ABBEY

[onlypassion]

I have finally managed to open a new bank account today with Abbey and have just discovered that cahoot are a division of abbey. I have a loan with cahoot that is to be included in the IVA. Am I going to need to open an account elsewhere? I could scream, I thought I had done my research well enough but obviously not!!! I have had problems with halifax and most other banks I am connected to in some way or another so am totally stuck!!! Will the Abbey account be safe or not?

Any advice would be great.

Andrea

[MelanieGiles]

Andrea - I suppose you will only know if you try it - but I would hate you to get caught out. There must be some bank you don't owe any money to!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[onlypassion]

Hi Melanie,

It just seems that every bank is connected to another one that we owe to! We opened the Abbey as Nationwide couldn't fit us in today and we desperately needed the account sorting. Natwest kindly paid out about £1000 in cancelled direct debits and standing orders and took £600 to pay their own loans we have with them, a bit pointless really cos they took money out of the rapidly growing overdraft to pay themselves but you can see why we are in such a hurry to get it sorted, they are making it nearly impossible for us as we have also had to pay Thomas Charles which was okay until natwest did this to us.

We sent our final document (house valuation) to Thomas Charles on Friday so hopefully thinks should start moving soon cos it's took about 6 weeks to get evrything they needeed so we need to make sure we get this bank account right, start as we mean to go on!!!

I dont think we can afford to take the risk with cahoot, looks like it's going to be Nationwide after all (they are definately not connected to any of our creditors)

Thanks for your advice as ever Melanie
Andrea

[i_a]

Andrea,

Go with Nationwide - they sorted me out in 10 minutes and were great.

And I was turned down by Abbey even though they are definately not one of my creditors!

[neverending]

You could play safe and go with Smile[Gregory Pennington managed account]you WOULD be accepted but they charge a £12.50 monthly fee,but you get a Maestro debit card tel 08456343499.
My self and Aguise[another forum member]are big fans of this account.
regards

[Skippy]

I spoke to someone from Gregory Pennington today to ask a couple of questions about the managed bank account, but he seemed more interested in getting me to go for an IVA! I explained mine had failed, but he wanted me to try again with them, despite me explaining to him why it had failed. In the end I told him I was going bankrupt as it would get things sorted out quicker, and why would my creditors accept another IVA when the first had failed. It really upset me though as I started to doubt what I am doing. I was very interested in an account with them, but after that I am viewing them as a last resort.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[das]

It is difficult as alot of different banks are connected to each other. Hopefully the Abbey account will be OK.

I know that I contacted MelanieGiles.com about an IVA and the consultant that I spoke to Tina, recommended that I go for Bankruptcy instead as I have very few assets. She told me to open a new bank account before filing the bankruptcy petition with the courts, and she strongly recommended that I change to Abbey, and she was aware that I have outstanding loans to Cahoot.

I did have other options too, as there is the HSBC who I don't owe anything too at all, but she advised that it was best to go with a bank that was more easy going on the IVAs as they were more likely to be more to deal with the bankruptcy better too, apparently the Abbey are usually quite good.

I will be filing for bankruptcy late this month, I'll keep you updated how it goes and if my Cahoot loan causes any problems with the Abbey account.

[freelili]

I am confused I was told only nationwide barclays and co op accept undischarged bankrupts


LILY

I asked God for a solution and have to live with his reply.

[das]

Me too! I wonder if anyone can give us some clarification on this.

[das]

Even though I'm still in the process of filling the form out for the Bankruptcy, I just telephone the Abbey. I asked told them that I had just been made Bankrupt and asked them if they could offer me an account. They said that they would offer a Savings account for the my wages to be paid into, and after the Bankruptcy had been discharged this could be changed to a basic current account.

I also telephone the Nationwide and asked them the same question, to check the difference in what each bank offered. The lady on the phone advised she was not 100% sure as she said we get different opinions on this, some advisors say yes and others say no. She went on to say that if I visited my local branch she was sure that I would be able to a cash card account.

The only question now is what effect the cahoots loan will have on my Abbey a/c. Now that I am with the Abbey I might aswell stay, at least until I declare myself bankrupt and see what happens. It just seems so much hassle constantly changing bank accounts.