Hi I hope someone can help. I have about £40k of debt and am currently on incapacity benefit, also get tax credits. My problems started about 5 years ago I had a great job I loved but I was having problems with a manager sexually harrasing me it got so bad I had to resign and I started to suffer with depression and got signed off sick by my Gp Long term hence the incapacity. I am really struggeling to pay my debts everymonth and have a payment plan but this way is going to take me forever. I am considering a BR as its the only solution that seems to have light at the end of the tunnel. How does a BR effect your bank account? as I currently have a good one with Lloyds? of will i need a cash card account? I know getting my situation sorted is more important than a bank account but I am concerned about my payments into my account? and if it is advisable to get another account before I start a BR? any advice would be great. Bev
5 L A T E S T R E P L I E S (Newest First)
uknique
Posted - 26 November 2009 : 12:16:40 **Spam - post deleted**
kentmikey
Posted - 21 November 2009 : 12:38:09 Hi Bev, my Wife and I have decided to go down the BR route, we have just applied for a Co-OP account prior to us applying for BR. Best of luck Bev, keep us posted with how you get on.
Mikey
Jane.l
Posted - 04 September 2009 : 18:32:11 will you please stop spamming the forum and dragging these old threads up just to advertise, it is not allowed
ApplyBankruptcy.co.uk
Posted - 04 September 2009 : 18:28:15 **Spam post - please don't advertise on this forum**
gettingoutofdebt
Posted - 11 July 2009 : 07:19:37 Hi Bev,
Is the payment plan a DMP (Debt Management Plan) or is this just something you have setup with your creditors yourself?
When you declare BR your bank account will be frozen and you will only be able to have a basic account (no overdraft or cheque book). If you are on good terms with your current bank (Lloyds) then you may be able to keep this open but you would need to speak to them first to advise you are declaring BR and to see if they would allow you to keep the account. Even if they do allow you to keep the account there is a very good chance that it would automatically be frozen for several days once you declare BR.
A better option would be to open a Co-op Cashminder account as they are BR friendly. You can open the account over the phone and it takes around 5-10 days to open the account and receive the details. Tell them that you are planning to declare BR when you open the account and there won't be any problems.
You need to plan BR rather than rushing into it to get it all over as quickly as possible. You should:
- Open the Co-op account - Transfer any direct debts and benefit payments to this account - 3 or 4 weeks later declare BR
This way you will have a bit of an overlap with both accounts being open so that if one payment accidentally goes into the Lloyds account there is time to sort it out.
When you declare BR put the details of the Lloyds account on the SOA but leave the Co-op account off. Any accounts on the SOA are normally frozen by default even if the OR doesn't have an interest in them. When you speak to the OR after you have been declared BR you can mention the Co-op account to them and there won't be any problems.
