oh and another question, is it possible for myself to open an account with the credit union, instead of a high street bank?

Hi xdenzelx

I always recommend Barclays Cash Card Account. You get a choice of a visa debit or cash card, you can set up d/d and standing orders and you have access to internet banking. I don't have much experience of people opening credit union accounts, however it's always worth a try.

Julie

Hi xdenzelx.

In addition to Julie's suggestion there is also the Co-op Cashminder account.

It is fully functional in terms of a debit card, telephone and internet banking.

The account acceptance criteria specifically includes persons in Scottish trust deeds.

My understanding of credit unions is that they are more typically used for savings and borrowings rather than for current accounts.

Hi xdenzelx
I have a cashcard account with Nationwide which I opened before my TD started. I've had no problems so far. It does ask on the form if you're bankrupt or in an IVA. I've also just opened an account with Barclays as a back-up. I explained that I was in a TD and they had no problem with this. The person I spoke to was friendly and helpful. You should make sure that your creditors are not linked to your new bank.
Regards
Snowball

As TDA has said Credit Unions are really there for Savings and Loans, they are not really alternatives to Bank Accounts. Also I was recently at a meeting through my work with a Credit Union and they disclosed that they now carry out fairly indepth Credit Checks on members who request loans..........

I think it depends on the particular credit union - some of the larger ones certainly do offer fully functional current accounts with debit cards etc. In the past they wouldn't do credit checks either, though I am not sure if this might have changed...

Thank you everyone. My credit union offers a ful bank account, but i have applied for a co-op cash minder account, and they said it has been refered so il have to wait 3 working days for an answer to that one!
Also could you advise me when im moving my direct debits (bills)over, what will i do with the direct debits(debt ones) do i cancel these or just leave them?? As the TD is getting advertised in the Edinburgh Gazzett today (fri) and i dont have another bank account to move my wages, and benefits into, will they just take these off me once they are paid in, worried now i didnt have another account set up before i signed the TD? Sorry about all these questions?

Hi xdenzelx.

I'm sure that your trust deed company would advise you to cease making direct payments once you have signed the trust deed documentation. You may wish to double-check this with them.

If that's the case then you would indeed need to cancel those direct debits for your unsecured debts.

if your trust deed is being advertised today I'd suggest that you quickly transfer/withdraw any payments that are made into your existing bank account.

thanks Amy

in the meantime, until i hear from co-op, can i transfer everything (incomings) in to say a friend/mums account?

It's really up to you what you choose to do with your money xdenzelx, but taking some steps to avoid the potential issues of set-off would certainly seem to be in your interests.

When are you due to be paid next?

Wednesday, i get my Tax Credits paid in weekly, have tried to cancel this at their end, and need to make an appointment at their offices to do this, someone will call me back in the next 48 hours to arrange this, everything else should be ok, as they all go in the end of the month, and by then i will hopefully have another account to transfer these over