There is nothing to stop a third party coming to an arrangement with a creditor to pay off a debt if it was advantageous for some reason. The only problem would be if you were paying that debt off yourself whilst in a trust deed Kamikaze Bob, as you would be using funds which should have been available to be shared fairly amongst all of your creditors.

They wanted me to do just that Kevin!! Earlier this year, when this all kicked off, they wanted me to pay £10 a month or something similar to start paying off what was owed, even though they knew I was in a TD, and that the debt should be written off once complete. Just sticks in my throat a bit is all, I used to recommend CU to anyone and everyone, but this short-sightedness has put me off.

Hi

the problem is that some people will not feel strong enough not to pay, and may continue to repay the debt without their Trustee knowing. The CU should not ask for payments. It is unfortunate because it is members funds, but CU's have to stand along side all creditors. Trust Deeds only work because creditors are all treated equally.

Just a quick question,post TD is there any problem with using a credit union for saving up cash? Do they credit check you before you join or only when you want to borrow money from them?

Weighing up options for where to squirral away spare cash after the trust deed ends. Anyone else got any ideas?

Under the matress is no good!!(but pays more interest than many banks!!)

Paul

Hi Paul

I am not aware of any checks made just to save with a credit union, and credit unions are a agreaty way to borrow cheaply for the future. I would certainly give it a go. Previous posts suggest there is no problem with savings accounts.

Great stuff. I have asked the co op for a savings account for instant access but feel that the more we try to hide away from ourselves the less chance there is of spending it!!

I havent saved since I was 12 and had a paper round and a post office book for my savings!!!

Paul

Premium bonds - pay no interest but if you normally buy lottery tickets, at least all your tickets go back in the draw each month and you only need to give 8 working days to cash em in.

I was looking at them but it didnt seem worthwhile,strange that we do the lottery!!!

Cant remember the last time we won even a tenner?!?

Paul

You may not have saved since you were 12, but it is never too late to start again. Savings help not only with unexpected expenses, but with treats for yourself. If you can save for treats, you enjoy them even better, or at least I know I do! We all need a little treat now and again.... even if you are in a Trust Deed.....it is what makes it bearable [:)]

Don't know where you might be from PlasticDaft but I know most Credit Unions are paying around 2-3% dividend just now, though they can differ enormously and one loan defaulter in a small credit union can make the difference between getting 3% or nothing at all. My credit union just announced 4% for children, 3% for adults AND a 5% loan interest rebate for borrowers. Find me a bank that will do that just now!

It's a good place to save, not just for the dividend but for the benefit of the whole community which it serves. Also nice to NOT have to trust the banks these days. I don't know of any CUs which would credit check you to just join and save.

Lots of great CUs in the west and all of Fife is covered. If you're in Fife check out the Fife Credit Unions website for info on your local Credit Union.

In the Alloa area but wife works for the NHS and I can join the big transport one through my work(they were 2.5% dividend).

Looks like thats the way to go.

Paul

Well the co op have turned me down for the basic savings account due to failing the credit check,I DONT WANT CREDIT!!!!

Silly decision and all to the benefit of the credit unions we shall now join.

Paul

sorry to hear that plasticdaft, I hope the credit union will be better. Well done on making your last payment, and good luck with house repairs!

The repairs will have to be done over the next few months,and on the strict budget we are setting ourselves post TD!!

Paul