Going bankrupt and bank accounts

[chrisp1968]

I have a pre pay MasterCard, will the account be closed down if I go bankrupt ? Thanks to any replies in advance

[Nibbler]

Re: Going bankrupt and bank accounts

Presumably not run by anyone connected to your creditors?

You would be wise - perhaps - to make sure that you don't have anything on the card on the day or a while afterwards.

Technically if money was on there that was required to pay via that method for reasonable domestic needs, then it would not be claimable by the OR. However, if no funds on there then cannot be any argument.

Can't recall of a pre-paid card company ever being required to close one as is not a line of credit in that sense, but as said would err on side of caution at first.

With bank accounts if you are able you would be best setting up a basic Barclays or perhaps Co-op one before any bankruptcy. Co-op won't open one after, but so far seem to not rock the boat if you opened one even shortly before.

[chrisp1968]

Re: Going bankrupt and bank accounts

I was going to open a Barclays account when the bankruptcy went through, is it better if I do it before ?

[Nibbler]

Re: Going bankrupt and bank accounts

As long as it is the basic one it really doesn't matter which way you do it.

Only caveat to that being, if you owe money to Barclays in any fashion then you should avoid having any balance on the account on the day of your bankruptcy or before, to avoid any set off.