Hello Debtnomore.

Why are Co-op closing your account?

Nationwide seem to have changed their policy on trust deeds recently. We had to take them off our bank account page as a result a couple of weeks ago.

Clearcash might work, though I don't think you can pay a cheque into the account. Secure Trust and Thinkbanking are paid for alternatives to High Street accounts that some people seem to like. They have some benefits in terms of penalty charges and extra functionality that may be useful for some.

Hi Debtnomore. Sorry to hear you are having to go through all this. Im not familiar with these accounta so cant assist im afraid. Are co-op closing your account simplt because you are in a trust deed? Im in the process of opening an account with them and im now a bit nervous having read your post. Thanks.

I've got a basic halifax account. It's called Easycash and works like any other account. It has a Visa electron card and no overdraft but I've not had any problems with it. Can the Co-op not switch you to their basic account?

Please do not worry about the Co-op, ThinkingoftheFuture. This was entirely my own fault. The Co-op have a three strikes and you are out rule with regard to missing dd/s and overdraft. I made some big mistakes at Christmastime. I found it difficult to cope financially at Christmas - three children to buy for and a car exhaust to get fixed. It was my fault and I am paying for it now.

I must say I was disappointed by Nationwide. As soon as I was aware my account with the Co-op was being closed, I made an anppointment with Nationwide. This occurred at the end of January. I explained my situation and filled in an application form. I was unsure about what to tick for the IVA/ bankruptcy statement so I asked the branch manager and he wasn't sure either. He phoned on high and they said that they didn't see any problem and to go ahead with my application. Two days ago I received a letter to say my application could not be processed. I then came on this site to research it and of course became aware of the changes being made by Nationwide.

So this leaves me with the only option of trying Cashclear or Secure Trust. Trust Deed Assistant, I was wondering if you could help me with a query? I previously banked with RBS and my debts with them are included in my Trust Deed. When I was completing the online application form for Cashclear, there was a statement at the beginning that stated RBS were responsible for looking after the money. Would this mean that they would be able to freeze any new account with Cashclear to get back funds they are due on my old account?

I appreciate any advice or support you can give. I feel so stupid and embarrassed. I have not been sleeping or eating and feel stressed about this whole situation.

Sorry to hear you are being affected by this in that way debtnomore
Im sure it will all work out for you. Stick in there and see it through. Youve done the hard part signing up to the deed & im sure this will be all sorted out soon. 🙂

Thank you. I never expected this to be easy. I just so want to get my financial life back on track. Good luck with the co-op.

I don't think there is a set-off issue, but check with them to be certain.

Thanks TDA. I appreciate you posting so late. I can't tell you how valuable and helpful this forum is.

A wee update. After a great amount of research and several phone calls, I have opened an account with Secure Trust Bank. The process was quick, the staff were very helpful and I am hoping this alternative to a bank account will help me to manage my money better. It is such a relief to have another account. I will sleep tonight.

Thank you to everyone who posted. I don't know what I would do without this forum.

Debtnomore.

Finding a new bank account can be difficult. Especially when you have recently entered in to a Trust Deed. However, many banks are becoming ever more tolerant with individuals operating an account whilst in a Trust Deed or Sequestrated. Generally due to the more common they are becoming.

Our firm would always advise our new clients to approach Barclays Bank. They are one of the remaining banks who have a basic bank account where you may set up standing orders and direct debits, get a debit card, however no overdraft will be available. They will even do a bank account switching service as standard whereby they will transfer over all remaining direct debits. Just remember to only transfer over the required direct debits, rent, mortgage, council tax etc and leave behind old creditor ones which you no longer are required to pay.

Also make sure that Barclays are not one of your creditors in a Trust Deed as they will likely not allow you to operate an account if this if the case, for obvious reasons. Other than this, you should have no problem!

Regards

Sorry, to add there is no way they will be able to take funds to offset it against an exhisting debt. Creditors are not able to gain preference from unsecured debts over the general body of creditors. It something your Trustee has a duty to protect. By taking money from this they will be creating an unfair preference.

Hope this helps.