Hello davetherave; welcome to the Scottish Trust Deeds forum.

There is nothing to stop you working abroad (and nothing to stop you paying into your Trust Deed from abroad).

If a subsequent change in your circumstances resulted in your Protected Trust Deed payment becoming unaffordable there is a risk that this could result in sequestration.

How far into your Protected Trust Deed are you?

HI

I am about a year and a bit into it.
Obviously I wanted to do it properly so to speak and not just go and work abroad and forget about my PTD.

Even if I was Sequestrated because of me not being able to meet the origninal PTD payments, I would still be able to contribute to the Sequestration, as I am guessing if you are employed you need to make contributions.

Also I did intend to return to the UK so didn't want to be arrested or something (Sounds mad, but I hear people saying it happens) for not complying with my PTD.

Hi davetherave,

In sequestration you would normally be expected to make payments for three years based upon what you can afford.

Of course you're already over a year thorugh your Protected Trust Deed which you will want to take account of.

Please don't worry about being arrested... there are a lot of myths out there!

Just another thing. In the worse case scenario happens and I do get Sequestrated.

Do you know what the likelyhood is of me being able to keep my UK bank account?
Obviously I will still be earning so would need a bank account.

I only have an RBS Key Account (the basic one) due to being in a PTD anyway.

Many thanks again!

Hi davetherave,

There is a significant risk that your account could be closed so you would want to have a contingency plan in place.

Hi

What would that be? Any help would be greatly appreciated!

I have heard of something called a CashPlus mastercard type thing?!? Have you any details on this?

Hi davetherave,

I suggest you have a read of Kevin's response this morning to darnk0 which hopefully will be useful for you.

Just to mention quickly there are a number of basic but perfectly functional bank accounts available to persons in bankruptcy or Scottish Trust Deeds.

One which gets good feedback is the Co-op Bank Cashminder account.

Do I have to inform my Trustee if I want to open a Coop Cashminder account?

Hi davetherave,

I don't see any reason why your Trustee would need to know about a new current account.

Hi

Sorry just another quick question.

See if I opened up a Coop Cashminder account. If I was Sequestrated and my current account RBS Key Account was closed would they also close the new cashminder account?

Obviously my main worry is even if I opened up a new basic account that if I was sequestrated both basic accounts would be closed and I would be left bank account less!

I don't even know if my current RBS Key account would be closed if I was sequestrated as none of my debts covered within my PTD were RBS related?!. . . Any help you can provide will be greatly appreciated!

Sorry if the above doesn't make sense! 🙂

Although banks reserve the right to close down accounts, in practice they usually don't as long as they are not one of your creditors. Having 2 accounts available minimises the risk of any problems even further so you should be fine I reckon davetherave.

Thank you everyone. You have been a great help!!!

i'm on a trust deed, but have been notified in work that we will be losing our jobs in a couple of months. i have 2 bank a/c's - one which i set up when i went onto the TD, it has no overdraft facility and only about ?ú20 in it. problem is i have another with an overdraft facility and im nearly ?ú900 overdrawn. this o/draft isn't included in my TD. if, as looks likely i'm made bankrupt what happens with these a/c's? will the IP shut them down, and what about the a/c with the big o/draft, as it's not in my TD is it included in bankruptcy?

thanks