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Scottish Trust Deed Forum
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Topic starter
24/06/2012 3:31 pm
My husband and I signed our trust deeds at the end of May after 6 months of looking at ways to solve our financial mess.
One of our joint creditors is RBS, so we both took out current accounts with The Co-Operative Bank (no overdrafts, cheque books etc)in January. All was well until this morning when my husband phoned them to find out why a direct debit hadn't been paid. They advised him that due to the trust deed, they had cancelled all of our direct debits last week and were giving notice to close his account.
To say i'm fuming is an understatement! They have given us no notice that they were doing this, and I cannot understand why they are doing this. Yes, I accept that we are high risk, but we do not have an overdraft and therefore are no risk to them. I also don't know how they know. They haven't said anything to me about my account, but then my husband only found out when he called them.
Due to them we are now up s**t creek as without a bank account how on earth can I pay my bills, and who will let us open a bank account when we both have trust deeds.
So much for The Co-Operative Bank being recommended for those in a similar position!
I've never heard of this happen when you don't owe them, or have any creditors linked to them. Any advice anyone....please!
24/06/2012 4:00 pm
Are you sure it was a co-op 'cashminder' account that you opened? I had similar issue when I switched to co-op but as I wasn't initially in my TD they gave me a slightly less basic account - however once they were notified they cancelled my DD's etc. However I called them and within minutes I'd opened a cashminder account - visa debit, internet banking the lot - they knew all about my TD.
24/06/2012 10:27 pm
Don't worry just phone them and they will change it to a cashminder account they will set it up for you over the phone.You can do online banking,pay DD,SO, transfer money and use abroad with the cashminder account.You can't pay for petrol at the pump for some reason.The same thing happened to me but when i phoned them they were very nice and helpful.
Lucy
24/06/2012 11:15 pm
And you may not get cashback at the till. Takes a bit of adjustment and pre-planning but you'll probably spend less just by needing to do that.
24/06/2012 11:29 pm
Welcome skinto.
We've had a few members over the years tell us that a call in these circumstances led to a quick switch to the Cashminder account.
That's the one with acceptance criteria which includes trust deeds.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/08/2012 10:35 pm
when my wife and i entered a td we applied to thinkbanking for account and found it great all wages are paid in direct debits are paid first then what spare money gets transfered to debit card so cant overspend
09/08/2012 10:24 am
First Direct did the same to me, no warning. I have gone with thinkbanking and they have been great so far
Topic starter
14/08/2012 7:12 pm
Quick update. The Co-op did set up Cashminder accounts, but it was far from straightforward. They said that they couldn't transfer direct debits, so we had to phone round all the companies to set new ones up.
The main problem we had was that everyone at their call centre gave conflicting advice. This resulted in us paying 2 payments each to our trust deed in the same month. Add this to car insurance nearly lapsing because direct debits were cancelled, mobiles being cut off etc all because they cancelled direct debits a week before they told us, and I'm well and truly scunnered with them!!
Oh, and once the Cashminder was set up, I had the embarrassment of having my card declined twice in the one day. First time because they thought a transaction suspicious, and secondly because they didn't take the alert off when they said they had. To top it all off the fraud department didnt have my phone number. They said they would of needed to go to a paper file and get it. Just as well the transaction wasn't fraudulent. They definitely don't seem to think to contact customers when problems arise.
We did try to complain, but they just don't listen. BEWARE of the Co!!!
15/08/2012 9:28 am
Hi skinto.
It's a shame that this transition didn't go well and caused these problems for you.
I think for other readers this really highlights the need to make sure the bank account that you have before your trust deed will be allowed to continue afterwards. Most banks offer an account that will be, but it might not be the account that you already have.
As for the Co-op Bank (and their Cashminder account in particular) they have had loads of praise over the years from posters on this forum (and they always do well on bank customer service surveys). Clearly they don't always get things right as sknito has found, but the balance of the evidence here over the years is that they're an option well worth considering.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
15/08/2012 10:10 am
I think people have to make sure that its the cashminder account that they open,and not any other type of account.
I have had nothing but good things to say about the co-op(except when they said I failed the credit check to open an ISA,yes an ISA where no credit is involved!!!).
I would still complain via their internal complaints process as clearly they got things wrong in the transferring of your accounts,and you should expect a reasonable response from them explaining what went wrong and why.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
15/08/2012 2:49 pm
Hi Plasticdraft
I`m just being curious but I see after every post you`re still waiting for your discharge from the TD since Jan 12. Is that still the case?
Sherbo
15/08/2012 5:21 pm
No I have been discharged,I am waiting on my trustee to be discharged,which will be soon!!
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
