Undeclared 2nd bank...
 
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Undeclared 2nd bank account..please help?

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(@magicarpet)
New Member
Joined: 4 weeks ago
Posts: 2
Topic starter  

Hi

My partner just got her 1 year review of Protected TD..it transpires she has a 2nd bank account which the people arranging it all were unaware of ...she had declared income of 2500 net per month, & had aprox 500 extra coming into this 2nd account that they now know of...She has finally realised that actions have consequences, as she is now worried sick about what they will do now? Am unable to calm her & wondered if you had any indication please of what the likely consequences will be for her?

Many thanks in advance for any guidance you can offer..


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

It doesn't necessarily mean her Trust Deed will be terminated, though that could possibly be the outcome.  More likely the Trustee will reassess what your partner should have been paying and insist that the difference be made good at some point (probably by extending the Trust Deed term).  Obviously her ongoing payments would also jump up.

Maybe she can make a case that there were other outgoings that hadn't been taken into consideration initially too?  If so, that might limit the amounts due going forward.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@magicarpet)
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Joined: 4 weeks ago
Posts: 2
Topic starter  

Most grateful to you Kevin...


   
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