Hi

Could anyone tell me who they changed their bank account to?

I read somewhere that some banks had shut down peoples account
when they discovered they were in a trust deed.
I am currently with Clydesdale bank and have an overdraft, so would
have to change.

Thanks

Hi ann910,
I am only a few weeks into my TD but already feel it was most definitely the right decision. I moved from Clydesdale bank to Nationwide before signing TD and have had no problems since. There's still a long road ahead but feels good to have taken the first few steps to a debt free existence. Good luck with whatever decision you make.

i had a clydesdale bank account throughout the term of my trust deed with no problems.

thanks for the bank info. worriedme

Can I ask Andy, did you have an overdraft with clydesdale when you took
out your TD?

Just went onto the nationwide site. They are advertising a card with
a debit card and other facilities.

Worriedme can you tell me what kind of account you have to go for please?

Just wondering if it has to be a basic account.

I did have overdraft with CB as well as a loan so not an option to stay with them. I went for a flexi account rather than most basic and have had no issues. Opted for no credit card and no overdraft tho.

I rushed it a bit going into a trust deed so didn't research it enough. I got a visa electron card and muy bank won't upgrade it until I'm 3 years discharged. I got a pay as you go mastercard for internet shopping. After I was discharged, I knew my credit rating would be knackered so I applied for a mobile contract and a Vanquis card. I expected to get turned down for both but got accepted for a 12 month sim only contract and a low limit vanquis card. That'll do me for the next couple of years. Once I get told from my trustee that they have discharged themselves, I'll start cleaning up my credit files as the dates are all wrong for my defaults - they spread out over 10 months. Also, the accounts all show open and in default. Hopefully when I write to them, they'll all get closed off.

Use the next 36 months to live within a tight budget. It's hard but when you come out the other end, you'll be better at getting a months wages to last a month - something I could never manage before my trust deed.

Just to clarify, I knew that as my credit rating was busted, applying for a couple of things couldn't do it a massive amount more damage if I got rejected.

Hi ann910.

I cannot see any reason why a trust deed itself would change your current mortgage rate.

There are lots of basic bank accounts around but three we think are worth looking at (including a Nationwide account) are at:

https://www.trust-deed.co.uk/bank-accounts.html

I went to RBS and husband nationwide and touch wood no problems.. mortgage rate remains on variable and I wouldn't even bother trying for anything else at present as ,lets face it,it would get declined.As for future credit, I have pretty much written off 6 years from start off TD as I believe credit file clears after that....so any changes to mortgage etc will not be till then. what's my thoughts on TD? A saving grace to my sanity...tough financially, appropriately so....this is no easy fix but for me there is alight at end of the tunnel...would I make same decision again? absolutely ....

Being in a trust deed was definately one of the most sensible things I ever did. I never told anyone - husband included for almost the whole term of it. I was ashamed of the fact I had allowed myself to be so stupid and get to this point. When I did eventually tell people, they were fine about it. The only part I was worried about was finding the equity for my house. I was lucky because my dad helped me there and I'm paying him back. Be very sure that you can recover that from somewhere if you need to because it won't go away.

I know that getting a better mortgage is out of the question for a while but I see that as part of the consequences of my stupidity. One of the best things for me is finishing the month and on the day before payday, I stil have money in my bank account.

Thanks to you all for taking the time to share your thoughts.

It really helps to hear from you and the advice has been so useful.

I will let you know how I get on.

Hi, I signed a few weeks back after a meeting with Mark. The whole process has been smooth so far and come 4th May I hope to have a protected trust deed, the waiting is very nerve wracking though, just thinking and waiting for something else to go wrong. However, wait is what we have to do.

I changed to cooperative bank, their basic bank account that lets me pay direct debits, visa debit card, internet banking etc. Thats all I needed.

My life is in freefall at the minute but I know signing this trust deed is the best thing I have done in a long time.

Good luck whatever you do decide, Mark's company are great, Maria, his assistant is very helpful too, have never felt judged at any step so far.