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Scottish Trust Deed Forum
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Topic starter
02/11/2011 5:45 pm
If you have a bank account that you dont have any problems with will that bank tell you that you can no longer have an account with them after they have seen your name in the Edinburgh Gazette ?
And if you have an exsisting life insurnace policy that you have already decided who is getting what does have a trust deed affect this ?
02/11/2011 6:36 pm
Hello protected mode.
Each bank will have acceptance criteria for each account that they offer. Some of these accounts will not be available to persons that are in a trust deed. If your account fits this category (which it is likely to if you have credit facilities associated with it for example) there is a danger that the account could be closed.
Most banks offer a basic account that is available to persons in a trust deed. One that we often suggest is the Co-op Cashminder account for example.
It's extremely important that you get a new bank account elsewhere if your current account is with a bank that you currently owe money to.
A life insurance policy may well be affected by a trust deed. In many instances, if the worst were to happen, your trust deed firm might expect that the payout was directed to your trust deed to help repay your creditors. How this might affect you depends on exactly how your policy is set up, how much it covers, and how much debt you have in your trust deed.
You may wish to look into this side of things with your contact at the trust deed firm and/or a financial adviser.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
02/11/2011 10:55 pm
is the beneficiary of your policy named as someone else, protected mode?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
