I think pammy1969 is still heading in the right direction and has come along way from her first posts - keep going! My IP's advice on notifying my employer was "up to you - no requirement in legislation that requires you to disclose". Every now and again my employer (local authority) asks staff to update their personal details which includes references to PTDs/sequestration etc which I have ignored. They do stress that updating the info is voluntary and as I have no financial/budgetary responsibilities in my job, my conscience is (reasonably!) clear.

Pammy1969 hello,

Very interested to hear about your trials and tribulations and I very much commiserate and sympathise, being at an early stage in this myself. I am also thinking of signing up to KPMG as my Trustee - how has your experience with this company been? Do you recommend them?

Thanks

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Hi

I have found Barclays Bank to be great. they will open an account for just about anyone, even if you are bankrupt. My clients have found them to be really helpful. The only problem is that not every town has a Barclays Bank, but if you are near one, they ome highly recommended.
I hope you get your money sorted out soon pammy 1969, the bank are not able to keep funds paid in after the Trust Deed, and a fax from your Trustee should have been enough to have the funds released. Let us know when you receive the funds.

We're finally getting somewhere! KPMG wrote to the bank who have released the funds this morning into my son's account - hurrah!

My employer issued a cheque this morning for my salary. I was planning on taking it to a cheque cashing place but my employer are sorting it so I can take the cheque to their bank tomorrow and they will cash it for me. Oh thank God! I've made a couple of online payments tonight (DD's that were cancelled) but the most important ones (mortgage and car) which have to be made over the phone will need to wait as they only operate normal office hours. That's no good. I'll be at work tomorrow and my son will be at home so he won't be able to authorise the payment. They don't make it easy do they?

I will try going to my mortgage provider (RBS) once I've cashed the cheque and see if they'll take a payment over the counter.

So, there's light at the end of the tunnel and only 19 sleeps and we'll find out if we're protected!

Kandybib - I never spoke to anyone else about a TD but KPMG do have a good reputation in the finance industry. I never considered any of the "specialist" companies because I knew nothing about them, but everyone's heard of KPMG. They were really good in the run-up but I guess I feel a little abandoned now that the Deed is signed. I've hardly had a peep from the chap who set it up but I guess it's in the hands of other departments now. They're happy to answer any questions I've had and they dealt with my frozen account fairly promptly (not exactly next day delivery but never mind, they got there in the end!). They have deferred my first payment to January which was a huge help.

I will say that their fees seem a bit steep but I believe you get what you pay for. Don't panic, you don't pay the fees directly - they take them out of the pot. But I do worry that my creditors will ultimately reject the TD based on their fees. We'll just have to wait and see! I'm not sure if you can send me a PM on this forum but if you can, please do and I'll try and answer any of your questions if I can.

Hi pammy1969.

Glad to hear things are moving forwards for you now.

Sorry if you've already told us, but is your trust deed running over the usual three year term. Just my mind ticking over after you mentioned your perception of high trust deed fee levels.

yes 3 years. I've contacted you with the figures TDA as I didn't want to post them.

I am with rbs prior to entering td earlier this year. i owe nothing to them however talk of freezing accounts has got me worried! i dont think i could even cope in the slightest should that happen as stomach flipped whilst reading these threads.

Hi cal.

If you have no debts with them the issue really is whether your account is one that RBS consider to be available to a person in a trust deed. Each type of account has its own acceptance criteria.

The RBS basic accounts are likely to be fine, but if you had a more complex account, with credit facilities for example, RBS may consider that a protected trust deed makes you ineligible and the risk is that they withdraw the facility.

Having said that, if they haven't noticed by now you'd have to question whether it's likely to happen in the future.

As a reassurance, most of the stories we read about accounts being frozen here seem to relate to banks monitoring the advertisement of trust deeds in the Edinburgh Gazette.

Thanks pammy1969. One of my colleagues or I will respond to you by email.

My question about fees relates to stories we've heard where people have found themselves being asked to do four or even five year trust deeds.

On some occasions, when we've looked into it, the high trust deed fees proposed are behind this. On one occasion a couple that called us had been quoted very high fees and five year trust deeds. They changed route and one of the firms that posts here set up trust deeds that lasted for the usual three years just by charging more reasonable fees.

For any other reader, if you're told that a four or five year trust deed is necessary I'd suggest that you dig in to the reasons why it isn't the usual three years. There can be good reasons connected to providing creditors with a level of return that is acceptable to them (so that it becomes a protected trust deed). There can be less attractive reasons though, firms charging high fees that extend the term when another trust deed firm with lower fees could have helped out with a shorter term.

Glad to hear that isn't the case for you pammy1969.

hi TDA ,its a basic account ,no OD or monthly fees etc..and advertisment was a while ago.so heres hoping!!

Good luck with your TD cal - it does sound as though your bank are fine with your situation.

I managed to get my salary this afternoon in one bank, round the corner to RBS and paid the mortgage over the counter (only 1 day late and I did give them prior warning so pray this doesn't show up as a late payment) then a trawl round looking for a Natwest to pay the car! What an afternoon I've had, made worse by the fact that Natwest was closed - aaagh!

Sounds like a busy afternoon Pam!

Glad to hear everything is starting to get caught up now.

Hello cal.

Based on that information it sounds like all should be OK.

I have used a co op cashminder account for 3 1/2 years now without any issues. Dont live anywhere near a branch but that hasnt caused any bother at all.

Paul

We hear that a lot about Co-op plasticdaft.

JD Power do a satisfaction ranking of all the major UK retail banks each year. In the most recent results Co-op finished in second place which kind of backs up the anecdotal evidence we hear.