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trish37
Junior Member
170 Posts |
 Posted - 11 September 2008 : 22:20:35
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Hi All,
This is my first post and I have been lurking for a few days, the advice seems really helpful on here. I have looked into an IVA but as DH is not working I don't think it will work so I am thinking of going down the BR route. I rent from a Housing Association and have no assets and after I%E disposable income is £60 per month. I want to ask about my Bank Account, 63% debt is with HSBC so as soon as I declare BR my account will be frozen/closed. In preparation for this I have opened a co-op cashminder account but do not intend to use it until the day I am BR. As there wil not have been money in it do you think it will be frozen? Has anyone had exprience of this? If it is frozen will I ever be allowed to use it for basic living expensis? I have asked most questions on the phone to John today who was really helpful - thanks
Thanks and appreciate any advice on this question? |
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369
Junior Member
366 Posts |
Posted - 12 September 2008 : 10:47:30
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Hello Trish37,
I think the best thing to do regarding your account, is to speak to the manager at the branch and tell him about the situation, and then they can make a note not to freeze the account.
Also, when/if you do go bankrupt you will be assigned an Official Receiver, who will deal with your case, if you inform them that you ahve opened up a Co-op account and you want it not to be frozen then they can make a note of this, and inform the bank that they have no interest in this account.
But, do not have a large sum of money in there as this will be seen as an asset by the OR and they will try and claim it...try not to use the account - unti after BR.
Hope that helps
Lisa
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 12:15:28
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Great advice Lisa ... I couldn't have said it better myself.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 12 September 2008 : 16:31:25
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Hi trish and welcome to the forum!
Just to add we are in exactly the same situation and have just gone BR. I have a zero balance on my cashminder account and have been informed by both the bank and the OR's office that it won't be frozen, so I hope they're right! :-)
Take care and keep posting!
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 12 September 2008 : 17:17:06
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It certainly seems the Co-Op Cashiminder account seems to be the account of the moment :)
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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trish37
Junior Member
170 Posts |
Posted - 12 September 2008 : 19:10:59
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| Thanks everybody! How long after going BR can it be used? Would I be able to put my wages in 2 weeks later and be able to pay bills and do the shopping etc? |
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BankruptC
Senior Member
1030 Posts |
Posted - 12 September 2008 : 19:19:01
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Again, I'm planning to do just that! We went BR on 10th and I get paid on 20th, into my cashminder. I've told the OR this and have advised the bank of our BR. Both have said it's fine and it won't be frozen. I have to admit I've heard of cases where this has been said and the account has been frozen anyway,so watch this space! I do feel quite confident it'll be ok, but we won't know for certain till we try to withdraw money from my salary!
CG. x |
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trish37
Junior Member
170 Posts |
Posted - 12 September 2008 : 19:23:54
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Thanks CG and good luck! We are just trying to get money together for court fees and we will then start the process.This site is so helpful to collate the info I need it is such a huge step but I have no other choice and know it is the right thing to do.
Trish x |
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BankruptC
Senior Member
1030 Posts |
Posted - 12 September 2008 : 19:26:47
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I know just how you feel trish. It does feel such a huge step, but if it's the right thing for you, you'll feel so much better afterwards.
Take care and keep us all posted! We're all here to help-I'm sure you'll have lots more questions as things progress.
All the best hon! :-)
CG. x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 15 September 2008 : 05:19:17
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Hi Trish,
I opened my new account the day after going BR and was able to use it straight away.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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trish37
Junior Member
170 Posts |
Posted - 15 September 2008 : 22:05:28
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| Thanks Julian |
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Bank Account
