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

Moderators: TalbotWoods, JaneClack

Bymt
#8141 I'm having a BR appointment tomorrow so hopefully will be bankrupt tomorrow afternoon (hooray!). I would like to open a new bank account asap after that. What type of account have you been able to open from which bank please? I've been trying to find some info from the internet but I seem to see "not available to undischarged bankrupts" everywhere.

Thanks.
Bygerry
#8143 Hi

I am due to go bankrupt on the 28th of this month - you need to get a basic account ..

looks a though the best on offer are The Coop, Nationwide, Abbey.

These appear to offer DD S/O & Debit card or a ATM cashcard but are subject to status.

If worse does happen and you cant get any of the above I have been advised to go to a branch of the Woolwich with £50 to open an account there - you can get your salary paid in but this account doesnt offer any DD S/O or Debit card it may give you a bit of breathing space until you can sort a basic account.

I have also been told that the OR should be able to give you a list of banks that may be able to help.

I am hoping to be able to get one of these when I go.

Hope that helps

G
ByMel_Odious
#8146
mt wrote:I'm having a BR appointment tomorrow so hopefully will be bankrupt tomorrow afternoon (hooray!). I would like to open a new bank account asap after that. What type of account have you been able to open from which bank please? I've been trying to find some info from the internet but I seem to see "not available to undischarged bankrupts" everywhere.

Thanks.

The NatWest Step Account also states they do not accept UBs but I have seen some people get one and I did. The easiest and who almost certainly are bound to open an account for you is the Co-op with their Cashminder but as it is practically guaranteed it is very popular and unless you have a branch nearby will take a few weeks to set up.

Mel
Bygerry
#8149 Hi Mel

One of my accounts that will be frozen is a coop joint account.

I was hoping that by only being £100 overdrawn with them they may let me have a cashminder account as they know my history and it hasnt been bad with them as such.

Just dont know what to do.

Any advise would be great

G
ByMel_Odious
#8152
gerry wrote:Hi Mel

One of my accounts that will be frozen is a coop joint account.

I was hoping that by only being £100 overdrawn with them they may let me have a cashminder account as they know my history and it hasnt been bad with them as such.

Just dont know what to do.

Any advise would be great

G


I would not worry about that Gerry; I owed Smile (The Co-op's online bank) for an overdraft, a credit card and a loan about 10k in total, I think it was and I had no trouble opening the Cashminder. Well there was a little hiccup at the start when I started using internet banking as I had stupidly used my same log-in details as I used with Smile and the account was immediately frozen. I called them up and explained all my debts with Smile were included in my bankruptcy and they then unfroze my account.
I was discharged in April after the full 3 years under the old system and have just been refused an upgrade of my Co-op account. I guess I was being a bit cheeky in applying though.

Mel
Bymt
#8245 Just want to add... I have just applied for the Nationwide Flex Account online via their website. It was a very straightforward process and took me about 10 minutes. It did ask me if I've ever been declared bankrupt. I also put down that I'm a "home maker", have annual income of £0 and do not require an overdraft. At the end of the process it said I can have a debit card, a cheque book, a visa card with £1000 limit and the paperwork will be with me within 5 days.

Easier than I thought. And you can be sure that I will use my new credit card wisely :wink:
ByVanilla_sky
#8247 Blimey MT thats good :-)

Will keep it in mind for future use

Jane x
ByMel_Odious
#8248 That's strange.
I applied online two days ago and was told I had to wait for the processing!
Maybe I did it wrong and applied for Internet Banking first.
I just logged on and it said "still processing"
Mel
Bymt
#8249 On mine, the status is "Waiting for signature / ID". Perhaps it depends on other personal circumstances. Not having a dig at you Mel, but did you mention somewhere else that you have really bad credit rating?
ByMel_Odious
#8251
mt wrote:On mine, the status is "Waiting for signature / ID". Perhaps it depends on other personal circumstances. Not having a dig at you Mel, but did you mention somewhere else that you have really bad credit rating?

No! I was discharged from bankruptcy on April the 1st and have spent the last two months making sure all the defaults on my CRF were marked as settled and they are now.
I guess with 13 creditors showing, although all marked as settled, it looks bad.

Mel
Bymt
#8252 God knows what algorithm these banks and building societies use to decide what they would give to us. In fact I was surprised they gave me a credit card, considering I'm a bankrupt and have zero income.

Let me know if your application comes through after the "processing".
User avatar
ByTalbotWoods
#8254
mt wrote:On mine, the status is "Waiting for signature / ID". Perhaps it depends on other personal circumstances. Not having a dig at you Mel, but did you mention somewhere else that you have really bad credit rating?


Up to the point I delcared myself bankrupt I had an excellent credit rating, always paid on time, ect and on the equifax credit score thinngy I had a score of over 900.

This was still the case UNTIL the CRF recorded my Bankruptcy, and the creditors recorded all their defaults (all post bankruptcy) My credit score is now down to 15.

Remember as a bankrupt we have about the lowest credit rating going, until we are discharged and can then slowly (oh so very slowly) rebuild it!

Tim
ByMel_Odious
#8256
mt wrote:God knows what algorithm these banks and building societies use to decide what they would give to us. In fact I was surprised they gave me a credit card, considering I'm a bankrupt and have zero income.

Let me know if your application comes through after the "processing".


I found it hard to believe that you were actually told that.
I will certainly let you know about mine. I was quite sick when the NatWest refused an upgrade. I have had the Step Account for the last 3 years, have £1,500 paid in every month and a grand in their esave account. Completely puzzling :?:
Mel
User avatar
ByTalbotWoods
#8259
mt wrote:God knows what algorithm these banks and building societies use to decide what they would give to us. In fact I was surprised they gave me a credit card, considering I'm a bankrupt and have zero income.

Let me know if your application comes through after the "processing".


mt

You are aware that you have to notify your OR that you are applying for credit of over £500, and as you have been offered (and by the looks of what you are saying have accpeted) a credit card with £1000 on it.

If you fail to do so yo cn be in trouble with the OR!!

Tim
ByMel_Odious
#8260
TalbotWoods wrote:
mt wrote:God knows what algorithm these banks and building societies use to decide what they would give to us. In fact I was surprised they gave me a credit card, considering I'm a bankrupt and have zero income.

Let me know if your application comes through after the "processing".


mt

You are aware that you have to notify your OR that you are applying for credit of over £500, and as you have been offered (and by the looks of what you are saying have accpeted) a credit card with £1000 on it.

If you fail to do so yo cn be in trouble with the OR!!

Tim


Is it not the Creditor you have to inform?
If so that was done on the application form.

Mel
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