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maizie
Average Member
United Kingdom
566 Posts |
 Posted - 14 July 2008 : 15:50:49
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I am going bankrupt on the 15th August. I get paid on the 25th/26th by cheque every month so normally need 5 working days for it to clear for the end of the month.
I am planning on opening a Cashminder account at the Co-op, can I open an account prior to the 15th August so its all ready and set up for when I get paid... apparantly it can take about 10 days to set up an account.
What will happen to this account.. will it be frozen etc? And how long after my court date will it be frozen? Do I also have to notify the OR of this account or put this on my forms?
Maizie |
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mst
Junior Member
254 Posts |
Posted - 14 July 2008 : 16:37:09
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I asked this question a while back and got a mixed set of replies. Some people had openeed the cashminder account before the court hearing and simply advised the Co-Op the day after the hearing that they were not an undischarged bankrupt and the co-op agreed to not freeze the account.
Others had suggested that any new account should only be opened after the hearing. I have managed to get my salary paid into my Mum's account and I have till the 10th August to sort our my next pay packet on 24th August.
Would take advice from people who have been through this situation but will post my experiences after the hearing this Thursday. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 14 July 2008 : 16:50:26
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The best advice is to open the new account after the BR hearing. That way, the account definitely won't be frozen as you will have had to inform them whilst opening the account that you are already BR. Therefore, when the ads appear, it's only telling the bank something they already know.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 15 July 2008 : 09:25:23
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My fear is that my account wont be open in time for my wages thats why I thought I would do this earlier so its all set up. If they are aware I am going bankrupt would they still freeze the account? I am just trying to fully prepare myself and get myself organised before bankruptcy.
Maizie |
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 11:05:13
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Hi Maizie,
I am inclined to agree with Julian, if you did set up the account before you went Bankrupt and you had your wages paid in to it, and then they froze your account - you would have a major problem.
Also, when is your cut off date for payroll - as they will have to know in advance to change your details - or is this the 10th Aug that you mentioned.
I went in to Co-op last tuesday - 8th July to set up an account, they said it has been approved (I went bankrupt in Nov 07) but I havent had anything through the post yet, but they said i should by the end of the week.
I would suggest getting your wages into someone elses account just for august and then you will have time to sort it out for september.
369 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 15 July 2008 : 11:09:12
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I get paid by cheque every month... my employer sends the cheque to the bank so its clear (normally takes 5 working days) for the last working day of the month as my direct debits go out at the beginning of the month.
I go bankrupt on the 15th August so would need an account for my wages and direct debits set up by the end of the month.
Maizie |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 15 July 2008 : 11:12:20
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I have just spoken to my work and they cannot pay into someone elses account.
Maizie |
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369
Junior Member
366 Posts |
Posted - 15 July 2008 : 14:23:53
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Ok....well if you are going Bankrupt on the 15th Aug then you will have two weeks to set up the account, so you should be ok.
However, the advise i would offer would be to either phone up or go into a Co-op branch and actually talk to them. Explain your situation and see what they say. They will know if they cando it or not for you, and get a "guarentee" that your account will not be frozen, or a "guarentee" that your account will be set up in time for your wages to go into.
369 |
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maizie
Average Member
United Kingdom
566 Posts |
Posted - 15 July 2008 : 15:40:41
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I would need five working days for a cheque to clear so in effect would need about three weeks.
Maizie |
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Trolly-Dolly
Average Member
591 Posts |
Posted - 15 July 2008 : 19:16:33
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If your account is frozen with wages still in it, can you get this money back if you owe the bank nothing?
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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Best time to open new bank account
