Hi Mummyof4,

I would advise against using the Bank of Scotland as they have a tendency to freeze and close someone's account if they have entered into a Trust Deed/Sequestration.

They will find out from the advert in the Edinburgh Gazette and also from the register of insolvencies. You may be able to use it for a short period and then it could be frozen. Some people have reported that they haven't had any problems with the Bank of Scotland but I wouldn't want you to take that risk especially if you have 4 children.

I'm sure TDA will be along shortly to provide you with a link to useful banks for someone in your situation.

Hi Mummyof4,

I was banking with BOS and I opened up a Nationwide account (before I entered in trustdeed) and a CO-OP account as a backup. Sure enough when my advert was in the Edinburgh Gazette my BOS accounts were closed by them.

Ok thank you, I've emailed Clydesdale bank to see if they would except us (waiting on reply) and applied at co-op so just need to wait and see.
Thanks

I was sequestrated in april 2012 and have opened an account today with Barclays Bank told them the situation and they were fine . not many branches about but girl said you can pay in at post office hope this helps you

Here are some options Mummyof4:

https://www.trust-deed.co.uk/bank-accounts.html

The basic Barclays account also has plenty of supporters on here.

Most banks will provide you with an account during a trust deed provided that:

1 - You don't owe them any money.

2 - You only apply for their most basic accounts.

Thank you, might even phone around tomorrow and see if I can get any luck from anyway.
Thanx so much for your help everyone #128515;

I had no problems with Bank Of Scotland whilst I was in a Trust Deed, I opened my account before entering my Trust Deed......

Might ask them

quote:

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Originally posted by Mummyof4

Ok thank you, I've emailed Clydesdale bank to see if they would except us (waiting on reply) and applied at co-op so just need to wait and see.
Thanks

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I went into our local Clydesdale bank before starting our Td to try and open an account and was treated like crap. Spoken down to like a naughty child. Needless to say I wont ever be any sort of customer of theirs!

I went with the co op and havent had any problems. No branch nearby but I have never needed one. Cash and cheques can be paid in at a post office.

Paul

Banks seem to be an ongoing issue as their stance appears to have changes. I used to advise Nationwide, however this apperas to be a problem in some cases and as mentioned above the Barclays account seems to be the one most favoured.

It's probably me being too logical, but if there is no overdraft or anything, then there appears to be no risk to the bank. There will probably come a time when sense prevails and we will have some Tesco type outfit providing bank accounts, car loans and mortgages to people who have taken the steps to deal with debt issues and came out the other end having stuck to the proposal, become debt free and generally in better financial health than before.

Jeez! feel as though I'm on a bit of a rant this morning.

Mark

Hi,i changed my account to nationwide from halifax BOS just before entering trust deed and have a debit card flex account with a small overdraft.i ve only got 10 more payments to go then trust deed will be finished(cant come quick enough)and will then open a savings account with them as well.Not had any problems at all with them and hopefully in a couple of years i will be in a postion to apply for a new mortgage with them so i would try them.

I was hoping to upgrade my co-op cashminder soon but they have withdrawn some of the accounts they did with free mobile insurance etc.

May have to shop around but the account being open for a few years gives us good ticks on credit reports.

Paul

Thanks everyone 🙂

Hi,
Sorry it's been a while since I posted, I have at last managed to open a business bank account with Barclays, 8 months after discharge from sequestration..
Only problem is now with Unicom who want me to clear pre sequestration debt before giving a business phone line!!!