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ozymandias
Starting Member
United Kingdom
2 Posts |
 Posted - 23 May 2011 : 19:19:58
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Hi All
I'm approaching a year out of a divorce which has left me on the bones! Was gonna go down the IVA route but think bankruptcy may be the best option as I've been left with virtually zero assets. Anyway, I haven't actually defaulted on anything but things are going to come to a head sooner rather than later. So my question is this:
I'm aware that my bank account will be frozen. Is it recommended to open an alternate account now or after I start the process? I have regular income and dont want to miss direct debits for household bills etc if at all possible. Also, I'm presuming that I should let the new bank know my intentions at the outset (even though I have yet to start the process)?
thanks for reading
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 23 May 2011 : 19:49:18
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Hi and welcome.
I'd open a new account now so that it's all sorted.
The Co-op come highly recommended. Don't touch HSBC or First Direct though as they will close the account once you are bankrupt.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
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glafy
forum expert
436 Posts |
Posted - 23 May 2011 : 20:36:47
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Hi & Welcome to the forum.
I completely agree with Jan. Open the account prior to BR to give yourself time to arrange for wages, DD's SO's etc to be paid into/out of the account.
Co-op's cashminder account is highly recommended and is BR friendly. I think there are a couple of others that are BR friendly. Maybe an expert could add to this?
The OR's tend to know of these accounts and will not freeze them. You will have enough to think about during the BR process so knowing that these things are sorted is a huge relief.
We informed the Co-op of our situation and they were fine. Do make sure that you keep an eye on the account though, as they will not let you go overdrawn more than a couple of times and will close the account if you do.
Good Luck with everything.
"Good things come to those who wait".....I'm a patient person but this is taking the Mickey!! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 23 May 2011 : 20:39:41
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Barclays are also BR friendly, and I heard recently that Nationwide will also offer a basic account, although I don't know anyone who has applied for one recently.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
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ozymandias
Starting Member
United Kingdom
2 Posts |
Posted - 24 May 2011 : 09:09:43
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Thanks for the responses folks. Unfortunately, Barclays and Co-op are 2 of my creditors. I'll take your advice though and find someone to take me. Looks like Nationwide will be my first port of call.
Also, does anyone have any reservations about using the Bankruptcy Advisory Centre. They are going to charge £375 for their services.
Thanks again.
Rich x |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2011 : 09:59:12
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It is totally up to you whether you pay anyone to help you but you can do it yourself for just the court fees.
Bear in mind that these are going up next week to £700 it's a lot of money to have to find.
The world is broken, halos fail to glisten
We try to make a difference but no one wants to listen
Hail the preachers, fake and proud
Their doctrines will be cloud
Then they'll dissipate like snowflakes in an ocean
Jan
xxx |
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Topic |
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Opening a new bank account before or after bankruptcy ?
