BANK ACCOUNT

[KADGE]

Going BR on 7th April, reading forms it tells you that your Bank accounts will be frozen, but not to open any more. We are currently with the Alliance and Leices, only have the basic acount no cheque gurantee card or overdraft, and no debts owing to them. Will going BR effect this account, we both have our saleries going into this. I can't see what will happen if we don't have a bank account. Can someone advise please[:(]

[chris.g]

Our account, co-op c/minder, wasn't affected. We have been told that it is the banks that decide if the account is frozen or closed not the OR/court. Does the A&L allow undischarged bankrupts? You will need to check this out as some of the banks offering basic account don't. It may be wise to withdraw any money you may have in the account before filing incase it's frozen, it'll give you some cash to get you over. Will your salaries go in at the end of the month? If so you should know if it going to be closed soon after br and you should be able to arrange for them to be paid into another account.

[Adam Davies]

Hi
Good advice from Chris
Withdraw your money the day before your bankruptcy,you will need money to live on and your OR will understand this.
The A+L will soon unfreeze your account once they realise that the OR has no interest in it.
You can always open a Co-OP cashminder account to use after your bankruptcy,they seem to be very supportive of people that have been made bankrupt
Regards

[KADGE]

Thank you so much for your kind support and good advice

[Soulgrowth]

Good luck Kadge ... do keep us posted as to how you get on.

Debbie

[Reviva UK]

Hi Kadge

As a "ducks in a row" expert it is great that you are getting organised.

I would however suggest that youstart applying for a COOP CASHMINDER account on the 2nd of April. they will send you the forms etc etc and then you are able to send the completed forms back on the monday.

That gives you enough time to give the payroll dept the new account numbers for your salary at the end of April just incase.

Q. Is there any chance you could go Br the week before? This would make life a little easier as you wouldn't get into the NT tax code administration problem.

In Br your tax code changes to NT ( No Tax ) for the duration of that financial year. efectively you will be paid your normal salary PLUS our tax and will have to sent this each month to the Official receivers agent ( usually Clark Wilmott & Clark in Taunton). It is just a little bit of extra aggravation that you can do without .

just a thought.

Also would recommend that you check with the Br clerk what the procedur is before the day so you know exactly what happens. It is different in each court.

will you get a meeting with the OR on the day, or will you have a 10 minte tel call etc etc .

let me know which court and I may be able to let you know.

take care.

[chris.g]

Just wanted to wish you luck Kadge, it really isn't as bad as you may think, keep us informed on how you're getting on

[Skippy]

Good luck Kadge, as Chris says it's really not as bad as you think it's going to be.

I would echo what Paul says - if possible I would try and go BR at the end of this financial year rather than the beginning of the next to save the hassle of an NT tax code.