Hi delboy69
We went with the coop 3 years ago and have had no issues with them, had to open over the phone but we were never asked about history or other bank accounts, as long as you run your account properly (ie) always have funds available as they have a 3 strike policy and will close account if you misuse this.
Be aware though the card states it's a visa debit card but it is actually an electron card so there are some restrictions where it can be used as couldn't get upgrade on mobile phone in shop and had to do it online as the store didn't accept it in store but apart from that it has been fine.
Hope this helps.

I went with the Co-op. The only thing I would say about them is that their internet banking/mobile banking app takes about 3 days to show your transactions. The only way to actually check what is in your account is if you call them or visit an ATM.

Direct debits and fund transfers all worked fine as they do the faster payments.

As Bravator said, it is an electron card and some places do not accept that. But if like me, it wasn't a problem as I liked to deal with cash!

I think you are better to be upfront and tell them about the imoending trust deed, Derek. The risk is that if you don't then they will open an account for you now but then close it again once they learn about the trust deed.

It may mean that you only get offered a basic account, but at least you will know that you are not going to have any problems with it once the trust deed is arranged.

Welcome to the forum Delboy69.

I don't think there's any need to be upfront about the trust deed provided that you're applying for an account that's available to people that are in trust deeds.

The Co-op Cashminder account is one example, but most of the banks make their most basic accounts available in the same circumstances.

I went with Co-op Cashminder account in November 2009 and have never had problems.

The debit card issues have also been ironed out - I found you couldn't use it online with several major shops - Tesco, Debenhams, Marks and Spencer, Waitrose, for example, but you can now.

Thanks for advice Guys.

I'll phone Co-Op about their Cashminder account and only mention the TD if they explicitly ask me about it.

I did discuss my trust deed with them at the time of applying.

When i phoned Co-op to send out application form i decided to mention the upcoming Trust Deed. They said it wouldn't be an issue for that type of account. If it turns out to be the case then that is big relief!

Hi Delboy69.

The Cashminder is specifically available to people that are in trust deeds so there will hopefully be no issue.

I opened up a basic account prior to TD with Nationwide online and I have also set up the co-op cashminder as a backup incase Nationwide close the account. Not had any problems with either so far.

Hi Dellboy69,

It's good to read that you have taken the difficult step of entering into a Trust Deed to deal with your debts. Sometimes this can be the hardest thing.

A lot of good advice regarding bank accounts for previous posters. It's good to hear that the Co-Op don't have an issue with you entering into a Trust Deed. Speaking with them about it will have put your mind at ease instead of worrying they will find out about it.

How long are simple financial / Knightsbridge proposing that your Trust Deed last for? At the moment most Trust Deed's last for a 36 month period. At the end of November the minimum timescale for a Trust Deed will be 48 months. Make sure you receive absolutely everything in writing with regards to your payments, how long you will pay for and what will happen to any assets you have. This is the most important thing for anyone who is considering entering into a Trust Deed and the way to ensure that there will be no problems later on down the line.

Good luck with things and let us know when your Trust Deed becomes protected.

Hi David

Thanks for advice

I'm receiving further phone call from Knightsbridge tonight. Will clarify with them. I think the guy from Simple Financial mentioned 48 months.

My debts are about 23,000 and i think they stated a monthly figure around £250. Does this sound about right?

Hi Delboy69,

Depending on who your creditors are (people you owe money to) then a Trust Deed over 36 months with a payment of £250 per month should be acceptable to your creditors.

Even if you have creditors that are represented by IVA Watch and require a greater return, a Trust Deed over slightly longer for a period of 39 months should be acceptable.

Obviously the above is based on minimum criteria set by creditors and a full assessment of your case would need to take place but this gives you an idea for your purpose.

I don't see any reason from what you have told us that you need to consider a Trust Deed over 48 months. A lot of the time this can be down to the fee that a company charges to administer the Trust Deed. The higher the fee the higher the payment you pay or the longer you pay for to cover this. I would clarify this with Knightsbridge when you speak with them. Don't be shy in asking what their fee is.

On the 28th of November the regulations change and it's a 48 month period. At the moment it's 36 months and I see no reason why your Trust Deed shouldn't be over this period.

Let us know how you get on.

Hi Delboy69.

Quite often over the years we've had visitors report in this forum that they've been offered trust deeds lasting longer than 36 months and we've suggested they have a chat with another firm to see whether a trust deed over a shorter period could be achievable. A lot of the time it's turned out that it has been.