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rob111256
Starting Member
20 Posts |
 Posted - 15 January 2010 : 11:37:49
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i opened a co op cashminder account a few months ago. had a meeting with cab debt advisor and he said that i should declare the bank account on br forms. i am sure i read here advice against doing this and to tell or when i get or's interview.
if i put the bank account down will co op freeze the account. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 January 2010 : 11:57:16
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The bank accounts that are entered on the SOA (BR forms) are generally frozen by default. The OR won't have any interest in the Co-op account but if it is frozen then it could take up to 5 days for it to be un-frozen as the OR would need to contact the bank, they would need to process the request to reactivate the account, etc.
I wouldn't put the account on the SOA and when you speak to the OR's Assistant on the day you declare BR just mention the account to them if they ask. This is what I did and there was never any question that I was trying to hide the account from the OR and the account wasn't frozen. |
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rob111256
Starting Member
20 Posts |
Posted - 15 January 2010 : 12:11:21
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| thanks for that. they dont give you much room to enter address's on the forms. |
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Steve Thatcher
New Member
United Kingdom
70 Posts |
Posted - 15 January 2010 : 12:28:32
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It is a tricky decision to leave out an account. I have done so in the past on a request and nothing has come of it. Lets be honest, if an account is a basic one without an overdraft, has little cash in it but operates to discharge direct debits and standing orders, in whose interest is it to close the account.
Strictly tho' all accounts are required to be declared to the OR and then he writes his letters accordingly.
The Official receiver maintains two distinct letters for writing to a bank. They are available for staff on its internal document production system. Each letter provides an option for dealing with the bank account and will be dependent on how the Official Receiver views the account.
The first type of letter will notify the bank of the bankruptcy order and should be used where the official receiver is content for the account to be closed. The OR can then also request any or all of the following:-
• Where there is a credit balance, asking for the balance to be remitted to the official receiver.
• Where no further information is required from the bank.
• Where there are further standard questions requiring an answer.
A second letter is available for use in cases where the official receiver is content for the bankrupt to continue to use the account, subject to bank policy. It is most likely that this will occur when the bankrupt's regular income is paid into the account concerned. There are options available to tailor this letter: -
• Where there is a credit balance on the account but the official receiver is happy for the funds to be released to the bankrupt.
• Where there is a credit balance on the account and the official receiver requires all, or part of the balance remitted to him/her.
Steve Thatcher
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rob111256
Starting Member
20 Posts |
Posted - 15 January 2010 : 13:01:54
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| doh. so do i declare it or not. dont want to get in trouble before any interview. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 January 2010 : 13:45:53
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If you are following the guidelines on the SOA literally then you need to put the account on the form as you sign it to say that the details you enter are 100% truthful. In this case you should put the account on the form but be aware that it could be frozen for up to 5 days. This means that you have to make sure that you have sufficient cash during this period and make sure that no salary/benefit payments or DDs are due to be paid into/out of the account.
Some IPs say that as the Co-op account is a basic account and that you do not have any debts with this bank then there is no need to declare the account on the form and you can just mention it to the OR when you speak to them.
Unfortunately this issue has been discussed many times on this forum and there isn't one answer that you will get from people; some say put the details on the form, others say don't.
From my point of view if you don't have any DDs or salary/benefit payments due within 5 working days after your BR I would say declare the account just to be safe. If you do have DD/salary/benefit payments due within 5 days of your BR then don't declare the account. |
Edited by - gettingoutofdebt on 15 January 2010 13:46:13 |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 15 January 2010 : 13:52:05
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Rob,
Welcome to the forum.
I was going to say the exactly what gettingoutofdebt has said I am afraid.
I believe that if there to be any signs of not being 100% honest and above board, then trouble could be on the horizon and noone wants to run the risk of a BRU do they!?
Good luck and I am sure that (with honesty) everything will be fine, Regards, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 January 2010 : 13:57:06
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I declared all my bank accounts and none of them were frozen - either that or the OR contacted the bank so quickly I didn't realise.
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/
30 IPA payments made, 6 to go - the end is in sight! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 January 2010 : 14:10:20
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Hi Rob
if it helps i will share my scenario (Dec 18th 2009)
prior to going BR, i informed the utility companies and direct debits that i needed to keep going of my situation.
I wanted to draw a line from old bad debt to the new debt free me, a couple of accounts this meant changing supplier.
On the date i went BR i was aware that i did not have any pending Direct debits.
I entered my CO-OP account onto the form.
On the afternoon after applying for BR the OR contacted me, one of the first questions was about the bank account, How much in the account, any pending Direct debits and did i need to continue with the account. (OR office Bournemouth)
The result of the communication was the OR saying that they would not consider freezing the account and i could continue to use it, The OR did leave the caveat that the bank may decide to close the account.
However The account was opened specifically with COOP because they are Br friendly, the bank were fully aware of my intention.
hope this helps
Richard |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 15 January 2010 : 15:01:22
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Please also be aware that if you are in the Brighton area the OR will close your bank account, even if it's a basic Cashminder.
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/
30 IPA payments made, 6 to go - the end is in sight! |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 January 2010 : 15:11:19
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Thanks Skippy
isn't it strange / frustrating that one organisation can have so many variations and interpretations on their own rules and guidelines !
Not that i want Bournemouth to change as my OR was helpful, businesslike but understanding. would not like to cross her thou |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 15 January 2010 : 15:28:34
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Hello Richard,
Would not want to cross any OR, I have to say...
No snow now!
Have a good weekend, Richard
"Life is generally something that happens elsewhere" (Alan Bennett - author and hero of mine!!) |
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rob111256
Starting Member
20 Posts |
Posted - 15 January 2010 : 16:49:18
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thanks guys, my only concern are my direct debits but 5 days would seem fine.
if the account gets frozen do i have to contact the co op. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 15 January 2010 : 17:10:52
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| Only the OR can unfreeze the account so they would need to contact the Co-op to advise of this. |
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debtinfo
forum expert
2826 Posts |
Posted - 15 January 2010 : 19:21:10
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| I beleive that brighton no longer do this and have fallen in to line with the rest of the country, it certainly used to be the cases though |
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debtinfo
forum expert
2826 Posts |
Posted - 15 January 2010 : 19:23:59
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quote:
Originally posted by Richard P
Thanks Skippy
isn't it strange / frustrating that one organisation can have so many variations and interpretations on their own rules and guidelines !
Not that i want Bournemouth to change as my OR was helpful, businesslike but understanding. would not like to cross her thou
The reason for this is that technically it is not one organisation. Each OR runs an office and area and is PERSONALLY responsible for the decisions taken in their office. There are guidelines provided by the government and the OR is covered by insurance but they are given a certain lattitude to run their office as they see fit as long as they do not break any laws |
Edited by - debtinfo on 15 January 2010 19:24:29 |
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cab and bank accounts
