freezing bank accounts

[sjw]

hi, when does the OR freeze the bank accounts , is it on the day we go to court and if so how do we get our money to live on out, any help would be great.x ps i know i should empty accounts before the day but i have to leave some in for direct debits etc..

[MelanieGiles]

The OR does not freeze bank accounts - the banks do and this is generally on the day of the bankrutpcy order. By ongoing negotiation with you, the OR and the bank it may be possible to activate the account again, but I would suggest that you retain some money in cash to pay your immediate bills post bankruptcy.

[sjw]

i have recently opened an account with the co-op and have transfered a couple of hundred into it to cover bills, living etc should i contact them and ask them not to freeze the account?

[Adam Davies]

Hi
You would be better to remove enough money to live on until you next get paid and then arrange for the CO-OP to unfreeze the account,they are a very ethical bank and should do this instantly
Regards

[ianmillington]

If the Bank subscribes to the London Gazette, your account will get frozen within a few days of the B.O. If not, the first they know about it may be when they hear from the OR.

ian

[sjw]

thanks for your help, just wondered as i opened account after i submitted the online forms so the account details werent on the forms will the or know about it so unable to inform coop and therefore not freeze the account or should i tell the or next tues when i see them that i opened new account?

[ianmillington]

Tell the OR about it straight away and ask him to tell the Banks he's happy with its continued operation.

Basically this will be on the following terms I would imagine:

1. That there is no o/d facility (taken as read?[:)])

2. That the account will not have a credit balance exceeding £xxxx which by implication you means you have surplus income.

The OR may want ancillary terms i.e notification of any lump sums or balances exceeding the limit at 2 above.

The moral is, address this with the OR in your first discussion and you might even avoid freezing of the account, with a little luck, but be prepared for short term inconvenience.

Ian

[sjw]

oops iv actually transferred money form my overdraft into the coop account so that i would have some money to live on and pay bills next week until our wages so into new account. x

[chris.g]

Our co-op account wasn't frozen after we filed br. I would take out any cash in there and cancel the d/d due, just incase, you don't want to get charged and risk your account being closed by d/d being refused.

[sjw]

thanks for that chris, will do.sue x

[chris.g]

Sue, have you got your date yet? Is it Monday coming?

[sjw]

tuesday morning, fear starting to kick in now, even though i now its the only thing to do, just want to make sure ive everything sorted before then. sue x