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Shadow
Junior Member
172 Posts |
 Posted - 03 May 2008 : 22:18:35
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| Hi to everyone from this new member! I'm close to making that final decision to make myself B/R after around 7 years of trying to tread water and only succeeding in going under! I've read lots about the Coop Cashminder account on this Forum, but wondered if it is best to apply for one pre-B/R and expect that the O/R would not ask for it to be closed as it is only a Basic account, or should I wait till the day of the B/R and then call in at a local Branch? Your views would be greatly appreciated. |
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missey
Junior Member
184 Posts |
Posted - 03 May 2008 : 22:39:49
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| I'd wait till you go bankrupt- we applied straight after going to the court and had no probs at all- you should get your account details approx 2 days after if you call up, about a week in the post |
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Shadow
Junior Member
172 Posts |
Posted - 03 May 2008 : 22:47:35
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| Thanks Missey - you're my first reply as a new member, so I can see that this Forum really does work! Regarding the Coop, I presume that they do ask you whether or not you are or are about to be B/R? |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 04 May 2008 : 08:48:09
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Hi - I told them up front that I had just gone BR. I rang the day after going to court. They were great, no problems, account details through in a couple of days. Others have had problems getting the account but mine was really straight forward. I now have a debit card that I have not had for the two years I had an IVA. Highlight of my year!!!
Vicki x |
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missey
Junior Member
184 Posts |
Posted - 04 May 2008 : 11:33:20
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yeah we told them we had just declared ourselves bankrupt. They asked if we were both registered on the electoral roll as this is the only reason we would fail the credit check
Obviously we had our ID with us and they opened it there for us- it took 48 hrs to go through so i could call them to get the account details to give to my employer and we got the paperwork through in about a week.
The other account we tried for was Barclays but this was only a cash card account with no electron so we decided not to go for it |
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missey
Junior Member
184 Posts |
Posted - 04 May 2008 : 11:36:17
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sorry forgot to say welcome to the forum- I must admit I've been quite bad with coming on regularly before but now I have just eben discharged after reading some posts on here I realised I could help and support other members going through the same things.
I know deciding to go BR is stressful but once you have made the decision and gone through it life can only move onwards and upwards!!! |
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storm
Junior Member
United Kingdom
232 Posts |
Posted - 05 May 2008 : 10:26:51
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Hi shadow,
If you have no joy with cooplike a few have you can try Think Banking. They gaurentee you a bank account. The only down side is that they have a monthly charge and an initial setup charge. Take a look at their website www.thinkbanking.co.uk |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
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Shadow
Junior Member
172 Posts |
Posted - 06 May 2008 : 22:58:20
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Thanks to missey, Julian, storm and m and v ! I've been off-line for a few days, so just catching-up with all your sound advice. I'll try my luck with the Coop, and keep Think as a last resort (I'm not too keen on the latter's fees, as it seems rather a high price to pay when you're already "down and out"! Still, needs must as they say........).
I'll get back to the Forum once I've started the process, as I'm sure that BR is my only option as I have around £120k of debt, no major assets or property, separated from my wife and son, and I calculate that I would have around £250 - £300 pounds per month as "surplus" income from my salary (apart from this, I'm doing just fine!!  )I'm assuming that this would not be sufficient to fund an IVA for this large amount of debt? I'd welcome any thoughts on the matter. Cheers for now.  |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 May 2008 : 12:00:05
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Hi Shadow,
At £250 to £300 this is a low percentage over 5 years, but I wouldn't rule this out.
It can't harm to make a proposal to your creditors as this would give them a better return than they would get in Bankruptcy.
It you now in your hands to decide whether you wish to contribute via an IVA or take the Bankruptcy road.
I would suggest having a chat with an Insolvency Practitioner to discuss your options.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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stuffed
Junior Member
182 Posts |
Posted - 14 May 2008 : 15:25:25
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We have gone BR today but have already opened an account with the co-op. Should I call them and let them know that we are BR?
We have no money in the account and it will only be used to receive benefit payments and send direct debits.
I will also be taking money out of the cashpoint with it.
Do you think that it will be stopped?
I have another question. My Child tax credit is due to be paid in tomorrow and I need the money for the food shop. Should I try to withdraw it from the cashpoin in the morning? Or will that be seen as dishonest? |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 May 2008 : 18:26:11
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You will need to speak to the OR before withdrawing money, as technically all of your bank accounts belong to the OR until they inform the bank that they have no interest in them.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 May 2008 : 20:33:53
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Hi Stuffed,
Yes you can withdraw money as this is part of your day to day living expenses.
I would contact the OR and let them know that you have this account that they are not a creditor within the Bankruptcy and that you require the account for benefit payments etc.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 14 May 2008 : 21:41:35
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I thought that you needed the OR's permission to withdraw money from a pre BR account even if it's for day to day living as they need to inform the bank that they have no interest in the account?
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/ |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 14 May 2008 : 22:13:44
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Hi Skippy,
Only if the accounts already been frozen, that way the OR can give permission for the account to be unfrozen, however you should contact the OR and explain as soon as you can so the account does not get frozen.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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stuffed
Junior Member
182 Posts |
Posted - 14 May 2008 : 22:25:55
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Not completely sure what to do but I will withdraw the money in the morning and hope it's OK.
thanks |
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Topic |
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Coop Cashminder Account
