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Quick question:

 

Hubby & I have a joint basic bank account, so no credit facilities available.

 

I understand that the OR would freeze my bank a/c if it is a single a/c but what happens with joint a/c's - does the same happen and should my hubby be looking to open a new a/c?

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They also freeze joint bank accounts. However, as it is a basic bank account the OR may inform the bank that they have no problem in letting you keep it. However, decision is down to the bank in the end so may be worth your other half opening another account just in case

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All of your bank accounts will be closed and any money will be used to pay your creditors. You will only be allowed to open a new bank account with permission from your Trustee. If you have a joint bank account then only half the funds will be taken.

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All of your bank accounts will be closed and any money will be used to pay your creditors. You will only be allowed to open a new bank account with permission from your Trustee. If you have a joint bank account then only half the funds will be taken.

 

Your bank account would be frozen. As long as there is not a lot of money in there, then the OR (after you telling him / her) would send a fax to your bank, allowing you to access the funds within that account, for basic living expenses. If you have significant monies in that account the OR may not do so.

 

Whoever is bankrupt is allowed to open a new account anytime after the date of bankruptcy, the only bank that will allow a bankrupt to open an account is the Co-Op and you cannot apply for it online, you have to ring them up. Any accounts opened before the date of bankruptcy would be likely to become frozen as soon as the bank finds out about it.

 

You would get a leaflet from the OR once he takes over (as in when the court tell him) and that leaflet clearly states that you can open a new basic account, without the permission of the OR and you do not even have to tell the OR unless he asks about it.

 

However, not many banks would allow you to continue banking with them if you are bankrupt, so they would probably close the account anyway, unless you can remove the person who is bankrupt off the joint account. They normally write to you giving you 21 days to empty the account and then close it. As for a joint account I am not sure if that is also the case.

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Sorry to contradict the post above,

I went BR Jan 2009,

My OR did not freeze, nor did the Bank Freeze my Joint Account,

In fact I still have a joint account with my wife,

The OR saw the latest statement, and stated she had no interest in that account.

I had a co-op account set up before BR, and informed the that I was going BR, again no probs.

The only restrictions I had with the joint Account was , that I was not allowed to use the cheque book,

 

May be different areas work in different ways?

 

leakie

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no that is about the standard leakie

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Hi Debt info

Do I know you from another forum?????

 

All the best

Leakie

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very possibly

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Thanks guys - hubby is in process of opening an account in his sole name so I think we'll leave the joint one and see what the OR says.

In the meantime, all DWP payments, Direct Debits etc will be transferred to the new a/c, just in case, lol

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