We have co-op cashminder accounts already and hbby is already using his (I'm not). We go BR on Weds (10th) and our rent is due to come out on 15th by DD. Do we take this money out in advance (and arrange to pay the rent another way-not ideal for the first month!) or will it not be frozen by then (if it's going to be at all!)?
it is always better in an ideal world to plan the Br date to be just after payday and after the main expenses have been taken out - leaving 3 weeks before the next month.
It will probably be OK BUT i prefer to have no surprises and in your situation I would recommend all my clients to have as little as possible in the account incase it is frozen for 2 - 4 weeks.
In reality i have not had a clients CO OP account frozen
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
My account was still live and active a month after the BR i was with the Alliance and leicester and they only froze it after i called them. Dont know if that helps.
And Remember To Keep Smiling Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch" You can read my updated Needafriend's New Life- A Debt Free One! blog here: http://debtfreejo.blogs.bankruptcyhelp.org.uk/
this is a grey area as it depends upon how quickly the OR acts.
If the OR calls on Wednesday afternoon then it is possible that it might be frozen by Friday. However If you are in any doubt at all Please Please bring this up to the OR in the phone call and let them know that all the money in the account if for rent & utility payments etc.
Incidentally it is the bank that freezes the account not the OR. The oR can write to the bank advising that they have no interest in the account is you need it
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
It will nearly be over. I see you have had lots of questions today i know what your going through although the forms seem quite easy to understand they can still be quite trying, i filled mine in over 6 weeks a bit at a time and that was bad enough. :-)
Good luck.
And Remember To Keep Smiling Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch" You can read my updated Needafriend's New Life- A Debt Free One! blog here: http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Thanks Jo. Yeah it's hard but we'll get there. Can I just ask, you know the bit about writing 'possible shortfall' next to the mortgage andsecured loan etc? Did you write that by hand once the forms were printed off? I seemto remember you saying something about this andthere's no room on the forms for it to be printed.
I wrote in bu hand possible shortfall, but i placed the total outstanding mortgage and also any early fees as the amount owing. If that makes sense.
And Remember To Keep Smiling Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch" You can read my updated Needafriend's New Life- A Debt Free One! blog here: http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Taking money out before BR?
Posted - 08 September 2008 : 21:16:13
