I was doing a bit of research on the internet the other day on the "cool" factor of the Visa Electron debit card which has nothing to do with the content of this journal. I did come across a posting with a link to a web site which promised 100% to provide a bank account for those who might find it difficult (bankrupts for example). Full bank accounts with cheque book, overdraft and debit card.
Before I give you the URL, I would urge you to think "What has this company got that the individual hasn't when it comes to applying for a high street bank account"?
Considering the attitude of the high street (and not so high street) banks to me as a bankrupt, I can only assume there's a "trick" being applied by the company to obtain a bank account by some form of deception.
If you believe me and are still willing to part with £ 99.00, here's the link: http://www.lessthanperfect.co.uk/personal-bank-accounts-1-c.asp
Tuesday, February 26, 2008
Tuesday, February 12, 2008
Bringing things up to date
I made a bit of a joke of things to someone the other day, saying I used to be a big fish in a small pond, but now I'm a bottom feeder.
I've got to be honest, I can't blame all of my misfortune on my going bankrupt. Anyhow, as it's been over a year since I posted, I will bring you up to date.
I'd started a job about a month before the last post was written. It was a low paid job and because I've been out of work for 6 months prior to getting it, I did not have to pay any income tax for the remainder of the tax year.
The Insolvency Service had me fill out a declaration of my outgoings and then told me I must pay 36 payments of £ 50.00 (each month), towards my bankruptcy settlement. The judgement was put in the hands of a specialist solicitors and I set up a direct debit for the amount.
I only ever made three or four payments, when unexpectedly I was canned from the job, six months after I started.
The Insolvency Service suspended the payments and review my situation every three months, where I have to do a written statement of my income and outgoings, which since May of last year has been £ 59 some pence a week Jobseekers Allowance.
Having hit 50 last February, I'm now beginning to think that this is some sort of magical age where you become unemployable. That has little to do with bankruptcy and its fall outs.
I can only say I am delighted with the Co op bank account. I couldn't live without online banking and I can only praise the Co op for being the only bank who would deal with me as an undischarged bankrupt.
I discovered during my last chat with my case worker at the Insolvency Service, that I am now a discharged bankrupt. Odd, because the year's anniversary passed in August, but I did not receive any form of notification.
You can get a certificate of discharge from the court I was told, but it costs about £ 60.
I can imagine that if a discharged bankrupt was in the process of rebuilding their life and maybe was looking for a mortgage or whatever, they may need such a document as proof of their discharge, as I doubt the credit reference agencies would be falling over themselves to "improve" your social standing on their registers with this news.
With my circumstances, I have not need or intention of looking for credit of any type, but considering the way I was treated by the banks at the time of my bankruptcy, I doubt any of the lending institutions are beating paths to the doors of "ex-bankrupts", considering the sub-prime credit squeeze.
As for some of the organisations I owed money to at the time of my bankruptcy. I never heard anything more from my main creditor which was the bank. Egg wrote me a rather stiff letter which I saw as a frustrated middle manager letting off steam than Egg's policy on bankrupts.
Probably the worst were Littlewoods Home Shopping, who sold my debt on to a collection agency after they had been told of the bankrupcty by the Insolvency Service.
Whilst I don't know the operational intricacies of the debt collection industry, I have learned that they would have sold the debt on for about a tenth of its value.
I've always held the opinion that debt collection agencies are little more than thugs and gypo's with ties on. From about the middle of last year, I had a flood of letters which increased with severity on the threats made.
Each time I received a letter, I would reply politely with a copy of my bankruptcy notice, which they would ignore and follow with as I said, a more threatening letter.
After about three or four months we'd got to a stage where they were threatening to send someone round to see me, I copied all the correspondence to the Insolvency Service who jumped on them with some might and the letters immedately ceased.
The Insolvency Service really are a very supportive crutch for the bankrupt to lean on, professional and friendly too.
At one point during last year, I was receiving on a regular basis, junk mail from Capital One, offering me a credit card with a small credit limit of between £ 250 and £ 500. As I said earlier, I've no wish to get back into the mire of credit, but I was astonished by the APR they were charging, which was in excess of 30%
I was going to qualify their junk mail by writing to them asking if that high rate of interest was a reflection on the fact they already knew I had a poor credit rating or were they mass mailshotting such a crock of shit. I never did get round to writing the letter, as I know I would never have received an honest answer.
Incidentally, I'd poke my eyes out with red hot knitting needles before I would have anything to do with Capital One after an unpleasant run in with them about 5 years ago when I was still credit worthy and solvent.
Anyhow, posts on this subject certainly look like they will be few and far between, as I suspect the worst is over as far as bankruptcy is concerned. Again I say if this has helped anyone who's considering taking the steps towards bankruptcy or has already done so, then that's what it's there for.
Prior to actually going bankrupt, I did a lot of research online and found very little that was of help and a lot that was just out to con the reader into parting with money for duff advice.
I've got to be honest, I can't blame all of my misfortune on my going bankrupt. Anyhow, as it's been over a year since I posted, I will bring you up to date.
I'd started a job about a month before the last post was written. It was a low paid job and because I've been out of work for 6 months prior to getting it, I did not have to pay any income tax for the remainder of the tax year.
The Insolvency Service had me fill out a declaration of my outgoings and then told me I must pay 36 payments of £ 50.00 (each month), towards my bankruptcy settlement. The judgement was put in the hands of a specialist solicitors and I set up a direct debit for the amount.
I only ever made three or four payments, when unexpectedly I was canned from the job, six months after I started.
The Insolvency Service suspended the payments and review my situation every three months, where I have to do a written statement of my income and outgoings, which since May of last year has been £ 59 some pence a week Jobseekers Allowance.
Having hit 50 last February, I'm now beginning to think that this is some sort of magical age where you become unemployable. That has little to do with bankruptcy and its fall outs.
I can only say I am delighted with the Co op bank account. I couldn't live without online banking and I can only praise the Co op for being the only bank who would deal with me as an undischarged bankrupt.
I discovered during my last chat with my case worker at the Insolvency Service, that I am now a discharged bankrupt. Odd, because the year's anniversary passed in August, but I did not receive any form of notification.
You can get a certificate of discharge from the court I was told, but it costs about £ 60.
I can imagine that if a discharged bankrupt was in the process of rebuilding their life and maybe was looking for a mortgage or whatever, they may need such a document as proof of their discharge, as I doubt the credit reference agencies would be falling over themselves to "improve" your social standing on their registers with this news.
With my circumstances, I have not need or intention of looking for credit of any type, but considering the way I was treated by the banks at the time of my bankruptcy, I doubt any of the lending institutions are beating paths to the doors of "ex-bankrupts", considering the sub-prime credit squeeze.
As for some of the organisations I owed money to at the time of my bankruptcy. I never heard anything more from my main creditor which was the bank. Egg wrote me a rather stiff letter which I saw as a frustrated middle manager letting off steam than Egg's policy on bankrupts.
Probably the worst were Littlewoods Home Shopping, who sold my debt on to a collection agency after they had been told of the bankrupcty by the Insolvency Service.
Whilst I don't know the operational intricacies of the debt collection industry, I have learned that they would have sold the debt on for about a tenth of its value.
I've always held the opinion that debt collection agencies are little more than thugs and gypo's with ties on. From about the middle of last year, I had a flood of letters which increased with severity on the threats made.
Each time I received a letter, I would reply politely with a copy of my bankruptcy notice, which they would ignore and follow with as I said, a more threatening letter.
After about three or four months we'd got to a stage where they were threatening to send someone round to see me, I copied all the correspondence to the Insolvency Service who jumped on them with some might and the letters immedately ceased.
The Insolvency Service really are a very supportive crutch for the bankrupt to lean on, professional and friendly too.
At one point during last year, I was receiving on a regular basis, junk mail from Capital One, offering me a credit card with a small credit limit of between £ 250 and £ 500. As I said earlier, I've no wish to get back into the mire of credit, but I was astonished by the APR they were charging, which was in excess of 30%
I was going to qualify their junk mail by writing to them asking if that high rate of interest was a reflection on the fact they already knew I had a poor credit rating or were they mass mailshotting such a crock of shit. I never did get round to writing the letter, as I know I would never have received an honest answer.
Incidentally, I'd poke my eyes out with red hot knitting needles before I would have anything to do with Capital One after an unpleasant run in with them about 5 years ago when I was still credit worthy and solvent.
Anyhow, posts on this subject certainly look like they will be few and far between, as I suspect the worst is over as far as bankruptcy is concerned. Again I say if this has helped anyone who's considering taking the steps towards bankruptcy or has already done so, then that's what it's there for.
Prior to actually going bankrupt, I did a lot of research online and found very little that was of help and a lot that was just out to con the reader into parting with money for duff advice.
Tuesday, December 12, 2006
More on banking
Things seemed to have settled with my Co op bank account and the Cashminder (as it's called) is really all an individual could need from an account.
There's online banking, where you can pay all your bills either by Direct Debit, Standing Order or just a one off payment provided you have the recipients account and sort code.
You don't get a cheque book, but I can't say I have personally missed this in the slightest.
You do get a Visa Electron debit card, which works in Link machines. That's fine. The only time I have been inconvenienced, was last week, when my new employers sent me to Holland, where they don't have Link cash machines. This ATM card doesn't carry Cirrus or the other international marks intonating you can use them outside the UK.
If you don't have a Co op bank near you, this could cause a problem. My first cheque deposited to the account, took 10 days to clear, because I had to post it to Manchester. Alternatively, you get envelopes where you can hand a cheque over at a Post Office, but this I imagine would take a similar time. I discovered we had a newly opened branch in my town, so I popped the cheque through their door on a Sunday and it was showing as uncleared funds on Monday.
I'm impressed with the simplicity of the web site interface, you can see at a glance what funds you have available (or not in my case).
As I have no clear way of tracking the visits to this site, if you should find any of the advice or points covered within at all useful, please let me know and say how you found me.
There's online banking, where you can pay all your bills either by Direct Debit, Standing Order or just a one off payment provided you have the recipients account and sort code.
You don't get a cheque book, but I can't say I have personally missed this in the slightest.
You do get a Visa Electron debit card, which works in Link machines. That's fine. The only time I have been inconvenienced, was last week, when my new employers sent me to Holland, where they don't have Link cash machines. This ATM card doesn't carry Cirrus or the other international marks intonating you can use them outside the UK.
If you don't have a Co op bank near you, this could cause a problem. My first cheque deposited to the account, took 10 days to clear, because I had to post it to Manchester. Alternatively, you get envelopes where you can hand a cheque over at a Post Office, but this I imagine would take a similar time. I discovered we had a newly opened branch in my town, so I popped the cheque through their door on a Sunday and it was showing as uncleared funds on Monday.
I'm impressed with the simplicity of the web site interface, you can see at a glance what funds you have available (or not in my case).
As I have no clear way of tracking the visits to this site, if you should find any of the advice or points covered within at all useful, please let me know and say how you found me.
Something I didn't know
Most people are aware that if your circumstances should alter for better or worse during your period of bankruptcy, you are legally as well as duty bound to tell the Insolvency Service.
In November I managed to get a job, taking me off unemployment. It's not that well paid a job, but a few days after informing the Official Receiver, I received a questionnaire where I had to break down all my household outgoings. I posted it back and have been told I must now pay £ 50.00 a month for 36 months.
Of course this takes us past my discharge date, which could be as early as February 2007, but it states clearly in the order that the installments must be paid even after a discharge.
So, bankruptcy doesn't exactly wipe the slate clean as most people believe.
In November I managed to get a job, taking me off unemployment. It's not that well paid a job, but a few days after informing the Official Receiver, I received a questionnaire where I had to break down all my household outgoings. I posted it back and have been told I must now pay £ 50.00 a month for 36 months.
Of course this takes us past my discharge date, which could be as early as February 2007, but it states clearly in the order that the installments must be paid even after a discharge.
So, bankruptcy doesn't exactly wipe the slate clean as most people believe.
Wednesday, November 08, 2006
A glimmer of hope
Well, it took 10 weeks and we're not out of the woods yet, but I appear to have found a bank to give me a basic bank account.
The Co operative Bank. I telephoned tham easily 10 weeks ago, as part of my research to find a UK bank who would deal with an undischarged bankrupt, post the Halifax debacle.
On the telephone, I was greeted with the same bubbly enthusiasm that I was by the Halifax who you may recall, accepted me, processed me only to drop me like a hot potato, freezing the small amount of money I had deposited.
This time, I told the young enthusiastic lady three times, I was an undischarged bankrupt and even made her go consult with a superior on that fact alone.
The reason it took so long to get this far, was all to do with the database they use for people's addresses and at least one other used by people like the DVLA. In this case, my postcode was 1 letter out and so, the Co op just rejected my application, requesting proof I lived at an address ending 3AA and not 3AE.
Today, I received a deit card which shows an account number etc, but I've not received any instructions on how I deposit funds (when I get some).
Fortunately, I discovered that the Co op have a branch in my town, newly opened I think, which may offer a solution.
Incidentally, I have also managed to land a job since my last post.
This gives introduction to my next post, because it means a change in my circumstances and therefore, I am bound by law, to inform my case officer at the Insolvency Service of this change in my circumstances.
It will be "interesting" to say the least, to see what the Insolvency Service do with regards post bankruptcy, with n'er a pot to piss in, no job etc, where I now have an income (of which there will not be a fotune of it disposable, after the bills are paid).
Watch this space.
The Co operative Bank. I telephoned tham easily 10 weeks ago, as part of my research to find a UK bank who would deal with an undischarged bankrupt, post the Halifax debacle.
On the telephone, I was greeted with the same bubbly enthusiasm that I was by the Halifax who you may recall, accepted me, processed me only to drop me like a hot potato, freezing the small amount of money I had deposited.
This time, I told the young enthusiastic lady three times, I was an undischarged bankrupt and even made her go consult with a superior on that fact alone.
The reason it took so long to get this far, was all to do with the database they use for people's addresses and at least one other used by people like the DVLA. In this case, my postcode was 1 letter out and so, the Co op just rejected my application, requesting proof I lived at an address ending 3AA and not 3AE.
Today, I received a deit card which shows an account number etc, but I've not received any instructions on how I deposit funds (when I get some).
Fortunately, I discovered that the Co op have a branch in my town, newly opened I think, which may offer a solution.
Incidentally, I have also managed to land a job since my last post.
This gives introduction to my next post, because it means a change in my circumstances and therefore, I am bound by law, to inform my case officer at the Insolvency Service of this change in my circumstances.
It will be "interesting" to say the least, to see what the Insolvency Service do with regards post bankruptcy, with n'er a pot to piss in, no job etc, where I now have an income (of which there will not be a fotune of it disposable, after the bills are paid).
Watch this space.
Thursday, October 05, 2006
Company Policy
In the last two months, I've listened to a lot about company policy, usually from the banking industry.
Today, following my correspondence with them, I discovered that T Mobile have a policy not to deal with bankrupts and so they are closing my account.
I also discovered that they would not consider me for a contract telephone account for a period of six years.
I can't really say anything bad against T Mobile perse. They were very polite and professional and gave me a few hours before switch off, to transfer numbers off the SIM and to let people know that number was being switched off and they are not asking for their 6 month old Motorola V3i back either. They are also writing off last month's charges which to be honest they don't have to.
Because I didn't owe them any arrears at the time of my bankruptcy, it was not necessary to list them on the court's paperwork as a creditor. It was my choice to write to them.
So, whilst I would not encourage anyone to employ devious tactics, if you need your mobile and can pay the monthly bills, whether you tell the service provider or not as to your bankrupt status is your decision.
On another subject, it's quite evident to me, that the communication within large companies is poor to say the least.
I have been chased by at least two creditors since my bankruptcy. One of those had been informed both verbally and in writing, that I was about to go bankrupt and as they were declared on the list of creditors, would have heard from the Insolvency Service.
In another case, I received a call from a poorly trained cretin who it transpired worked for a debt collection agency. In cases such as this, you should send immediately a copy of your bankruptcy notice and refer them to the office dealing with your insolvency.
These so called agencies are the vultures of the finance world and will employ all sorts of tricks to get you to make a payment. A few weeks before my bankruptcy, I had one actually pretending to be the credit card company, but her inexperience got the better of her and I politely told her where to go.
I have had reason to talk with the person who will deal with my bankruptcy for the period I remain undischarged, on more than one occasion. The people at the Insolvency Service, are switched on and are more than helpful.
A snippet of imformation I picked up was the fact the only utility company they will write to regarding personal bankruptcy, is the water company.
I was made suspicious, when I started getting water bills (yes, more than one) despite having paid six months in advance when I was made redundant.
Why electricity and gas companies aren't included I have no idea. also, I did not list the water people as a creditor, because like I say, I had paid the bill up to October this year.
I will take again, the opportunity to remind you as reader, that these notes are based on MY personal experiences and you may find regional differences or where your circumstances alter how you are treated.
I would like to report that I have found a bank who will offer facilities to the undischarged bankrupt, but at the time of writing, I think I would be better employed walking round a rocking horse factory with a bucket and spade.
Today, following my correspondence with them, I discovered that T Mobile have a policy not to deal with bankrupts and so they are closing my account.
I also discovered that they would not consider me for a contract telephone account for a period of six years.
I can't really say anything bad against T Mobile perse. They were very polite and professional and gave me a few hours before switch off, to transfer numbers off the SIM and to let people know that number was being switched off and they are not asking for their 6 month old Motorola V3i back either. They are also writing off last month's charges which to be honest they don't have to.
Because I didn't owe them any arrears at the time of my bankruptcy, it was not necessary to list them on the court's paperwork as a creditor. It was my choice to write to them.
So, whilst I would not encourage anyone to employ devious tactics, if you need your mobile and can pay the monthly bills, whether you tell the service provider or not as to your bankrupt status is your decision.
On another subject, it's quite evident to me, that the communication within large companies is poor to say the least.
I have been chased by at least two creditors since my bankruptcy. One of those had been informed both verbally and in writing, that I was about to go bankrupt and as they were declared on the list of creditors, would have heard from the Insolvency Service.
In another case, I received a call from a poorly trained cretin who it transpired worked for a debt collection agency. In cases such as this, you should send immediately a copy of your bankruptcy notice and refer them to the office dealing with your insolvency.
These so called agencies are the vultures of the finance world and will employ all sorts of tricks to get you to make a payment. A few weeks before my bankruptcy, I had one actually pretending to be the credit card company, but her inexperience got the better of her and I politely told her where to go.
I have had reason to talk with the person who will deal with my bankruptcy for the period I remain undischarged, on more than one occasion. The people at the Insolvency Service, are switched on and are more than helpful.
A snippet of imformation I picked up was the fact the only utility company they will write to regarding personal bankruptcy, is the water company.
I was made suspicious, when I started getting water bills (yes, more than one) despite having paid six months in advance when I was made redundant.
Why electricity and gas companies aren't included I have no idea. also, I did not list the water people as a creditor, because like I say, I had paid the bill up to October this year.
I will take again, the opportunity to remind you as reader, that these notes are based on MY personal experiences and you may find regional differences or where your circumstances alter how you are treated.
I would like to report that I have found a bank who will offer facilities to the undischarged bankrupt, but at the time of writing, I think I would be better employed walking round a rocking horse factory with a bucket and spade.
Monday, September 25, 2006
Don't bother with these UK banks...
If you've read all the stuff that preceeds this posting, you will at least by now, have a flavour for the experience of one UK based schlub, who declared himself bankrupt and despite researching beforehand, is on a very steep learning curve.
Because I am having a lot of trouble opening an account with the Co op Bank, I decided to spend some time on the phone today (and what a long time that was), to see what if any, other banks had facilities for undischarged bankrupts.
Here's the results do far:
Alliance & Leicester - NO
Yorkshire Bank - NO
Halifax (read horror story below) NO
HSBC - NO
Abbey - NO
To coin the phrase made immortal by Magnus Mugnusson "I've started so I'll finish", I will in due course telephone all the remaining known banks you can find on the UK high street and ask the same question, which is "what if any, basic banking facilities do you offer to undischarged bankrupts".
Updates on this question very soon.
Because I am having a lot of trouble opening an account with the Co op Bank, I decided to spend some time on the phone today (and what a long time that was), to see what if any, other banks had facilities for undischarged bankrupts.
Here's the results do far:
Alliance & Leicester - NO
Yorkshire Bank - NO
Halifax (read horror story below) NO
HSBC - NO
Abbey - NO
To coin the phrase made immortal by Magnus Mugnusson "I've started so I'll finish", I will in due course telephone all the remaining known banks you can find on the UK high street and ask the same question, which is "what if any, basic banking facilities do you offer to undischarged bankrupts".
Updates on this question very soon.
Sunday, September 24, 2006
The banks will waste your time
What with the Halifax and now the Co op bank, I have wasted 8 weeks farting about trying to secure the most basic of banking facilities.
In the case of the Co op they won't accept that just because some large institutions like the DVLA have one letter of my post code different from the one on their data base, I do not exist. Neither will they accept that their data base might be incorrect, so the original proofs of address I have sent which would be acceptable anywhere else, are not acceptable to the Co op.
I am now back to square one and in desperate need of a basic bank account in which to deposit benefit cheques to pay stuff like rent etc.
I have already e mailed and telephoned several banks who will not answer the question durectly as to whether it is their policy to grant basic facilities to an undischarged bankrupt.
In each case they refer the enquiry to the local branch, which is a total cop out, as there are very few high street banks who's policies are made at branch level so, this suggests to me that they are deliberately wasting people's time, especially as it is nigh on impossible to telephone a high street branch directly these days.
My next line of enquiry will be the Post Office, so check back here soon...
In the case of the Co op they won't accept that just because some large institutions like the DVLA have one letter of my post code different from the one on their data base, I do not exist. Neither will they accept that their data base might be incorrect, so the original proofs of address I have sent which would be acceptable anywhere else, are not acceptable to the Co op.
I am now back to square one and in desperate need of a basic bank account in which to deposit benefit cheques to pay stuff like rent etc.
I have already e mailed and telephoned several banks who will not answer the question durectly as to whether it is their policy to grant basic facilities to an undischarged bankrupt.
In each case they refer the enquiry to the local branch, which is a total cop out, as there are very few high street banks who's policies are made at branch level so, this suggests to me that they are deliberately wasting people's time, especially as it is nigh on impossible to telephone a high street branch directly these days.
My next line of enquiry will be the Post Office, so check back here soon...
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