Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
4
Users
0
Reactions
1,783
Views
Topic starter
27/04/2011 3:10 pm
Hi Just been to my local bank with who i have a small amount of savings to be told becuse i have trust deed that i can not withdraw any money. I only use this account to put small amounts of left over monies into for small emerganceys. My trust was signed on 5th April and as far as i am awhere is not yet protected! I phoned Willson Andrews who i am dealing with an they where not very helpful. My payments to the trust deed will not come out of this account but another account with think banking and are already set up! Will this savings account be un frozen or have i lost the money in it?
27/04/2011 4:00 pm
Hi dickieadam and welcome to the trust deed forum.
I would think that any savings you had on the date that the trust deed was signed may need to be contributed to the trust deed.
Hopefully anything saved after that will be unfrozen in time and the bank will be happy to keep you as a client.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
27/04/2011 7:28 pm
i had a savings account with co-op bank which was opened before i signed trust deed and they wrote to me to say they would be closing it as i had a trust deed and not allowed to have a savings account they gave me a month to sort account out incase i had direct debits coming out of it but was not frozen,i was allowed to keepmy basic account with them so must be just savings account you cannot have
pepper350
28/04/2011 8:06 am
What I was told 3 years ago was that because you're paying off your debts, you're technically not supposed to be saving, as anything left over is supposed to go to your Trust Deed.
I set up a savings account AFTER my Deed was signed and protected, to put away some of the things that were budgeted in my income/expenditure, but not actually paid out every month (car tax, emergency car repairs, etc). There was sometimes money in there for quite a while, but it was almost always used up on one thing or another. And because I explained what this was with my reviews, it never got questioned.
28/04/2011 10:21 am
I think that's a brilliant tip Kamikaze Bob.
Having an account to save up each month for the occasional things we all have to pay for makes a lot of sense when you're in a trust deed.
I think it's also a really good way for anyone that isn't in a trust deed to avoid the need to use credit when "emergencies" come up.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
28/04/2011 2:38 pm
I thought so too 😀
Seriously though, if I hadn't done that, then come Car Tax or MOT time, I would have been seriously struggling, as the budget was tight as it was.
