Shouldn't be an issue. I have yet to hear of any of the banks freezing accounts on protection. It is ordinarily when the Trust Deed is advertised that there may be an issue. If you are coming up for protection; that would have been about 5 weeks ago.

If for whatever reason, it was to happen, you should just contact your trustee and advise them accordingly, they will be able to issue correspondence to unfreeze the account.

Welcome to the forum Hlucas20.

To add to Voice of Reason's comments, the risk here is probably only if you've opened a bank account that a particular bank does not offer to people in trust deeds.

More or less all of the banks offer a basic account that is available to people in trust deeds, but I think sometimes people choose to open a different account with the same bank that might (in theory at least) be at risk of closure upon discovery of a trust deed.

For total reassurance, you may wish to check with TSB whether the account you've chosen is available to persons in trust deeds.

Hi there

Thanks for the reply, Before the trust deed went through I opened a BOS account and a few days ago froze the account but we believe it was because it was linked to Sainsbury's and I have a debt with them. It was simple enough to get my money back but they had to close the account. I was advised to go TSB as they are independent and I have no links with them. Got a basic account no problem but I am so paranoid the same is going to happen again a few days before Xmas. My deed becomes protected on Friday. It's just so stressful.

I can understand your worry Hlucas20, particularly at this time of year.

Is it the TSB "Cash Account" that you opened?

Looking online this appears to be their basic account that they're happy to offer where people have imperfect credit histories.

Hi

It's a classic account - I just gave my branch a phone and explained the sitatuion and they said that they couldn't see any problems with it and that it was up and running and opened, ready to use. I had the BOS account opened for about 6 weeks and then they closed it but I think I just chose the wrong bank at the start.

They have said there are no notes or anything on my account so hoping this is a good sign.

Thanks

hi Hlucas20,

I can’t see there being any problems with your TSB bank account and they are not one of the banks that we encounter problems with.

Try not to worry. As Voice of Reason said normally there is a problem with the bank account at the outset rather than the protection point.

In the extremely unlikely event that there was a problem your Trustee should be able to unfreeze the account within 24 hours but normally it’s within a couple of hours and the same day.

What I say to all of my clients is try not to over think things and worry unnecessarily about things, you should be fine.

HI there

Thanks for all your responses. I went into the bank and explained my circumstances and they said they can't see any problems with the account and also allowed me to open a second basic account with them. I was also able to pay money in with no problems and there was no notes on accounts of any problems.

The account has been active for a week now so hoping that it'll all be fine.

I'm hoping since I was able to open a second account that it would be ok. Was just worried as my trustee finished on Friday for Xmas and my wages go in on the 22nd so wouldn't have anything till after Christmas if anything did happen.

I hope am worrying for nothing.
Thanks again.

Hi Hlucas20,

I really can’t see there being a problem but given the time of year and most firms will be closed over the festive period you could always ask your Trustee to give you a letter before they close confirming that you can use the bank account.

That way if in the extremely unlikely situation that the account is frozen you have a letter which you can give to your bank.

If this account was opened after you signed your Trust Deed then you should have no problems Hlucas20. By that time the notice has already gone in the Register of Insolvencies, which usually seems to be the point when problems can occur (as they did with your Bank of Scotland account).

Without wishing to worry you unduly, I have seen some clients lately encounter problems with TSB closing accounts, so I usually advise people not to go to TSB these days. However, these problems have so far always been where the client has had a TSB bank account prior to the Trust Deed being signed, not a new one opened afterwards.

Hi there

Thanks for the responses. I've definitely no links to TSB and just hoping that it is going to be ok. Just changed all my direct debits over so guess just a waiting game to ensure it's all ok. My trust deed becomes protected tomorrow so hoping if TSB wasn't going to give me an account they would do that from the outset instead of freezing it. I've set up a basic cash account which is for people with financial problems.

I've used the account as well for moving money and setting up standing orders etc so fingers crossed.

Thanks.