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

Moderators: TalbotWoods, JaneClack

By billykeats
#7793 I have recently discovered an account that has Solo debit facility. It is the NatWest First Reserve savings account.

As this is a savings account there will be no credit score done on the account so is available to all. However in the terms & conditions is does state the following:

- wages & salary lodgements are not permitted on the account
- Standing Orders & Direct Debits are not permitted on the account
- must always ensure that the cleared balance on the account at 3.30pm on the working weekday beforethe day you carry out a Solo transaction

So from those statements you can deduce that the account can not be run as a basic current account as wages/salary can not be paid into it & no SO/DDs allowed from it but as along as there is cleared funds at least the day before, you can pay for goods via Solo debit up to the the amount of the available balance.

On Friday I received details of my account sort code & number so I can apply for the online banking & Saturday I received my Chip & PIN card with the Solo logo on the front & Maestro & Cirrus logo on the back if I want to use it abroad. Sent the slip back to activate the card & now awaiting the PIN number

This account is going to become very handy where I'm not able to use my Co-op Cahminder Visa Electron account especially for goods online

Thought I would make this aware to everyone that is bankrupt
By Mel_Odious
#7807 Sounds good Billy,
did you actually state that you were bankrupt on the application form?
Mel
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By JaneClack
#7811 Is this deja vu - haven't you told us this before this weekend? :?
By billykeats
#7821 No where on the application form does it ask if I was bankrupt & no where in the termns & condotions does it state anything about financila situation. The account is a Savings account

I am repeating it for those have not read my initial thread as the Subject title did not imply I was talking about debit accounts
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By JaneClack
#7825 Aah - so I wasn't dreaming. I sometimes do.
By Mel_Odious
#7829
billykeats wrote:No where on the application form does it ask if I was bankrupt & no where in the termns & condotions does it state anything about financila situation. The account is a Savings account

I am repeating it for those have not read my initial thread as the Subject title did not imply I was talking about debit accounts


Not having a personal dig at you Billy but I was under the impression that we have to notify the Bank that we are bankrupt when opening any new account. I also think that the OR has to be informed (otherwise what's to stop you sticking the odd grand or two in there :wink: )

Mel
By billykeats
#7873 They did ask why I wanted this account & not the Step Account at which point I said that as I'm bankrupt I don't think I'm allowed that account & I am lookng at this account for the Solo debit facility only as I already have basic bank account.

I would love to have the odd grand or 2 so I can stop being jealous of all those people that are jetting off soon to hotter climates. Hate the weather here!

What could the OR do? I need a card that I am able to buy things over the internet as goods in most case are cheaper therfore saving myself money were as before I was spending it like water which go me into this mess in the first place. My Visa Electron is not taken by everyone. Also this way it is controlled as I have to have the money first before I can buy anything

Only trying help out those people that would like a debit card for the same reason. I'll keep it to myself next time! :(
By CrashDive
#7876 " Not having a personal dig at you Billy but I was under the impression that we have to notify the Bank that we are bankrupt when opening any new account. I also think that the OR has to be informed (otherwise what's to stop you sticking the odd grand or two in there Wink )
Mel "

I don't believe its necessary to inform a bank after being made bankrupt, when you are applying for say, the Co-Op Cashminder etc

If you are asked then sure, let them know, but these basic account/saving accounts they do not usually bother.

Incidentally when I was made bankrupt in 2003 I told my letting agent at the time, the manager said, why have you told us, I explained it was necessary according to the OR, she looked at me as if I was mad and said it was not necessary.

Since then I only revealed I was bankrupt to anyone, when I was specifically asked, had no problems.

regards
By Mel_Odious
#7877 This is from the official "Guide to Bankruptcy"

After the bankruptcy order, you may open a new bank or building society account but you should tell them you are bankrupt; they may impose conditions and limitations.

Mel
By CrashDive
#7878 " This is from the official "Guide to Bankruptcy" "


Mel,

I don't disagree that the big book states you should inform the bank your bankrupt.

However, as I said, I don't believe it is necessary to tell them if your going for a basic account/savings account.
Again, if they ask then tell them, otherwise don't bother, I certainly did not.

If you feel more comfortable going strictly by the rules then certainly inform the bank.

I suppose it depends how far you want to adhere to the regulations, many of us bend it a little for example at the OR interview, bumping up how much you spend on living expenses, or not informing our employer etc

I'd quote you Mel on the 'My kids building society accounts' thread - " If you want to be goody, goody you could mention them as there is a question asking of your bank accounts or any interest with one. " " If it were me, I wouldn't bother mentioning them. "

best regards
By Mel_Odious
#7879 Fair point CD,
but the kids accounts were in their name.
As you say it is entirely up to the individual on what chances they take.
I too was not 100% squeaky clean with divulging information but when advising others I would always say that they should obey the rules.

Mel
Last edited by Mel_Odious on Mon Jun 13, 2005 1:01 pm, edited 1 time in total.
By CrashDive
#7884 Well I have been taking your good advice (after your battle to get the info), regarding my Credit Files and I believe you have saved me a hell of a lot of time and frustration,

much obliged
Crash
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By litepurple
#8045 Hi Mel

My OR said I should open a new bank account following the BO but she wasn't interested in knowing the details. She also said it was up to me to inform the bank as long as I didn't have an overdraft. I think the rules state that you SHOULD inform the bank about bankruptcy however if there is an overdraft then you MUST inform the bank.
By Mel_Odious
#8047
litepurple wrote:Hi Mel

My OR said I should open a new bank account following the BO but she wasn't interested in knowing the details. She also said it was up to me to inform the bank as long as I didn't have an overdraft. I think the rules state that you SHOULD inform the bank about bankruptcy however if there is an overdraft then you MUST inform the bank.


Hiya Mark,
Good to see you over here.
Looks like I stand corrected then as it does clearly say should.
My application form for a NatWest cuurrent account did have the dreaded question "Have you ever been bankrupt?" I guess most do. I remember writing in felt tip on my Cashminder application "Bankrupt".
I will change my advice to "should" in future.

Mel
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By litepurple
#8082 Hi Mel,

You know me, glad to help where I can.

When I opened my Natwest account, the adviser completed the form for me and I signed. When I read it a few days later (and had been accepted) I noticed the question about being bankrupt. I forgot to tell them and they have never asked since :roll: