BANK ACCOUNTS AND BANKRUPTCY

[pm.e]

Hello,

Does the Official Receiver look at all of your old and/or existing bank accounts?

I currently have a step account with Natwest, and would they close it once I make myself bankrupt?

Any help would be most appreciated.

[MelanieGiles]

Hi pm.e

The Official Reciever will generally look into all bank accounts you have held in the three years leading up to the bankruptcy order.

The bank may freeze your account temporarily, but the likelihood is that you will be allowed to retain it post-bankruptcy.

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

[pm.e]

Hello Melanie,

The reason I ask is that I had a second account, and I paid in refunded bank charges to me from my orginal creditors.

I received the monies from my orignal creditors of which they were all aware of the fact that I am in an IVA.

All I ever wanted was to pay back my debts through my IVA, but I was ill advised with my IVA. The affordability was a issue, and I also made this point to my IP.

I am afraid now of what the OR will make of all of this, Especially as the refunds have been spent during the period I was trying to make ends meet.

Please would you help me as I am in a mess, and I really dont know what to do next.

[MelanieGiles]

Are you saying that you had a hidden account which was not disclosed to your IP, where you lodged bank charges reclaims which should have been handed over to the IVA supervisor as windfalls? If so, this is a default under the terms of the IVA and the OR may take a dim view of this. What sort of amounts are we talking about - and I do find it strange that the banks refunded money to you effectively at their own expense.

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

[pm.e]

Hello,

The banks paid me direct by cheque, which was paid into another account.

The cheques were from the creditors, hence the reason why I did not think anything of it?

What will the OR do to me?

[MelanieGiles]

Can you tell me how much you received in total, and what has happened to the money.

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

[pm.e]

I think around 3000 and I used most of it to keep afloat because I couldnt afford my IVA,

Sorry

[MelanieGiles]

Hey - don't be sorry! You needed the money for ongoing living expenses, and your IVA has already failed in any case. Explain the circumstances to the Official Receiver, and I am sure that they will be met with some sympathy.

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

[pm.e]

Thanks Melanie,

Its just all so much of a mess, I've been having a nightmare for over 18 months now, and its not healthy for me or my family.

I just have so many questions about BR, so bear with me please.

[aguise]

Hi pme
Just wanted to say try not to stress you are heading in the right direction which is out of debt, you are dealing with it and you should be proud, a lot hide from it I did for a long time and denied the problem, my new motto if its a problem, hit everything head on and deal with it, and it seems to work with all things, so far.
We all have made mistakes and things we would do differently, it would be a boring life if everything was perfect.
I wish you and your family all the best and look forward to the happier posts that I am sure will come in the near future.

Ang

[MelanieGiles]

You ask as many questions as you want to - that is what the forum is all about - and other people are being helped at the same time, who do not necessarily post live. You should not have to live in a nightmare for 18 months because of debt, and it is time now to start living again.

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

[pm.e]

Thank you Aguise and Melanie for your support.

I will dealt with all of this head on and get it sorted.

I'll probably have lots more questions, so thank you all for your help.

I couldnt do all this without your help.

[Skippy]

Hi pm.e, as Melanie says explain the reasons that you spent the money to the OR - they are not dragons, they want to make sure that you can live reasonably well during BR.

Regarding your Natwest Step account - I have heard that Natwest do not usually allow anyone who is BR to have an account with them. You should be ok getting an account with Nationwide though.

Good luck, and please ask as many questions as you need to.

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/

[pm.e]

Thank you Skippy,

Can you tell me more how to go Bankrupt?

Filling out forms online, ringing the court etc???

Many thanks,

[juliedel123]

Hi,
can you tell me if the Official Receiver has the power to find a bank account that you have not disclosed? I have a bank account with a couple of hundred pounds in, will I have to tell him about this? Will he find it if I do not tell him?
Julie