Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

Bybillykeats
#7608 I've hit the halfway mark of my bankruptcy and I have only heard from the Official Receiver once & that was to say that they were not going to take my £200 car away from me. Hope they haven't forgotten about me.

Oh well just have to keep plodding along for another six months.

On my travels I have found out something that may be of use to some people. I opened a Co-op cashminder account which has Visa Electron however this is not taken by everyone. What I have found is that NatWest do a savings account First Reserve, not the Step Account; with Solo debit facility. I have filled in an application & just waiting for the account to be open. It will give a few more places where i can order cheaper goods online.

Thought you all might to like to know about that & will keep you informed of any other news

Fingers crossed its all over soon if not I can celebrate at Christmas
Byliverpoolcherries
#7611 Hello
I had a look and indeed it does, bet there's a catch somewhere. If it is a savings account would they do the standard credit check or is it just the ID stuff and could you have your wages paid into it?

liverpoolcherries
ByMel_Odious
#7613 Does it not ask the dreaded question:
"Are you or have you ever been bankrupt?"

And, do you not have to tell them anyway when opening a bank account, even if it is purely a savings account?

Mel
User avatar
ByJaneClack
#7614 Yes, Billy, let us know. It sounds useful.
Bybillykeats
#7632 I only had to provide the normal identification required for any savings account. In my case my passport & a recent cashminder bank statement.

No where on the application form does it ask about being bankrupt.

I got a general terms & conditions booklet & remember reading somewhere that you couldn't have your wages paid into it. I will check this though. But you can have standing orders paid into it

At the moment I am awaiting the account to be open (as they were so busy) & the account number issued at which point I will know that I have the account.

Will keep you informed.
ByMel_Odious
#7633 I am also waiting on tenterhooks. I was discharged on April 1st and having finally managed to get my CRFs in order, showing all my previous debts as settled, I filled out an application form on Wednesday for a current account with NatWest after having had the Step account with Solo for the last 3 years.
So far I am taking no news as being good news and will also let you guys know.
If anyone needs help in getting their CRFs corrected after discharge, I'm yer man!

Mel
Bybillykeats
#7634 I thought Bankrupts were not allowed a Step Account?
ByDavidc
#7636
Mel_Odious wrote:I am also waiting on tenterhooks. I was discharged on April 1st and having finally managed to get my CRFs in order, showing all my previous debts as settled, I filled out an application form on Wednesday for a current account with NatWest after having had the Step account with Solo for the last 3 years.
So far I am taking no news as being good news and will also let you guys know.

Mel


My bet is that even with the accounts being marked as settled you simply will not credit score for the product. Although the fact that you have held the Step account may sway in your favour.
David
ByMel_Odious
#7638
billykeats wrote:I thought Bankrupts were not allowed a Step Account?


That is what some Branch Managers are now saying. I know of a couple on the other debt forum who managed to get one and I certainly did 3 years ago just after I petitioned.

Mel
ByMel_Odious
#7639
Davidc wrote:
Mel_Odious wrote:I am also waiting on tenterhooks. I was discharged on April 1st and having finally managed to get my CRFs in order, showing all my previous debts as settled, I filled out an application form on Wednesday for a current account with NatWest after having had the Step account with Solo for the last 3 years.
So far I am taking no news as being good news and will also let you guys know.

Mel


My bet is that even with the accounts being marked as settled you simply will not credit score for the product. Although the fact that you have held the Step account may sway in your favour.
David


Plus I've had the Step for three years and I now have a salary and my pension going in totalling £1500pm and I have a grand in the esave account plus the advisor had said that if I get the Equifax sorted I should re-apply, then I think I have a reasonable chance. There was the dreaded question on bankruptcy on the Application Form but the advisor already had details of my discharge. In fact it was her who originally told me I was declined because of the defaults on Equifax and one was for THIS YEAR. That is what started me off on my campaign to get 12 defaults settled and the BOS one that had been updated right up until 2005 sorted.

Equifax came through well in the end. They "temporarily" removed all the defaulted accounts that had not responded to their request for their data to be updated in the required period. Their £6.50 for a month deal was a good investment. (providing I get the natWest current account of course)
Incidently another point in my favour could be that I didn't owe them one penny in my petition.

Mel
Bybillykeats
#7716 Well yesterday & today I got a nice surprise. Yesterday I got a letter from NatWest saying that my First Reserve account is now open and here are your sort code & account number. First thing I was able to do was register the account online so waiting for the passwords for that.

In the terms & conditions that came with is said these 2 things:

1. Wages & salary lodgements are not permitted on the account
2. Standing Orders & Direct Debit payments are not permitted from teh account

So this account can not be run like a current account from those 2 statements

Then today I received my card & on it has the Solo logo & the Maestro & Cirrus logo so it can be used abroad. It has a chip in it like all debit cards these days. Just waiting for the PIN

All I have to do now is deposit money into the account if I ever need to buy anything using the card

This is very handy now as I have a Visa Electron & Solo debit cards
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