Hi g10drummer,

You really should ensure that you have banking arrangements in place with banks that will not be included in your Trust Deed.

If there are any savings they should be moved to a bank not included in your Trust Deed (though of course they should be mentioned to your IP).

I suspect the IP is looking to confirm ownership of the vehicle; I'm sure one of the forum experts will confirm this in due course. I don't think it's unusual to ask for this.

I'm sure that one of the experts will soon address your points on overseas allowances and the implications of sequestration. Please be assured that sequestration would not involve regular household goods in the same way as they are not included in a Trust Deed.

Hi g10drummer. Well done for taking the plunge - a trust deed would certainly seem to be a much better option for you than struggling on for another 12 years or more. To cover your questions in turn:

- There are some banks who will insist on you closing your account with them upon signing a trust deed. However, the majority of them will be happy to allow you to keep the account running, as long as you are not overdrawn.

- Regarding the car - I don't think the IP will be contacting the DVLA - it is more likely she just wants to see the V5 as evidence that the details you have given her are correct.

- As long as you have been up front with them about the extra allowance then I wouldn't worry. I guess they are viewing it as being justifiable to cover extra expenses you may have at these times?

- There is no court involvement if you were to apply for sequestration, it is just a case of filling in forms and sending them off to the Accountant in Bankruptcy. The rules regarding assets are essentially the same in sequestration as in a trust deed. If you are worried about your domestic goods/furniture etc being sold off then you shouldn't. Nearly all of this stuff is exempt and the trustee in the bankruptcy would only have an interest in something which is of unusually high value, such as antiques/works of art.

Hope this helps

Thank you both very much for your advice. Fingers crossed it all goes through ok[:)]

We truly hope it all goes well for you.

It would be great if you were prepared to keep the forum informed of developments.

Just a few more questions that i would like cleared up please:

1. Our TD was advertised in the Edinburgh Gazette on 13th March. The
2 bank accounts we have are still open and in credit, so my
banks have not frozen them as i expected. Does this mean that the
accounts are now ok and i don't need to worry about them getting
frozen?

2. Our creditors have until 17th April to respond to the TD to stop
it being protected. I haven't heard anything from my IP. Would
they inform me if they had any objections, or would they wait
until the end of the 5 week period?

3. I am still getting letters and phonecalls from creditors, what
should i do about this?

Regards,
Yvonne

Hello again. In answer to your qus:

1) I would imagine that if then bank had a problem they would have taken action by now - however you can't be sure and if I were you I still wouldn't use any account that is held with a bank that is also a creditor of yours.
2) Your trustee wouldn't necessarily inform you of any objections, though if sufficient objections had been received to cause your trust deed to fail to achieve protection then I'm sure they'd have been in touch.
3) Try and ignore the letters (unless they are from the court or from sheriff officers), and if you get calls just inform them you have signed a trust deed. This is not unusual, because you often find that banks etc can be quite slow at amending their admin systems. Once the trust deed achieves protection (fingers crossed!) you should inform your trustee of any further contact from creditors so that they can contact them and get it stopped.

Hang in there, Yvonne! The hardest part is almost over now.

The bank accounts are new accounts that have nothing to do with any of my creditors. They are just normal accounts with no overdraughts. Do you think they will be okay to use now?

Many thanks.
Yvonne

I'd have thought so. The worst that could happen is they ask you to close your account, but they'd have probably done that already if they were going to.