If my daughter submits a petition say 23rd February and meanwhile opens 2 basic credit bank accounts with another bank so that she can have her salary paid in on the 25th and continue to live will the OR freeze those accounts as well or will she be allowed to continue to use that new money to live.
I was advised to open a new account with the Co op bank before the bankruptcy hearing .Do this and tell them about your impending bankruptcy but don’t put the new account on your bankruptcy forms. When you are contacted by the OR following your court hearing tell them about your new account...there will not be a problem. As I believe it the OR does not freeze your accounts...its up to the banks....and in my case the Halifax did freeze the account as soon as they knew about my BR...although it only had £1.60 !! They sent it to me in a cheque and closed the account.
It is down to the individual banks to make the call to close the account, some will some will not but please do not leave it to chance as you would hate for the money you need to be inaccessible.
COOP and Barclays have indicated that they are prepared to support people with financial challenges. limited controlled bank accounts.
when you look at it, it makes good business sense to look after someone in a temporary situation, as a BR or someone working to change financial situation, you have no debts or the debts compartmentalised and under control.
The year after BR or closure of IPA the individual may have cash left over each month reduced risk for bank, because of the support shown to me by COOP they now have my car insurance and household insurances.
I fully agree with MB2 & Richard. We did exactly the same, set up DD's & SO's with the co-op & arranged to have wages paid into the new accounts, then told the OR at the telephone interview about the newly opened co-op cashminder accounts & there was no problem.
Will the OR freeze bank accounts ?
Posted - 02 February 2011 : 10:06:27
