Advice regarding bank account

[fudge34]

hey all
sorry I haven't visited been a busy bee at work and have my OR interview looming on Monday morning the joy. One question I do have is that when I was going for an IVA I changed bank account. Alliance and Leicester current account no overdraft but have a cheque book and a debit card. When I was made BR two weeks ago on the 12th - the OR assistant said that she would write to A&L and ask them to keep my account open. I haven't heard from them and I got paid today all my wages went into this account and I took out money today so all seems well. My worry is this placed in my husband's head today that my wages could potentially be frozen and he thinks I should take out my money asap. I told him that i am not in debt to A&L and surely after 2 and a bit weeks they would have told me they are closing the account (OR assistant said that it was at the banks discretion whether they keep my account open or not) I did try to speak to someone there at the bank today but she couldn't tell me anything as no notes have been put on my account. What do you think I should do withdraw all my money (problem as I have dd's coming out on this account) or leave it until I see my OR on Monday. I thought accounts that you owed money to were frozen and your spare cash taken at the time of your BR - but my husband thinks that htis is not the case and my wages could be snatched from me at any point. Any help gratefully received as always thanks x

[Skippy]

Hi Fudge, I was allowed to keep my Lloyds current account, although I had to give up the debit card (I got a stupid cash card in it's place) and cheque book. I didn't have any problems apart from the cash card but I closed it and changed to a Co-op account as I wanted a debit card. As the OR says it is down to the bank if they freeze your account, although they would have to give the money back. Could you go into a branch and ask? I did that at Lloyds and the manager confirmed I could keep the account - you might get more joy speaking to someone face to face!

Good luck for Monday, let us know how it goes x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[jane.l]

I am not too sure about this, but if I were you I would probably draw the money out, just to be on the safe side! We were made bankrupt one month ago but the bank account, which was overdrawn, was never frozen and has continued to acrrue bank charges of over £700! [:0]

[Cybus]

I would strongly advise that you do not remove your money from the account, particularly in view of those DD's

The only reason A & L would have for freezing your account is if you took it overdrawn (Intentionally or not).

If you keep it in credit there should not be a problem. I would be tempted to view the Bank's terms & Conditions regarding your position now that you are formally insolvent.

I believe worst they can do is write to you and give you notice to make your banking arrangements elsewhere. Even then the account would not be frozen until the time that notice expires.

As you say you do not have an A & L debt and as such they have no requirement to offset that debt with your wage.

Tell it like it is.

[fudge34]

Hi thanks ladies. I am hoping because its not overdrawn and doesn't have a credit facility on it they will simply allow me to keep it although I need a straight answer to that. I just don't want them to take my wages and leave me with nothing but I am guessing because the account isn't part of my BR proceedings they couldn't do this? Jane, meant to ask how you got on in the end at the OR I know you were having a nightmare - Skippy happy 6th month anniversary should I send a virtaul cake?

[Skippy]

No! No cake! I ate so much when we went away for Dave's birthday that I don't feel I walk any more, I waddle! I must join Weight Watchers again!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

fudge could you not try go to thinkbanking as they will not credit check you for a brand new bank account and you can put your salary though there and pay your bills

JOHNPAUL

[fudge34]

Hi thanks for all your replies. Catallus, your advice would be then to keep my A&L account and the money in there? its a current account with no overdraft facility I asked for one without one when I applied for it just before my IVA was rejected. Skippy good advice think I will pop into the branch after my OR interview on Monday and ask them face to face, I am living in fear a bit that A&L will drop me and i will have to go through the whole rigamoral of opening a new account. John Paul, Think Banking is a great option but I just don't want to do something new when I don't know where I stand with A&L - I would have thought that going BR on the 12th sept would have meant they would have closed down my account by now surely? Or am I living in a dream world...

[johnpaul]

if most cases if you go Br today you keep your account but that would depend on you or

JOHNPAUL

[Skippy]

It doesn't actually depend so much on the OR as on your bank. Many banks will still not allow undischarged bankrupts to have an account with them and will close the account.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[worrywart]

Hi all,
not been on for a while, as since my BR things have been ticking
over quite smoothly, although I have been popping in now and again
for a quick read, and to keep up with all the news.

Regarding Alliance and Leicster, I had a basic account with them,
which I opened when I entered a DMP, but eventually had to go BR, and
I had my account closed on the day by the bank,even though I had
20 pounds in it..

I made an appointment to see someone at Nationwide, and opened a
basic account with them, and 2 weeks later received a cheque from
A&L for 20 pounds.

A&L said they were sorry to close the account, but I was company
policy,even though I had no overdraft etc.....

Hope I have not confused anyone, but thought this info may be of
use...


Regards PJ[8D]

[Skippy]

Just be warned that Nationwide will no longer open accounts for undischarged bankrupts, although I was told they have no plans to close the accounts of anyone who already has one.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Soulgrowth]

Interesting ... because Nationwide who were always so understanding now seem to have changed their policy on bankrupts ... as their website bears testament to.

Bankruptcy may still have to be an option for me ... on the grounds of one creditor who seems dead set on pursuing with an ongoing debt liability ... I was wondering how Nationwide might view my bankruptcy seeing as I have held their basic account in credit for a year now.

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[Soulgrowth]

Thanks Skippy ... you seem to have answered my question whilst I was still typing!!

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

[johnpaul]

debbie are you in a dmp plan or iva

JOHNPAUL