Welcome to Trust-Deed.co.uk davebs.

We've heard from people in the past that have used a Clydesdale basic account during their protected trust deed, so downgrading your current account might be a workable solution.

Having continued access to a bank account is so fundamentally important that I would recommend calling them in advance to check though. They'll have a clear acceptance policy.

If you do could you let us know what they say?

Thanks TDA
If I go down that route I will let you know the outcome

David

Hi David

I changed my bank from NatWest to Clydesdale basic account at the start of my trust deed. Told them I was entering trust deed. Staff were friendly, helpful and not judgemental in any way. Account was opened in branch immediately and paperwork arrived three days later. Never had any problems or issues with them.

Hope this helps

Tonyd

Hi Tonyd
Thanks for that info. Sounds that I might be ok going down to a basic account. I wasn't looking forward to asking the question, but as they are not a creditor and i've been with them for 40 years I hope its in my favour.

Regards

David

Dave,

I have recently finished a trust deed. Banking with Clydesdale myself, I was advised to cancel my overdraft so I would be able to keep my current account.

There were no issues so I'm sure you will be fine.

Worst case scenario, you could get an account with Santander as they are quite sympathetic in these circumstances.

Hi Dave no probs

Obviously you will lose your cheque book and overdraft facility but keep the debit card . They were happy for me to open a second basic account to help me with monthly budgeting.

Tonyd

Hi davebs and welcome.

A Trust Deed is a positive way to deal with your financial situation and well done for trying to deal with things in a proactive way.

In my experience Clydesdale Bank aren't normally a problem and you should still be able to continue banking with them. I see you have an overdraft, are you in this?

Before you sign a Trust Deed make sure that you have had all of your options discussed I.e. Debt Arrangement Scheme, Sequestration and any other alternatives. The most important thing when entering a Trust Deed is to have everything confirmed with regards to your payment per month, what will happen to any assets that you have and exactly how long your Trust Deed should last.

Trust Deeds should run exactly the same regardless of which firm you use but in actual fact each firm is different and things can vary quite a lot from firm to firm. It's for this reason that we suggest meeting with a couple of qualified debt advisors in person to discuss your options.

Is there anything your particularly worried about by entering into a Trust Deed?

quote:

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Originally posted by tonyd

Hi David

I changed my bank from NatWest to Clydesdale basic account at the start of my trust deed. Told them I was entering trust deed. Staff were friendly, helpful and not judgemental in any way. Account was opened in branch immediately and paperwork arrived three days later. Never had any problems or issues with them.

Hope this helps

Tonyd

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Had the exact opposite when I went into our local CB. I was spoken to like a naughty child and told I wasnt allowed a bank account with them!

Paul

Hi Paul

I suppose that's what is called opposite ends of the customer service spectrum!

Or individual customer service staff voicing there own opinions!

That's why this forum is so good and so important to us all, the ability to feed off so many different experiences.

Tonyd

I did get the impression when I was in there that nobdy was entirely sure. I know that because of that day I will have nothing to do with CB!

Thats not to say others shouldn't use them.

Paul

Hi,
I opened an account with Clydesdale Bank before I signed TD. They gave me a Current Acc. Plus but I have no cheque book or an overdraft. It is used as a basic account with just the debit card. I only have three months to go on TD and have had no trouble with the bank account (touch wood!!)

Thanks to everyone for their input. It has been very helpful. Reading these forums I have been able to put my mind at ease on a number of concerns. The only asset I have is my flat. Car is next to worthless. I rent a van for work.

One question for David
Do you know if the valuation on the property is made on current market values or as if it has been repossessed?

David

To answer overdraft question from David. I am not in overdraft and will cancel facility.

Hi davebs,

Some companies use a valuation based on the market value of the property and some will use a valuation based on a distressed/forced sale situation i.e. a sale under a Sequestration. Your best to check with the company which you are going to sign your Trust Deed with about the type of valuation they will request.

The most important part of your Trust Deed will be confirmation of what the position is with your flat. You want to ensure that a valuation and redemption figure is obtained before you sign anything and from this they can then confirm in writing exactly how your flat will be treated. If your flat has negative equity, some firms will ask you to pay a £500 payment to protect it. The firms listed on this forum don't charge this fee. If your flat has positive equity you want to be clear on how this will be dealt with under the Trust Deed and have a clear plan and timescale for things to complete.

In relation to your overdraft, there is nothing to stop you having this facility but it can he tempting when things are tough to dip into it which can lead to problems later on down the line. Perhaps reducing the amount of overdraft you have down to £100 or £250 for emergencies may be a better idea.

Providing the correct advice is given at the start to a client and with any asset position verified then a Trust Deed should run smoothly and without any problems.