Morning all - I have just had a sudden thought, i have a bank account with the abbey in my name only, and it it used to pay all household bills, so sometimes it has a few hundred pounds at a time in. If i go BR, will i get that taken off me by the or? if so, how will i pay bills then. My husband pays this to me every week to cover everything (not debts included)
Usually, you would withdraw the money you will need to live on out of the account before you go BR so that when they freeze the account, you can still pay your bills. X
If you pay by DD though Viki, how will you manage?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Skippy will have to confirm this but I thought that you would have to cancel everything on your account before BR and then set them back up. Abbey may not agree to keep the account open so you would then have to open a new account with say the Co-op. I might be talking rubbish so hopefully Skippy or someone who knows exactly will answer. X
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
thats the only thing im worried about - all my bills are direct debit, therefore if i cancel the account would this not make me behind with payments, especially the mortgage payment. Plus if i take money out before br, then would they think i was trying to hide it somewhere else. could i not explain to abbey and see how they think i should do it? alos when i open a coop account, will i need to let them know i am likely to go BR or should i just open it with a nil balance?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Hey moneyworries, I'm sure you've probably already spoken to Paul by now, but try not to worry about the bank account. IF you were to go bankrupt then the Official Receiver will know that you need money to live on for the coming month so it's fine to take the money out and you will list this on your Statement of Affairs. It's up to the bank if they want to freeze your account and that is why I suggested the Co-op as they are BR friendly. Please wait for someone who has had dealings with Abbey to comment on them.
I'm sure Paul will go over all of your worries with you. X
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I was told to withdraw any money from my account before I went BR and then declare this as cash in hand on the BR forms.
I'm not sure whether Abbey will allow you to keep the account open. It might be worth giving them a call (anonymously if you want) and asking them what their policy toward BR is. Even if they say they are happy I would recommend getting a Co-op Cashminder account as they are BR friendly. Probably a silly question, but are you on the electoral register? You need to be to open the Cashminder.
Regarding the DD payments, do they all go out at the same time of the month, e.g. paid on the 1st of each month? If they did this would enable you to pay the DDs and go BR after you have done this, giving you time to set them up with your new account.
Have you spoken to Paul at Reviva? He will be able to help you with a timeframe for BR better than I can as he will know all the facts. If you haven't spoken to him yet, I would phone ASAP.
HiSkippy, yes ive had a really informative chat with Paul, and was so relieved that he didnt judge me - probably me being a little paranoid, but i never know how people are going to react.
Anyway, im defo going to open a cashminder on monday. Have been on the electoral register for as long as been old enough, so there will be no probs there. I take it i need the normal id to open an account?
DD payments go out all through the month, however as long as I make sure mortgage payment is made before br, it will be easy to set up dd details on new coop account (thanks paul for this advice). i will be keeping the money to pay them or have thought i could pay a one off payment through my hubby's account just for that month.
I can't remember what ID the Co-op asked for. I opened mine in a branch and I took my driving licence, passport and a previous bank statement and didn't have any problems.
I know what you mean about worrying about how people will react - most of my friends know about my BR and only 2 people weren't supportive.
