The Post Office has reported that some of their customers have been affected by a computer glitch today. This will be of concern for those who have been made bankrupt and use a Post Office account for receiving benefit payments.
Through a Post Office account you can access your cash via a machine in a branch. It is estimated that up to 3 million customers have been affected. If you have also been affected and desperately need your cash then please speak to your branch. There may be contingency plans in place or the problem may now be resolved.
After setting up a limited company to carryout a building project, my husband and I after 18 months had to throw the builders off site and finish the build ourselves. Three years of legal wrangling followed by a court case resulted in a loss for us (because we were fair minded people) and a debt of £180k. With a mortgage, loans and credit card debt on top, the only avenue for us was bankruptcy. We have spent many years of worry with the legal battle and court case which was a walk in the park in comparison to the worry of bankruptcy.
Even though we have only been bankrupt for 17 days and have only spoken with the official receiver over the telephone, we are starting to feel there is light at the end of the tunnel. I had last week my first experience of restriction when I was unable to view my bank account online. It seemed that its OK to have the money in there, but you are not allowed to view it or talk over the telephone with the bank. I found the idea ridiculous.
Having the amount of money you are allowed each month limited but expected to travel several times a month to the bank to view what you have which costs more in fuel, or being charged for weekly statements is just punishing a bankrupt because they can. During the course of my work I have the ability to view the Company’s bank account and print statements, I can move money around just simply view it, why cant a bankrupt have the same facility? The bank staff treated me with very much “i don’t care” attitude, whereas before they were so nice. It seems as soon as you are bankrupt even though it may not be your fault, you are viewed as some kind of leper. I have decided to take each restriction as it comes, its just being taken out of your comfort zone, don’t get upset or frustrated, just look for a way round it. I know its not going to be a walk in the park, but its not for ever. Learning to live without credit can be easy if you want it to be.
This morning saw the release of the growth figures (Gross Domestic Product) for the second quarter of 2011. For an overview of what GDP means take a look at the following bbc video – GDP video.
The figures were rather disappointing as many economists expected, coming in at 0.2%. This means that the UK is expected to miss the annual growth prediction of 1.7% set by the Office for budget responsibility.
The growth figure originally predicted for today was 0.5%. Although 0.2% does not appear much less, it is. It equates to less than half the original prediction. A number of reasons have been cited for this including:
- Additional bank holiday in April
- The weather
- The royal wedding
- The effects of the Japan earthquake and tsunami
Whatever the reasons it does represent the current state of the economy and is very worrying.
It is very interesting that George Osboure, the Chancellor, will probably play on the positive that we are in growth. However, during times of global instability the figures are not encouraging. The fact is that in the final quarter of 2010 there was a contraction of 0.5% followed by growth of 0.5% in the first quarter of 2011. This equates to zero growth over a period of six months. Given todays figure you cannot say anything other than the economy simply is not growing. For many parts of the UK it still feels as though we are in a recession.
Whether the Bank of England’s stimulus program and record low interest rates have been enough to stave off a double dip recession is impossible to say. We are in an unprecedented global downturn that has many variables and significant risks still at play. One thing is for sure though, eyes will be closely watching the next set of figures to be released.
Lynne describes what happened to her bank account when she declared herself bankrupt.
When I declared myself bankrupt on the 19th Jan the official receiver informed The Yorkshire Bank who closed both my savings and current account. All the monies in both were taken. This left me with nothing to live off. When I complained to the manager at the official receiver’s office I was informed that it should not of happened and they said that my account would be refunded. The problem is that I cannot now get an account anywhere so the cheque is being sent to my son. I went to Barclays for a basic account. It went to appeal and I was asked to go back for a 3rd time. I was declined again and advised to get a credit check.
I feel so ashamed about what has happened to me as my ex-husband had a gambling addiction and ran up lots of credit cards which he said are not in my name. I’ve lost not only my husband, house (got repossessed), car and caravan but my life and self respect . For now I ‘m having my wages paid into my son’s account.
