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max
Starting Member
13 Posts |
 Posted - 19 September 2010 : 19:31:24
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We were thinking of taking out an IVA but have decided that BR is the way to go.
In anticipation of the IVA we opened a basic bank account at natwest and have deposited a nominal sum.
We intend to file for BR in a few weeks and we understand the OR will freeze our bank account. But will he freeze the basic natwest as well? If so how do we pay our bills?
Befoe we file for BR do we pay our wages into the natwest and change our DD's for our utilities to that account?
We're not sure what order to do all the steps!
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frosie90
Junior Member
285 Posts |
Posted - 19 September 2010 : 21:46:17
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| I am no expert so can not advise you what to do but I did exactly the same. Opened a Nat West Step account in February 09 prior to my BR in April 09. I changed all my direct debits and my salary to go into the Nat West Account. I went to court on the 7th so did not have much of my wages left in there after being paid on the 21st but had about £120 in there. Nat West were not my creditors for anything. I told the judge about the account and he said he would have no interest in that account. The OR also confirmed it but just to seek peace of mind I went into my branch a few days after. They confirmed they would not touch it. No problems at all with the account for me. Hopefully some experts on here will further advise. Good luck. |
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max
Starting Member
13 Posts |
Posted - 20 September 2010 : 08:55:24
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| Thank you so much! Every piece of advice I get is helping. I am getting a clear picture now of how to go about it all. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 20 September 2010 : 12:00:13
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Max
On the bankruptcy petition a question is asked about The bank account you need for day to day accounts. The OR will unless you have thousands of pounds in the account, not want to have an interest in that account
Co-op and BR friendly banks are told that you have been made bankrupt by the OR but as long as they were told of your impending financial position when you opened the account are supportive to you
regards Richard |
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frosie90
Junior Member
285 Posts |
Posted - 20 September 2010 : 21:27:58
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| I agree with Richard but when I opened my bank account with Nat West a couple of months before BR I was "solvent" as in paying all my utilities etc every month. Had never missed a payment, my credit cards were at their max but I was paying the minimum payment. When I opened the account I was actually a high scorer as I had never missed any payments for anything so I did not tell them I was likely in the future to be gooing BR. I felt it was a new start, a new account, no history, no overdraft etc. and no problems. When I went BR still no problems. I know it may not be the same for everyone but that is my experience. Good luck with everything. |
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carl
Junior Member
115 Posts |
Posted - 21 September 2010 : 10:53:10
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Max
I was also in a similar position to you. I went BR in August 2010. I opened a Cashminder Account with the CoOp in June 2010. Transferred all my Direct Debits and Standing Orders in July 2010.
Once I had been declared BR - I informed the OR of the Bank Account went I spoke to them the same day as I was in court and there wasn't a problem. I didn't put this account down on the SOA form just incase it was frozen by accidient. The OR did not have any problems with this. (opinion regarding this varies but doing it this way worked for me)
Following my telephone call with the OR I contacted the CoOp to inform them and again there was no problems and they informed me that the account would not be frozen by them
I don't think the problem is the OR freezing the Bank Accounts (unless there is thousands of pounds in it) - its just that some Banks are not BR friendly and may close the account anyway even if you don't owe them any money.
This was my reason for choosing the CoOp and I can honestly say they seem to be the most friendliest bank/Financial Insitution I have ever had dealings with. Internet Banking is simple and easy to use, there is never a que when on the phone to telephone banking and when you do speak to someone they are so helpful its unreal (probably makes a difference not owing them any money and not being overdrawn)
My only gripe with them is that for some reason I can't use the card to pay for petrol at the pump at either Asda or Tesco. The card says it is a Visa Debit card but for some reason the pumps won't take it. I can use it everywhere else though.
Good luck!! |
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moodybluetwo
Junior Member
156 Posts |
Posted - 21 September 2010 : 12:30:28
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| You cannot use the cards on “none live feeds” ….I believe its called “polling “ by the card company. I think its because you have no overdraft that would normally cover the transaction. Also you cannot use these cards on aircraft . It was stated on my welcome pack from Coop. |
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max
Starting Member
13 Posts |
Posted - 21 September 2010 : 21:36:58
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| Thanks everyone! I've started moving my DD's to the natwest and hope to be organised in a couple of weeks. It feels good to actually take some action instead of just pondering............ |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 22 September 2010 : 01:26:46
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The OR when I worked as an examiner for them, never froze bank accounts. All the OR does is write to them either:
1. In the case of accounts in credit, to advise that it is needed for day to day living expenses and that as far as the OR is concerned it can stay open, therefore it is up to the bank whether it stays open or not
2.In the case of overdrawn accounts, the OR advises that the account be closed, with no further action other than for the bank to claim the debit balance in bankruptcy.
As previously stated, the Co-op and Barclays are the most amenable to bankrupts(or if you're thinking of going bankrupt), but the Halifax and HSBC generally automatically freeze accounts, once they become aware through the London Gazette.
Big Al |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 September 2010 : 10:03:35
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HSBC and First Direct actively trawl the Insolvency Register. They are well known for closing accounts (with little notice) even if you don't have any debt with them.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
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frosie90
Junior Member
285 Posts |
Posted - 23 September 2010 : 21:24:34
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| Good luck Max. Hopefully Natwest will be as good for you as they have been for me. Once I was discharged in April of this year, they even let me open a savings account. Not a lot going in there but every little helps. |
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Topic |
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Logistics of paying utilies
