Hello stephencarlin and welcome.

We'd suggest that you open a basic bank account. If you don't you may find that it's closed after your trust deed is signed (some banks monitor the registers).

The accounts we'd suggest considering are at:

https://www.trust-deed.co.uk/bank-accounts.html

Other members may have their own suggestions for you.

Thanks I was looking at the Nationwide flexi account and the HSBC current account . I had a quick look through their terms and conditions and it only mentions bankruptcy . so that wouldn't apply to me if I entered a trust deed ..would it ? I can appreciate if they monitor it they may close my account for whatever reason they come up!

Hi Stephen and welcome to the forum.

Have you sat down with someone and worked through you full financial situation to establish what options you have available and what options are suitable i.e. Debt Arrangement Scheme, Trust Deed or Sequestration?

When working through an income and expenditure you want to ensure that his is as thorough as possible as this is what you are going to be tied to for the next 36 months. Make sure the payment is affordable and something you feel you will be able to pay each month. Also, make sure you get everything in writing with regards to the payment, timescale and exactly what will happen with any assets you have. All too often on the forum we see people who have rushed into dealing with their debts and not asked all the relevant questions or had things confirming in writing.

Generally as long as you don't have debt directly with the bank that you want to bank with then you should be fine. A lot of front line companies/credit cards are actually financed by one of the high street banks but are offered under a different name which isn't always obvious.

HBOS Plc are part of the Lloyds Group. I've not known any problems for someone to have their debt with HBOS Plc but continue to operate their bank account under Lloyds TSB.

It can be a little bit of a minefield when you start to try drilling down to which banks finance which products etc.

I've not known any problems with Nationwide or HSBC for people who have the account open and operational before entering into a Trust Deed.

Hi.

We've spoken to Nationwide. None of their accounts are available to people that are in trust deeds.

The basic HSBC account might be, but we've no specific knowledge about it.

Thanks for advice
I have only contacted The Carrington Dean Group mainly due to the media advertising as I'll been continually struggling on with this debt situation for many years .....
Is there a table of fees to show what various companies charge

Is it normally 3 years for the trust deed as It was suggested to be 4 years ?

Has anyone still got a Nationwide flexi account running from before a Trust deed was started ?

Do you have any assets Stephen?

There isn't a set table confirming what firms charge as each firm can charge different fees but these have to be in line with what the creditors deem acceptable.

Trust Deed's are normally done over a period of 3 years. Trust Deed's can run longer than this if you are unable to afford a suitable payment which would be accepted by creditors over a 3 year period. A Trust Deed can also last longer if you have assets i.e. an expensive car or equity within your property which will all have to be looked at and dealt with.

We would always advise speaking with a number of companies regarding advice and from that you are in a better position to decide which company you feel most comfortable with. Advice as I have found out by being involved in the forum can unfortunately vary from firm to firm.

We still have nationwide accounts open which were started right before the TD was signed.

We also have back up accounts just in case.

We also had Co-Op current accounts but these were closed.

RBS do a basic account which I also have which is fine (no thrills but does come with a debit card etc).

Would banks allow you to open current account with them after discharge, and you had debt to them before entering TD?

if they do, would they confiscate funds?

I opened a Santander Basic Bank Account when I was beginning my TD.

They usually ask if you've been bankrupt in last 6 years on application and I thought the credit record was clean after the 6year period so I don't see why not unless they keep some sort of internal record !

quote:

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Originally posted by mikeecho

Would banks allow you to open current account with them after discharge, and you had debt to them before entering TD?

if they do, would they confiscate funds?

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I found this showing the bank associations with each other and parent company if anyone else would find this helpful
http://www.moneysupermarket.com/c/news/who-owns-who/0003118/

Hi

We opened a Barclays basic account prior to TD with no hassles

Good Luck !!

Nationwide Flex accounts always (in recent memory) had a bar on bankruptcy/trust deed/iva.

The Cash Card account didn't. If it does now, I better keep my head down.

Mikeecho, they absolutely cannot confiscate your money after discharge if you open an account/they let you open an account. The debt is gone.