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Topic starter
24/08/2012 3:20 pm
Hello.
I am involved in a group who are looking to set themselves up as either a 'Scottish Charitable Incorporated Association' (SCIO) or a 'Voluntary Association' - still deciding which is most appropriate.
As part of this we are setting up a bank account with lloyds and the account needs three signatories, of which I have been asked to be one.
I am 8 months into my protected trust deed. Lloyds were a bank I had debts with. The signatories need to provide address histories, so perhaps they will perform a Credit check.
I being a signatory something I can do? Do you think I will have problems, even though it's not a personal account?
Also am I able to be part of an SCIO or Voluntary association, whilst in a trust deed - I remember there being clauses about forming limited companies (which this isn't) but I don't really understand what's what.
24/08/2012 6:02 pm
Hi treefrog.
I guess there are a couple of sides to this.
Firstly the organisation that you form will likely have a set of rules. You'll want to understand whether this has any influence on whether you can be a signatory.
Secondly there is the attitude that Lloyds will take. If no credit is being sought I doubt that there will be an issue, especially as the organisation will be a separate legal entity to yourself. I'd still just be tempted to ask them in advance though.
Finally is the situation about the stipulations of your trust deed. I'm not sure whether any restrictions in this area will commonly exist in a trust deed. Maybe one of our experts could help...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
27/08/2012 9:29 am
I'm not aware of any restrictions preventing those in a trust deed taking up such positions, treefrog. There is a bit of a list of positions that you cannot take up if sequestrated but trust deeds are not nearly as restrictive in this sense.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
29/08/2012 11:12 am
Ok, thanks for that. I'll speak to lloyds as they have said they want to do a credit check.
