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Bank account while in a TD

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(@ryank92)
Active Member
Joined: 1 year ago
Posts: 6
Topic starter  

Hey there,

Just posting this on behalf of my sister who is looking for a bit of advice.

She has recently had a Protected Trust Deed granted and she has had debts with her main bank account. She also had debts with the majority of other banks meaning her choice is quite limited.

If she opens up a basic bank account with a bank she has debt history with now the trust deed is protected, could the right to set-off still be used? Or is this only for accounts that were open prior to the Trust Deed being set up and gaining Protected status?

Any help will be appreciated and I'll pass on the info 🙂

 

Thanks!


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

Hi RyanK92. I think set-off only applies as at the date of insolvency - ie the date the Trust Deed was signed.  I tend to advise just to steer clear anyway just to avoid the potential hassle if the bank acts differently.  Surely there must be another bank out there that she doesn't have debt with?

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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