I set up a new bank account prior to signing a trust deed.
I was assured by my trustee that the account would be fine, now i have recieved a letter from them informing me that my new account have been closed and they have cancelled all my direct debits and standing orders.
I have looked at other accounts as a matter of urgency but now all of them say must not have been made Bankrupt or signed a IVA within the past 6 years.
Anyone have any advice?
Welcome to the trust deed forum Lightbulb.
I'm sorry to hear of this disruption for you.
I've frequently suggested the Co-op Cashminder account (so long as you don't have debts with Co-op or their credit card arm Smile). It's available to people in trust deeds, comes with a debit card, and you can access the account by telephone or online. If you don't have a local branch you can nominate a local post office to pay in cheques and so on.
It also comes without any kind of a monthly fee just for having the account.
I'm sure that other members will share other banking suggestions that have worked for them.
Thanks for the advice but it was Smile that cancelled my bank account stating that their policy now is not to continue to operate accounts from people under Trust Deed conditions.
It was the Standard Smile one. Although it did come with an overdraft (even though i asked for it not to) so i assume this is why they closed it.
Plenty basic accounts available - i had no debt to RBS group for instacne and was allowed to maintain my account with them complete with a visa debit card
It is the basic accounts without credit facilities that will be available Lightbulb as tinsoldier says.
The Co-op Cashminder is one such account, though most banks offer some sort of similar arrangement that is available while in a trust deed.
Hi Lightbulb
I have accounts with Barclays and Nationwide both free. The Barclays account was set-up after entering my TD and they still seemed quite happy to have my business.
Hope this helps.
Snowball
In my experience, Nationwide seem to be pretty good, if it's a basic account with no frills
We should maybe have a 'Where to go' section for bank accounts etc.
TDA, are you about to tell me where to go? 🙂
Mark is not posting regularly in the Trust-deed.co.uk forum.