Hi fifi

Generally it's the beneficiary who would be entitled to the payout. You might be the person named on the policy but in the event of something bad, the money is paid to the beneficiary and not the Trustee.

Interesting point I guess if the policy was sold to you by a Trustee as it appears certain firms do this inhouse. Would the trustee be named beneficiary and not the next of kin?

Mark

Thanks, that makes sense. Another quick question I just wondered after a trust deed has been signed how soon are creditors informed and it goes into the Edinburgh gazette? Was just wondering as I changed my bank details with the child benefit folk online 2 wks ago and am still worried it may get payed into my old account nxt wk and the bank will keep it. The child benefit people can't tell me as its been less than 20 working days. Wish I'd phoned and spoken to someone at the time rather than doing it online.

Hi fifi

Don't worry, if it is paid into your old account, then you would have this returned. The Gazette date is not key here. It's the signing date. Gazette is normally 7 days or thereabouts after signing.

Mark

Its my understanding as per RSM TENON, if you have life insurance with a value,then they would want to add that to your trust deed, also watch you bank account as RSM TENON in thier wisdom wrote to my bank without my knowledge and I had to close my bank account, they also again without my knoweldge wrote to my life insurance company.

I am not sure if this is common practice or just RSM TENON who do such things.

Thanks mark for your quick replies. I think I'm just stressing having a nightmare with my new bank as that's been nearly 3 wks since I opened it, changed my direct debits the nxt day and for some reason I'm getting letters from companies saying theyv not been able to get the funds. When I went into bank there's only been 3 set up instead of 14! I would be able to keep checking this online but nearly 3 wks later I'm still unable to register for online until they send a pack through, crazy! Really frustrating as I like to check my account daily. Wld say to folk who are considering the Clydesdale to maybe reconsider. Spent a small fortune on phone calls as well.

Hi again watchout70.

As mentioned in your other thread, in certain circumstances all trust deed firms may need to contact banks or life insurers.

Hello fifi.

Clydesdale doesn't normally score very well in customer service surveys done on the major UK banks. I'm sorry to hear things with them have not worked too well for you to this point.

Two that are typically near the top are Nationwide and Co-op, which forms part of the reason we suggest using them when the subject arises.

Unfortunately I joined before finding this site. I wonder if I shld consider changing again in a few mths. It only took me and hr on the phone to call all my dd companies but for whatever reason there's this problem with the bank. Are those banks you mention easy to open once actually in a trust deed? Actually now that I think of it coop would be out for me.

I am in a trust deed. I had an account with First Direct when I signed the trust deed. KPMG did not contact the bank. However during a converstaion with FD 2 weeks ago, when I mentioned the trust deed, they closed my account immediately without warning leaving me in a right mess as I was due to be paid 5 days later (my wages are still in banking limbo!) I then went about setting up a Thinkbanking account - I told them about my trust deed and they were fine with that. They do charge a monthly fee, but I was constantly being charged for going over my OD limit with FD, whereas with Thinkbanking you cannot go overdrawn and they have a budgeting service. Account is now up and running, application was very straightforward

Thanks for sharing that feedback fcwalker.

Thinkbanking is the third account that we mention in our suggestions for accounts to use during Scottish trust deeds (along with Co-op and Nationwide:

(Page later updated: https://www.trust-deed.co.uk/bank-accounts.html)

Paying a monthly fee will not be appropriate for everyone, but if you find that other "free" banks are regularly hitting you with penalty charges the Thinkbanking account can work out cheaper and has other functionality that some people might find to be helpful.