If you owe money to your bank you will need to open a basic account with someone you don't owe money too. Payday loans and overdrafts will all be included in the trust deed.

Paul

Welcome to the trust deed forum ibmstyle.

As Paul (plasticdaft) has already said all unsecured debts will become included in a trust deed. You have to include all of them. This will include payday loans, overdrafts etc.

Most people need to open a new bank account prior to starting a trust deed.

thanks for the reply and if you have 2 or more bank accounts with same bank but u have overdraft facility on one of them and not on the others,so will those accounts also be closed and i will still need to open a bank account with another provider?or if even these accounts dont close will they confiscate any money which comes to other accounts which dont have overdraft facility or no?

2nd thing is that i heard about some review and providing pay slips and bank statements but if somebody is self employed and may have a small shop then what does he need to provide where most of his business is on cash

Hi ibmstyle.

If you have a debt to that same bank (at all, including an overdraft) you'll likely need to go to a new bank if you start a trust deed.

Is your shop business a limited company or do you operate as a sole trader?

i was a sole trader but i recently registered a limited company but still i m the only person who owns and runs it

please reply

Hi ibmstyle.

You might be looking at your accounts, tax returns etc.

The precise documentation would need to be confirmed with your trustee.

You would normally be asked for your previous years accounts, as well as your bank statements for your business accounts.
You would also have to check that you are still able to be a director of a limited company if you enter into a trust deed. You will find this in your Articles & Memorandum of Assiciation. As you are the sole director, you have the flexibility to change them to make sure this is allowable . If you were to apply for sequestration, you would not be allowed to be a director under any circumstances.