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acm
Junior Member
United Kingdom
274 Posts |
 Posted - 20 March 2009 : 11:53:26
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| I am at court on Monday for my BK. Forms submitted electronically, copies done, not signed. All prepared (I think). However, have not informed bank whats happening as on Monday I have money being paid into my account and also on Thu or Fri, so I do not want to risk them shutting it down as I need to withdraw this money to live on. So the question is, how long does it take from my hearing to the banks reading about it in whatever publication to actually automatically freezing my account. Are we talking days, a week, couple of weeks? Many thanks. |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 20 March 2009 : 13:05:34
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| Ah come on please. Someone must know. There are so many astute people out there with loads of experience. |
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memphisd56
Junior Member
United Kingdom
112 Posts |
Posted - 20 March 2009 : 13:59:52
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Hi, going by what happened to me....The O.R. informs your bank, and your accound will be closed, so you need to change where the money will be paid in on thursday...almost for sure. Barclays offer a basic account, even for bankrupts, and it`s easy to open, although you do need to go into the branch. I wouldn`t asume that your present account would be safe to use come thursday.
An expert will be along in a while, no doubt...but i thought you might need to do something about this NOW!. |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 20 March 2009 : 14:46:59
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as memphisd56 states you really should make arrangements for an alternative new basic bank account seperate to any bank where you currently hold debt - Co-operative offer a good one as do Natwest Step account as well as the Barclays basic. You can open this asap and get salary etc paid over into the new account.
Depending on how good the OR's office is and how busy they are the account could be (and techincally should be) closed down on the day of the bankruptcy order. If the account is a basic account in credit and with no other debt it that bank such as credit card/overdraft or loan the OR will usually arrange with the bank to unfreeze the account to give you access to your money but this can take a few days
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 20 March 2009 : 15:25:08
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Thanks
The account is a co-op cashminder account that I used to start trading with as self employed for this 2008-09 tax year. It is not associated with any of my previous debts and is purely used for customers paying money to me and business outgoings such as fuel and business subscription costs. I have not declared this on my SOA but will tell the OR when I speak to him/her. |
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Jane.l
Average Member
511 Posts |
Posted - 20 March 2009 : 18:27:35
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I was with Natwest when I went bankrupt and they did not freeze the account for months, and kept on bouncing direct debits and adding charges on! oops
On the day of bankruptcy, after I had done the deed, I went straight to Barclays and filled in a form for a basic bank account, this takes about 2 weeks to set up so I rang the companies up that I had direct debits with and told them I was changing bank accounts, some sent me payment slips to pay at the Post Office for that month and some said they would take 2 payments the next month from the new bank account |
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alisone
Starting Member
40 Posts |
Posted - 20 March 2009 : 19:04:10
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I too have my court hearing on Monday. I opened a Cashminder account a month ago. They asked straight away if I was BR and I told them I would be. They asked me to ring 48 hours before BR so they could temporarily freeze the account. However when I rang them today they said that a Cashminder account was fine, they would make a note that I'd rung but unless the OR insists on it being closed, it should remain open. ACM, it might be worth you ringing the Coop & asking them?
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 20 March 2009 : 21:38:35
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Alisone
Thanks, that was interesting. I will call them Monday or pop into my local branch. Dont know which will give me the best result. Face to face or not. |
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alisone
Starting Member
40 Posts |
Posted - 20 March 2009 : 22:46:37
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I've never been into a branch but on the phone they are completely matter-of-fact about bankruptcy and I think they will reassure you. Obviously we don't know what the OR will do but the Co-op seem happy to keep Cashminder accounts open unless the OR tells them differently.
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2stressed
New Member
57 Posts |
Posted - 23 March 2009 : 09:08:03
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| If you are not in any debt whatsoever to where u currently hold your account will they let you keep it? ( I already switched when I kicked off the IVA process) really dont want the aggro of changing again! |
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alisone
Starting Member
40 Posts |
Posted - 23 March 2009 : 12:04:11
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Hi 2stressed
I think your best bet is to ring your bank and ask them. I get the impression it comes down to the bank's policy rather than whether you owe them anything. I reckon a lot of us on this forum understandably feel we would rather pull our own teeth out than ring a financial institution as we have spent so much time avoiding any contact with them. However, you are going BR, you are making a fresh start. I would call them and ask them and then you will know for definite.(Setting up my Cashminder was quick and painless). x
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How long does it take
