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.
Monday, September 25, 2006
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...
Saturday, September 02, 2006
So, you're bankrupt and back on the street
This chapter just about brings us up to date with my bankruptcy and covers what I consider to be the toughest part to date; The interview.
As I already covered, at this stage, you have been to court and been judged bankrupt, then taken the short telephone interview with the Official Receiver. You're back on the street.
A week or so later, you will have received a letter giving a date and time that you will be called by the Official Receiver's office. Be prepared for this one as it's a toughie and lasts a lot longer than five minutes.
During this interview, a senior officer will be going through the forms you submitted to the court and asking you a number of questions with regards your written declarations.
Though some of them may appear to be, the questions aren't loaded. The officer's job is to get more backgound to pass on to the Official Receiver as to your circumstances, which will help them make a decision as to your period of bankruptcy and what if any amends you should make to your creditors.
In my case, the interview took over an hour and covered my redundancy some four months previous and what I had done with the money I received as part of my severance package.
I had to cast my mind back and use my cheque book to help thumbnail where the money had gone.
My 15 year old car came under scrutiny as did my four year old PC. A couple of weeks after the interview, I received official notice that my car was not to be seized as part of the administration.
Again, I can only speak from personal experience, but I have found the Official Receivers office to be highly professional, helpful and to a point, friendly.
You will read for example in a previous post, on their own volition, the Halifax froze and closed a brand new account I had opened following my bankruptcy, whilst trying to suggest it was at the Official Receivers instruction.
When I called their office, it took less than two hours for them to instuct the Halifax to release the small amount of money (Jobseekers Allowance) held in the account back to me.
I am still waiting for either an apology or an explanation from their CEO as to why they went through all the procedures of opening an account for me (having been told I was an undischarged bankrupt) and then saying it is not their policy to do so, whilst freezing my account.
As for the period an individual remains "bankrupt", this can be up to 12 months from the date of the court hearing. Because I went to court with n'er a pot to piss in and no income from a job, it was suggested to me during the second interview, that a recommendation would be made for early discharge, which could be as little as six months.
Of course, one should not go hanging hats on suggestions like these. Come the day of discharge, you will receive a letter from the Official Receiver, but I was told that if it runs for the period of twelve months and you've heard nothing, you should telephone the court where you were judged.
Like I've said more than once, everybody's circumstances leading up to bankruptcy are different and so they will be after discharge. For my own situation, whether it is six months or the full twelve, things will alter little after discharge.
I won't be looking for credit or store cards, I won't be hankering after a mortgage and if I was, I reckon the next sharp learning curve would be one of discovering how the banks and financial institutions like to and will screw someone who has few alternatives open to them.
Currently, following the Halifax unpleasantness, I am still trying to open a bank account.
At the time of writing, I appear to have been accepted by a bank and provided all goes smoothly, that will form the topic of the next chapter.
As I already covered, at this stage, you have been to court and been judged bankrupt, then taken the short telephone interview with the Official Receiver. You're back on the street.
A week or so later, you will have received a letter giving a date and time that you will be called by the Official Receiver's office. Be prepared for this one as it's a toughie and lasts a lot longer than five minutes.
During this interview, a senior officer will be going through the forms you submitted to the court and asking you a number of questions with regards your written declarations.
Though some of them may appear to be, the questions aren't loaded. The officer's job is to get more backgound to pass on to the Official Receiver as to your circumstances, which will help them make a decision as to your period of bankruptcy and what if any amends you should make to your creditors.
In my case, the interview took over an hour and covered my redundancy some four months previous and what I had done with the money I received as part of my severance package.
I had to cast my mind back and use my cheque book to help thumbnail where the money had gone.
My 15 year old car came under scrutiny as did my four year old PC. A couple of weeks after the interview, I received official notice that my car was not to be seized as part of the administration.
Again, I can only speak from personal experience, but I have found the Official Receivers office to be highly professional, helpful and to a point, friendly.
You will read for example in a previous post, on their own volition, the Halifax froze and closed a brand new account I had opened following my bankruptcy, whilst trying to suggest it was at the Official Receivers instruction.
When I called their office, it took less than two hours for them to instuct the Halifax to release the small amount of money (Jobseekers Allowance) held in the account back to me.
I am still waiting for either an apology or an explanation from their CEO as to why they went through all the procedures of opening an account for me (having been told I was an undischarged bankrupt) and then saying it is not their policy to do so, whilst freezing my account.
As for the period an individual remains "bankrupt", this can be up to 12 months from the date of the court hearing. Because I went to court with n'er a pot to piss in and no income from a job, it was suggested to me during the second interview, that a recommendation would be made for early discharge, which could be as little as six months.
Of course, one should not go hanging hats on suggestions like these. Come the day of discharge, you will receive a letter from the Official Receiver, but I was told that if it runs for the period of twelve months and you've heard nothing, you should telephone the court where you were judged.
Like I've said more than once, everybody's circumstances leading up to bankruptcy are different and so they will be after discharge. For my own situation, whether it is six months or the full twelve, things will alter little after discharge.
I won't be looking for credit or store cards, I won't be hankering after a mortgage and if I was, I reckon the next sharp learning curve would be one of discovering how the banks and financial institutions like to and will screw someone who has few alternatives open to them.
Currently, following the Halifax unpleasantness, I am still trying to open a bank account.
At the time of writing, I appear to have been accepted by a bank and provided all goes smoothly, that will form the topic of the next chapter.
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