i have a overdraft facility of £250.00 on that acconut

i have a overdraft facility of £250.00 on that acconut..

I doubt that an overdraft would be made available to you betty if they knew you were in a trust deed. As such the bank account may be vulnerable if they became aware of the existence of it.

thanks for that TDA dont know what to do know???? As i went in there to swap accounts just before we signed the trustdeed ... but what i am wondering if i was to carry on as long as i did not ask for any credit (not that i would anyway)and nothing else would change what are the chances they would not notice or is it to risky ...

My instinct is that they may well not realise that there is a protected trust deed running unless you applied for further credit.

However I suppose there is the possibility that information would be shared within the RBS group or Natwest might review your credit status before offering you credit that you had not asked for (a larger overdraft or a credit card for example).

Perhaps it's worth opening a new bank account that is "trust deed friendly" (like the Co-op Cashminder) so that you have the reassurance of knowing that it's there if you ever do need it?

I think trust deed assistant is spot on here. Is worth having another account as back up just in case. Any problems should surface very soon after the Edinburgh Gazette notice so if it turns out that nothing happens then you should be in the clear.

Barclays Cash Card Account do they ask if you are in a trustdeed or ect its the hard thing going in to the bank and saying that you want the basic account because i am in a trustdeed or would they no

I'm not sure about the Barclays Cash Card account Betty. Hopefully one of our experts or members will have experience of the account to share with you.

Hi Betty

Barclays had a stand at one of the money advice conferences I was at last year. They were promoting this account for people who had either signed a Trust Deed or were sequestrated. I'm not sure whether you will be asked or not, however it shouldn't make any difference.

Julie

Hi Betty
I've just opened an account with Barclays last week as a back up to my main account. They did ask why I wanted this particular kind of account and when I explained about the trust deed (still feeling awkward three months in) I was told it was suitable for someone in a trust deed or sequestration as Julie says. My account is now up and running. The chap was friendly and helpful. You should expect to spend some time as they're looking to sell you stuff in the future. A pain, but nice to be thought of as a potential customer and not an outcast.
Regards
Snowball

Thanks snowball for your comments much appreciated,,, i will go and open account soon as just incase.......

Also julie spoke to my trustdeed company and they have said they were not looking for anything for the car at complision of trust deed so thats a small bonus thanks again for the positive feed back regards betty

Hi Betty, that's great news about the car, that will be a relief for you! It wouldn't do any harm however to ask for it in writing.

Julie

hi guys please can you answer this question does your mortgage company
know that you are in a trustdeed from day 1 & would they or could they stop you from renting out your house thanks

Hi betty.

There's no reason for your mortgage company to know unless you applied for additional lending from them. They may be aware of the trust deed if you owe unsecured money to the same institution as well, but this will make no difference to you provided that your mortgage is paid as normal.

They will not stop you from renting out the house. Technically you should inform them that you are doing this, and they may wish to change the terms of your mortgage as "buy to let" mortgage finance is often offered on different terms.

If you receive rent and/or see a change in your mortgage payment you should let your trust deed provider know as it may affect how much you are able to pay towards the trust deed each month. Better to deal with that up front rather than for it to come to light at the scheduled review.

Hi Betty

It is possible that your Trustee may have written to your mortgage lender at the start of the Trust Deed to get a mortgage redemption figure. I can't imagine that this would stop your lender from allowing you to rent out your house though.

Julie