BR and bank accounts

[pm.e]

Hello,

Does anyone know what happens after your bank account is frozen by the courts during bankruptcy, what happens to your account?

I assume that you make alternative arrangements until agreed with the OR, although I am unsure if you have to provide regular statements to them for the full 12months during your bankruptcy period?

Can anyone give any help on this matter?

Many thanks as always,

[MelanieGiles]

In reality, the bank will usually unfreeze it quickly afterwards, so long as you are with a bank that supports bankrupts (which seems ever few these days) and that there is no money in the account.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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[pm.e]

Hi Melanie,

Do you have a list of the banks that do keep accounts for bankrupts? I currently have a natwest step account.

What about the statements etc with the Official Receiver??

[Skippy]

Hi pme, unfortunately Natwest are not supportive of bankrupts and will most likely close your account. The banks that currently offer basic accounts to bankrupts are Co-op (although some people have been refused recently), Barclays and Abbey (I think). There is also Think Banking, but there is a £25 set up fee and monthly fees of £12.50 for a single account and £17.50 for second card. They do guarantee acceptance though.

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]

Thanks skippy,

What about statements etc?, and what about paying back all of your zero tax code monies?

any help would be appreciated.

many thanks,

[pippa]

Hi

Once you have spoken to the OR on the day of your BR, they will send out an information pack giving you all the paper work you need to return to them. I was BR on 14 aug, however have not yet been advised of when my tax code will change, I assume it will be soon and the OR I am sure will provide me with the details on how to make the payments.

The OR i have found is very pleasant and is always happy to answer any questions I might have.

Pippa

[pm.e]

Thanks Pippa,

I was also wondering if you have to give a monthly statement of your bank accounts to the OR?

Thanks again

[Skippy]

I was never given a nil tax code as I went BR on 29th March and the new tax year started the following week which meant the tax office didn't have time to implement it.

I had to produce bank and credit card statements for the previous year, but I didn't have all of them so I sent what I had. The OR didn't have a problem with this and I presume they will request them from my creditors.

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/

[katy]

I went BR on Monday (10th) and I spoke to the OR on the same day and he asked which of my accounts (I had 3) was a basic one and if it was ok with my bank to keep it open then it wouldn't be frozen. I rang the Lloyds and they were lovely and said it was ok by them as it was a no frills bank account.
So maybe the Lloyds is the new best friend of Bankrupts. The only problem is that you can only withdraw from a Lloyds machine at this moment in time.

[Skippy]

That was why I closed my Lloyds account - it was a pain in the bum trying to find a Lloyds cashpoint! They let me keep my pre-bankruptcy account open, but I don't know if they would open an account for someone who is already bankrupt. For anyone looking for an account it might be worth going into a branch and asking.

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]

yipppeeeee! I have just got a letter confirming our new Barclays basic account! I was starting to get a bit worried!!!!!!!

Hubby had his mobile phone cut off the other day as his direct debit did not go through!!!!!!!!!!!!! Its so hard trying to manage without a bank account.

[Adam Davies]

H
There you go Jane,things are starting to get sorted out for the better.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp