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angel220
Starting Member
9 Posts |
 Posted - 18 December 2010 : 13:03:53
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Hi
I am thinking of going bankrupt. Haven't got much to lose except for my debt-free bank accounts with Santander and The Co-op. I am currently on benefits and can't afford to lose both accounts. Which banks or more specifically what type of accounts will not be affected when declaring bankrupt? Until today I really thought that the Smile Bank (the co-op) offered Bankruptcy friendly bank accounts but after reading a couple of posts here, I am not too sure anymore.
Thanks ever so much. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 December 2010 : 13:13:57
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The Co-op Cashminder account is a BR friendly account and I believe that Barclays also have a basic account that can be used if you are BR.
If you currently have a non-basic Co-op account then the easiest option may be to change it to a Cashminder account. |
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angel220
Starting Member
9 Posts |
Posted - 18 December 2010 : 13:21:54
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Can I just ask them to do this over the phone or will I have to go to the branch to do that? And since the account I have is a Smile current account with the COOP, can there be any issues over that?
And if I declare bankrupt before opening a Cashminder account, will the COOP give me the option to transfer my funds from my COOP SMILE account into a Cashminder account?
Thanks. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 18 December 2010 : 13:30:44
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You should be able to do it over the phone. I opened a Cashminder account over the phone so transferring the accounts should be fine. You should do this before declaring BR as once you are BR any non-basic accounts will be automatically closed.
The only problem I can foresee is if you have debts with the Co-op, which are being included in your BR. If so then they may refuse you a Cashminder account but it is better to find this out before you declare BR rather than afterwards. |
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angel220
Starting Member
9 Posts |
Posted - 18 December 2010 : 14:24:10
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I don't have any debts with the COOP. But I keep hearing that I shouldn't open a Cashminder until I have declared bankrupt. Let's say I opened one today, declared bankrupt tomorrow, when around should I get my accounts transferred over to the Cashminder account to prevent being snookered?
Should I start the transfer just before declaring bankrupt, just after or after everything's done and dusted and on paper?
Thanks. |
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Sarah.12
New Member
United Kingdom
58 Posts |
Posted - 18 December 2010 : 14:42:03
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I opened my cashminder account before going BR, I didn't put it on my SOA but when questioned by the court where my money was going, I did tell them and they put it on my forms along with my HSBC a/c... my HSBC account has now been closed (can't get onto internet banking) but the cashminder is still open, the girl I spoke to on the phone at the OR office did say that all they do is send a letter to the banks, and the co-op normally see BR on there and then bin them, they don't take any action, so I personally think you'll be ok opening the account beforehand... Hope this helps :)
Sarah |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 18 December 2010 : 15:15:49
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As the others have said angel220, just phone co-op and ask them to switch you to the cashminder account before you go to court.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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angel220
Starting Member
9 Posts |
Posted - 18 December 2010 : 15:35:07
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| I had an overdraft of around £200 on the account which should clear within the week. I called them today anyway. They said it the application came back referred and asked me to phone back in 3 days time. A bit worried about why that is. |
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Sarah.12
New Member
United Kingdom
58 Posts |
Posted - 18 December 2010 : 16:10:17
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I had exactly the same Angel, don't panic, honestly it's fine, it's routine :)
Sarah |
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Viki.W
forum expert
United Kingdom
2211 Posts |
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angel220
Starting Member
9 Posts |
Posted - 18 December 2010 : 16:39:32
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| Thanks :) |
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Bankruptcy friendly bank accounts
