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Scottish Trust Deed Forum
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Topic starter
16/10/2012 9:22 pm
I am thinking of entering into a trust deed and have been readinf a few messages on here and would like to ask a few questions.
I understand I would have to open a new bank account as I have an overdraft with my bank. When I open a new account do my wages get paid into my account as normal and then the agreed amount with the TD company would be taken by direct debit?
I see a few questions regarding overtime etc and would the TD take this of them. How would the TD company know you are earning more money some months?
If I do not let the TD company know about my overdraft could I stay with my current bank?
16/10/2012 9:50 pm
Hi again pink.
You must include any debt that exists on the day that you sign a trust deed.
Opening a new account need not be too much bother. Here are some thoughts and ideas on that subject:
https://www.trust-deed.co.uk/bank-accounts.html
You will need to organise for any income to go to the new account. You can ask the two banks to transfer over payments that you will keep paying. Some firms might take the trust deed payment by direct debit, others may ask you to set up a standing order.
From time to time you may be asked for payslips or bank statements. Any overtime will be apparent on them.
Many firms, including the four that answer questions here (Mark, Kevin, Shona and Chris represent them) will consider an upfront arrangement to split any overtime earned so that you can benefit to a degree from it. We hear of other firms sometimes that require 100% of overtime and other extra income be paid over to them.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
17/10/2012 12:19 pm
A trust deed has to be advertised in the Edinburgh Gazette - so there is a good chance that your bank will see the notice and make a claim regardless of whether you have told your trustee about the debt or not, pink.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
