Co-op shutting the door on bankrupts

[Skippy]

This will make life very difficult. Barclays basic account is nowhere near as good as the Co-op Cashminder (no internet or telephone banking until you are discharged) and they wouldn't even open an account for me.

[plasticdaft]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by recovering

I'm not sure anything the Sun prints has any truth to it ... especially after this week[:(!]JFT96

Very much this.

[antm]

If Lloyldstsb or one of the banks they own are not a creditor then i can highly recommend them, i had a visa debit, online banking, used a cashpoint card for most of my iva, post iva didn't need to change anything about my accounts as they still serve me well.

[Niobe]

That might be thing with an IVA but BR is different.

In recent years Barclays and Co-op have been the only ones that have been BR friendly.

It now seems that there is only one.

[Skippy]

The downside with the Lloyds TSB (and Natwest) basic account is that you can only use the cash card in one of their own cashpoints which is a pain.

I seem to remember a post recently (from Julie?) saying that Nationwide will now offer accounts to undischarged bankrupts. I'm not sure if it has happened but it could be worth an enquiry.

[orchid5]

Slight deviation here, skippy have a lovey day in 5 days time, that went quickly. xxxxxxxx

What a shame about the CO-OP, i have found my account with them very helpful and will keep it on even though my IVA is now finished.

Let's hope that that the other friendly bank doesn't do the same thing.

[Skippy]

Thanks Orchid - I can't believe it's nearly here!

[size5]

I have spoken to the Co-Op this morning on another matter, but they have assured me that they remain committed to helping existing customers who are in difficulty and will not withdraw banking facilities, nor will they refuse to take on anyone in an IVA. For the moment it is undischarged bankrupts only, but of course that position may change in the future.

Regards.

[orchid5]

Nice one Size 5 and thank you for asking that all important question. x

[terry d]

so as im still an undischarged bankruptcy will they close my account ive held for 3 months now ?

[Skippy]

As Size5 says, at the moment the change in policy only applies to undischarged bankrupts.

[size5]

They have told me they won't apply this retrospectively, so existing accounts should be ok. Please let us know if it doesn't turn out like that in practice.

Regards.

[thefsg]

This is the definition of an "un-discharged bankrupt" from the official Co-op press release: "Our definition of an un-discharged bankrupt is someone against whom a bankruptcy order has been made and who has not been discharged from bankruptcy. In most circumstances the customer is discharged after 12 months."

You can find the full press release at

http://www.co-operativebankinggroup.co. ... currmth=09

So as others have already said it should not apply retrospectively to un-discharged bankrupts who already have a Cashminder account with the Co-op and not at all to those in or trying to get an IVA.

[Daniel Griffiths]

So the answer is make sure prior to going bankrupt you open a Cashminder account, that way you are not applying as an undischarged bankrupt.

[Adam Davies]

Hi

Yes, it is important that people see the bankruptcy coming and put an account in place before the bankruptcy is in place

Regards