Thanks again, can I ask are you allowed any sort of overdraft? If the answer is not then would I be aswell starting up a cash account with the Nationwide now then moving everything across ?

I wouldn't start moving anything until I was sure I was going down this route, I just thought if I cleared my overdraft, which is only £400 then I'd have this as a fall back. But if the bank are going to cancel my account anyway is there any point. Or is it best not to upset the bank at all, RBS I mean ?

It's really up to your bank as to whether they would be happy to let you continue to have an overdraft limit, Stephanie. Chances are they would remove the facility, though occasionally it seems that it is allowed to stay.

Unfortunately there is no way of knowing in advance really - best to assume the worst really. One thing is certain though, any overdrawn balance would need to be cleared in advance of signing a trust deed otherwise your account is likely to be stopped altogether as this debt would form part of your trust deed. Also if you have other debts with your bank then you definitely need to get another account organised elsewhere.

Why did it take so long paul for you to be discharged ? nearly a year
is this normal practice.

Thank you

Jimmybee did you get my e-mail from earlier today ?

quote:

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Originally posted by jimmybee

Why did it take so long paul for you to be discharged ? nearly a year
is this normal practice.

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I was discharged earlier but my trustee stayed in office to sort out ppi claims(of which there were none).

Paul

Can I ask, are you able to join the credit union to start saving while in a trust deed? I'm worried about Christmas & Birthdays, can I ask what you all did ???

I got an online saver account with the Yorkshire building society. Not that it ever amounted to much!!

Paul

Dont go with KPMG!!!!!!! Their customer service is dire!

Thank you

Hi Stephanie

After the contribution has been agreed, then there should be no issue with you saving via a credit union or other savings account. It would be slightly unfair if a contribution was agreed, you saved on certain goods and then the Trustee sought the difference.

Mark

sorry stephanie didnt get your email.I was in a credit union before the trust deed started, but was told to close it down, although to be fair it was my own trade union and the money was coming straight out of my wages and into the account.It would be different in a local one, I can only say that the company i am with have been brilliant,the guy comes out to see you and goes through everything in plain detail nothing is left to chance,and the good thing was you could phone him anytime and he would tell you how to go about it in the right way. I will send you his number if you like, but again this site is just the tops for that little bit extra advice before you commit to anything.

Stephanie,All i can say about a trust deed so far is positve,it has taught me how to manage money better,yes things like christmas and birthdays etc have not been the same as they were, but my head can go on the pillow at night and get to sleep. All the best to everyone. Merry Christmas and a good new year to you all.

Thank you so much for your honest replies. I'll try mailing you again jimmybee.

Thank you Mark, I am defintely going to book an appointment with yourself in the New Year.

I can't make a decision until I know all the facts, but the relief I am starting to feel knowing that there is a way of of this cesspit of debt is unbelieveable. I can't wait to actually have real money in the bank !!! I hope !