Hi, does anyone know how far into the TD process a creditor would place a block on a bank account ?
We had our account with First Direct and they blocked it quite soon. That was fine as we had moved to a second one by then (Santander), as advised by the trustee. I then found out that we had Santander Cards as a creditor (hadn't realised) so we went to co-op cashminder.
To this date, Santander have kept our account open and we are literally days away from protected TD status.
Is it likely that they will freeze the account after we get to PTD ?
The reason for asking is that the Santander account is ultimately easier to use online and I would prefer to use it day-to-day, especially with respect to the balance being updated. Nothing against the co-op one, but it can be 2-3 days before some things show - so managing the balance becomes more of a challenge. We were planning to transferring our disposal income into our Santander a/c and leaving enough in the co-op one to cover all the Direct Debits.
Thanks in advance (if you're still awake!)
Hi Redguard.
Still awake!
I don't that there is a very precise answer that we can give you to this question.
Perhaps it's worth monitoring the account for a few weeks. The longer it goes the less likely it seems that there will be a problem.
The advice would still be to keep your cash away from your creditors, but obviously it's for you to decide in the end.
I don't think having a debt with Santander Cards would necessarily affect a Santander Bank Account. Santander Cards provide store cards for various retailers and, though part of the same group, they are quite separate operations.
Kevin / TDA, thanks for the replies - I think they are separate in this context and I thought I would have heard by now. I will wait a while before I go back to it though just in case !