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Mrsroller
New Member
United Kingdom
74 Posts |
 Posted - 27 July 2009 : 12:53:41
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| I have about £400 in a Nationwide ISA. Will this money be taken to pay off some debt? Should I take the money out or is that not recommended. So many questions sorry. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 July 2009 : 13:09:25
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I think you may find that the money will have to go towards your bankruptcy.
I wouldn't recommend taking out as the OR may very well find out and ask for it.
The glimmer gets brighter all the time
Jan
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Mrsroller
New Member
United Kingdom
74 Posts |
Posted - 27 July 2009 : 13:14:29
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| Thanks, will that account then stay frozen for ever. Will I be able to have a savings account? That money is really my mothers but I cannot prove that so will need some way of saving it again in the future. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 July 2009 : 14:34:02
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I think, but I could be wrong here, that the OR will take the money and the ISA account will be closed.
If you have an ordinary bank account with Nationwide you can have an e savings account, otherwise you might find it difficult. The Co-op certainly won't open one for you.
Is your bank a creditor? If so, have you changed your account yet?
The glimmer gets brighter all the time
Jan
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Mrsroller
New Member
United Kingdom
74 Posts |
Posted - 27 July 2009 : 16:00:29
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| Yes my bank is a creditor. A lady there seemed to think I could get a cash account. I was going to get my wages paid into my husbands account temporarily and pay rent etc through there. Should I get a bank account before I submit my forms and if so what is best please? |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 16:36:20
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The Co-op Cashminder is probably the best for BR's as they are BR friendly so you won't have any problems opening the account.
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Mrsroller
New Member
United Kingdom
74 Posts |
Posted - 27 July 2009 : 16:46:28
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| Thank You, presumably I open that after becoming BR or else I have to declare it as a bank account or do I open it now and leave no money in it. They will freeze it wont they. OMG there is so much to think about. |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 27 July 2009 : 17:01:55
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There are different opinions about whether you should declare it on the BR forms if you open it before BR and don't use it.
If you are being 100% correct then you need to declare it if it is opened before you declare BR but then there is a chance that it will be frozen even though the OR will say they don't have an interest in it.
Several people, myself included, opened the account before declaring BR and didn't put it on the forms. When I spoke to the OR after being declared BR I mentioned the account, as my other bank account was from a creditor so would be closed, and there wasn't a problem. The OR didn't think that I was hiding the account because I hadn't put it on the forms and it was never mentioned again.
It can take a week or so to open the account and receive the details so it is really up to you whether you open it before declaring BR or after and whether you put it on the forms or not. |
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ISA
