Hi FF36

I guess in theory there is no reason why not, but best run it by your trustee first, so they understand it is not savings as such. Would the funds still be easily accessible?

Yes is instant access and it is an account especially to keep my one off lump sum payment safe until trustee takes it.
How do they take it? Will they just take the total amount in a one off payment or increase my monthly payments for few months?

Don't suppose this will lower my total amount payable to trust deed will it? I know the whole point of trust deed is to pay what you can afford so probably not.This one off payment would be equivalent to about 1/4 of total amount I'm paying back according to contact us signed...I suppose that amount can change though depending on wages going up etc?

Hi FF36.

They're likely to want the full amount in a single payment.

You're right about a windfall I'm afraid. That gets paid over "as it is".

Your monthly payments will continue to be based upon affordability irrespective of the lump sum.

Disappointing but not a surprise.

I was refused a co op ISA as I failed the credit check. Go figure that one out.

paul

Hi FF36,

I always think having some sort of facility to save for any unforeseen problems is a good idea for anyone that is in a Trust Deed or Sequestration. Within someone's income and expenditure there are allowances for things like car tax, mot, repair bills, gifts, christmas, birthdays etc so it would make sense to have somewhere to put this money. I know I find it easier to separate my finance and have my account for normal day to day bills and another one for emergency/savings.

It's actually something that our IP Gordon Chalmers brought up with the deputy Accountant in Bankruptcy recently as Gordon felt that a client should have the ability to accumulate a small amount of emergency savings. We have also been in discussions with Glasgow Credit Union about offering our clients the option to open up a savings account with them. We felt it promoted a little bit of financial management and would help a client in the future after they completed their Trust Deed or Sequestration.

As always with these things thought your best to run it by your Trustee so they are aware of what the savings are for and how these have been accumulated as every Trustee is different.

That's a great way to save David the credit union and one which I use myself. There are plenty of them in your local area and they don't judge you and are very friendly. Sound advice.