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BigBuddy
Starting Member
9 Posts |
 Posted - 17 August 2009 : 09:53:45
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Just a question about the co-op, My bankruptcy appointment is on the 8th of september so i opened an account at the co-op, i didn`t mention i was going bankcrupt but i asked for a simple cash in and cash out account, i didn`t realise the cash minder account is the one i needed. anyway they sent me a current account with a cheque guarentee card and book. I rang the co-op this morning to say can i have a cash minder account as i am going bankcrupt which they opened for me without a problem, but when i said i`d like to cancel the current account i was informed that i may be able to keep this account in the event of my bankruptcy!!
Has anyone else had any expeirence like this? only my student bursary is due to be paid into the current account and am a little worried that it may be suspended!!
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 17 August 2009 : 10:09:19
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Hi there, you have no need to be worried , the Co-op are very 'bankruptcy friendly' provided there is no overdraft facility on the account you will be able to keep the co-op account open following your bankrupty.
When filing I usually recommend to clients not to list the new account on the bankruptcy forms. Only list accounts where you owe money. That way you do not risk the account being frozen, although once established your new basic account the account would be unfrozen this can take up to 5 working days to happen, during which you will not have access to your funds. If you do not list the account you do run run this risk. When you have the telephone interview with the OR you can tell them you have opened a new account.
Hope this helps
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
email me at melanienicholas@jonesgiles.co.uk
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BigBuddy
Starting Member
9 Posts |
Posted - 17 August 2009 : 11:54:58
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| Thank you very much for your help. |
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qznhln1
New Member
68 Posts |
Posted - 19 August 2009 : 19:58:14
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Melanie,
I saw you give this advice previously so I didn't mention my Co-op account on my SOA as I had no overdraft facility or any debt with them. However (and don't ask how!) the OR found out about this and wrote to the Coop anyway.
Even though this was a basic account, it did have a cheque book, and so the Co-op said they would need to close it. However, they were very understanding and opened a cash minder account instead - they also did not freeze the account until I had withdrawn all my funds.
May not happen in every case but thought I would give you a tale from the front! |
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