Hi Hardtimes.

The Co-op Cashminder account acceptance criteria specifically includes persons that are in insolvency (trust deed, bankruptcy etc) so I think you have chosen wisely.

On another recent thread there was a case where a business bank account was frozen after the bank learned of a trust deed being signed. It was unfrozen after the Trustee communicated with the bank soon afterwards.

I doubt that you'll have an issue. Other members who have used the Co-op Cashminder account will hopefully share their experiences on this subject soon to give you some reassurance.

Hi Hardtimes

I tend to recommend Co op or Nationwide as we seem to have no issues with both.

I am sure the Co op account will be fine.

Mark

Thank you to you both, it is a relief that I appear to have chosen wisely. I assume that in the event that the account does get frozen, a simply call from the Trustee would put things right?

Another question on the same lines. I have a massive overdraft with my current bank (which I'm hopefully including in the Trust Deed). Is it wise to have my salary paid into my new account now, or wait until the process is moving along more? I just don't want my account to be frozen once the bank find out what I'm doing, and in turn have my salary swallowed up by the overdraft leaving me with no money to pay for anything. Not sure what stage I should be looking to sort out any of these finer details.

For your info, I have not yet seen or signed any papers. I have met with Debtsolutions4u and I'm due to meet with RSM Tenon as I'd like a second opinion. I don't feel right about the first company (not sure what it is really), they made a big deal about reducing the payment amount they originally quoted when they found out I wasn't just meeting with them. They even told me that in order to qualify for the reduced payment, I would need to cancel the appointment with RSM Tenon and not to bother speaking with them. Weird!

Thanks in advance,

Hi hardtimes

There is no right or wrong answer re the overdraft. Best advice is if you need to look at a formal option (DAS, Trust Deed etc) then move all your regular payments to the new account. Wages, gas, electricity etc etc.

Never heard of debtsolutions4u, sounds like an offshoot of phones4u, although I suspect the hand gesture may be slightly different now you've cancelled!!

Mark

Thanks Mark,

I'm just trying to figure out when the best time to move the payments etc. As soon as I move everything, they are going to know something is up! With the overdraft etc, I'm obviously paying a load of interest, will they chase me for this if I'm no longer having any monies paid into that account? Sorry if it's a dumb question but it just occured to me.

I couldn't find anything on Debtsolutions4u either, and I like to research and get testimonials before I will do business with anyone - they look slightly dodgy to me. Indeed I suspect they might not be too pleased about me cancelling!

Hello Hardtimes.

The one thing that never changes about this forum is that we hear about some very strange things being done by a minority of operators in this industry!!

I haven't heard of the first company that you mention and am 99.99% sure that they are not a provider of trust deeds. RSM Tenon are a provider of trust deeds and are one of the firms that this site chooses to feature (Kevin Mapstone who answers questions here works for RSM Tenon).

I'd suggest that you follow the guidance of the trust deed provider you choose in terms of moving everything over to the new bank account. However, the sooner you do it the sooner you'll be in a position to start the trust deed if getting on with the process soon is important to you.

Regarding your bank account, if it were frozen for any reason (which from previous experience it isn't likely to be) it's up to the bank whether they promptly unfreeze it after hearing from your Trustee. Not a question we can answer really I'm afraid, but one that I'm pretty hopeful will not arise in reality.

Thanks again,

It's not unusual I suppose for certain companies to try and make a quick buck out of people who are in a desperate situation, and are too stressed and worried to look into whether they are reputable or not! Unfortunate but true.

I have heard good things about RSM Tenon so I'm pretty sure I'll be in good hands with them. I will definitely ask regarding the bank situation. So much of this is confusing, but I'm looking forward to getting advice and living debt free in the future.

Hello Hardtimes.

I'm not questionning whether they're reputable or not as I've never heard of them before so have no information to base a judgement on.

I'm sure some readers of your thread will draw conclusions based upon some of the things you have reported though.

Oh absolutely, I just realised that people may think I am suggesting that the company I spoke to are not reputable. Not my intention at all, just meant in general that there will be companies who take advantage.

I'm sure they are absolutely fine and do help many people, I would just rather go with someone I've heard of and who I know people have had good experiences with. Apologies for any confusion, I hope that no-one will make a decision based on what I've talked about. I just personally didn't feel comfortable and I tend to go with my gut.

It's no problem Hardtimes. There's no doubt that there are some pretty disreputable companies out there... a quick read around this forum will confirm that.

Hello Hardtimes.

I guess we may be meeting up some time soon given that Edinburgh is in my patch, so to speak.

I always think it is best to switch banking over as soon as possible, there is not really any point in waiting as it might just slow the process down for you.
Even if you decide against going into a trust deed then it is still a good thing to have your income being paid elsewhere as you would be in a stronger negotiating position when arranging a payment plan. As you say, the bank have the right to take away your overdraft limit at any point which would be pretty catastrophic if you had just been paid into that account.

Look forward to meeting with you!

Hi Kevin,

Thank you for the information, I shall start shifting things across as soon as my paperwork for the Cashminder account comes through. I didn't even think about the possibility of the bank taking away the overdraft facility, but you're absolutely right. I'm so used to it being there, that I don't even consider that they could remove it at any time they wish! Scary!

Indeed, we have an appointment scheduled for tomorrow afternoon, so I look forward to meeting with you then.

Best wishes!