No,if you are in a trust deed they have no right to offset any savings you put onto the card against your debt.

Paul

Hi Paul

Great stuff, many thanks for coming back so quickly.

Maria

Make sure you take the credit builder opetion on it. That way you can start getting nice wee ticks on your credit history. There should be a bit about it on the Cashplus website.

If you are still in a trust deed then the wee ticks for cashplus are a waste of a fiver a month as the trust deed being active on your credit file will overshadow any good stuff. Certainly after the trust deed is discharged it is a good option but in my opinion before that you could do better things with £60 a year!

Paul

Hi mtm0066.

I'm not disputing plasticdafts comments, but you may wish to double check the "offset" side of things with Cashplus themselves first.

No harm in being cautious.

By all means check away,saves me being held liable if they do offset it,which they wont!! 😉

Paul

I don't think so either Paul, but in these litigious times there's no harm in the odd disclaimer here and there!

Hi, new to this (trust deed) so apologies in advance for asking dumb questions. Is it possible to have a prepaid credit card while in a trust deed ? The reason for asking is that I will most likely have to go to Europe on business as part of my job and I'm worrying about how on earth I will manage paying for things.

Welcome to the trust deed forum Redguard.

There is nothing in connection to your trust deed that prevents you from getting a prepaid credit card. For business travel I'm sure it would be really useful.

In fact there is nothing about a trust deed that stops you from using further credit (which a prepaid credit card is not) after you have gone ahead. Clearly it's likely to be a bad idea to do so though, even if a willing lender can be found. One exception to this might be business travel where the full amount can be reclaimed and paid back before any interest is charged.

Cashplus has an option to have a prepaid Eurocard, separate from your day to day account, you can pre-load it with Euro/other currency. Also co-operative travel have a travel card, works similarly, no credit check required.
You can withdraw cash or pay via the PIN provided.

Ok, thanks for the replies, much appreciated !

TDA - one of the condtions in my PTD was that I would not seek to apply for a credit card or try to get another loan. Unlikely I would be successful in any event given a multitude of debts I owed to too many financiial bodies to name so am surprised that it remains an option for others to explore.

I welcomed the hard line imposed by my IP and benefitted from the 3 year cold turkey treatment. Too easy to say" ach, it's just another wee credit card, what harm can it do...."

Hi Charlie1958.

I agree that taking out further credit while in a protected trust deed would almost always be a bad idea. We've too often read here the damage that payday or doorstep loans can cause when people are tempted during trust deeds.

One possible exception is for persons required to travel on business, who must fund the costs themselves, claim the expenses back, and then seek to repay the debt before any interest applies. Obviously a company provided credit card would be better but not every employer gives them out.

Charlie 1958-hope I didn't give the impression this was a 'credit card' in the true sense re Cashplus. It is prepaid but run by Mastercard so accepted everywhere a mastercard is, including petrol stations, ATM's and car rental companies. The Eurocard with cashplus and with co-operative travel are also prepaid so there is no access to debt associated.