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Billyboy1
Frequent Contributor

43 Posts

Posted - 15 May 2019 :  16:26:33  Show Profile  Reply with Quote
Hi all
I've just read ger80 post,iam in the process of a trust deed iam in the 5 week stage to see if it gets protected,iam through Kevin's firm,I made a one off payment to the firm this month as it was to late to to set the direct debit up.my question is I opened a new bank account with the bank of scotland,whare I make direct debits and standing orders wages gets pair in and my trust deed will be getting paid from this account.what would happen if my trust deed gets protected status can the bank of scotland freeze all my going outs off my account and my wages going in.with reading ger80 post has got me a bit concerened. Any comments will be greatly appreciated thanks.

TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 15 May 2019 :  16:42:38  Show Profile  Reply with Quote
Hi Billyboy1.

It should be fine if you've opened one of their Basic Accounts. Their website makes it clear that this account is available for people in bankruptcy, so I think you can assume it will be OK for a protected trust deed.

If you've opened a different type of account with them I'd suggest you contact them to get it downgraded to a Basic Account as soon as possible.

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Billyboy1
Frequent Contributor

43 Posts

Posted - 15 May 2019 :  16:53:27  Show Profile  Reply with Quote
Hi tda

Ok thanks for that,cheers.
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TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 16 May 2019 :  11:58:27  Show Profile  Reply with Quote
No problem Billyboy1.

I hope that everything continues to proceed smoothly for you.

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Billyboy1
Frequent Contributor

43 Posts

Posted - 16 May 2019 :  12:44:16  Show Profile  Reply with Quote
Hi tda

Just off the phone to bank of scotland,it's a classic account I've got and not the basic,I asked them to downgrade to a basic and was told they could not do it because there system told them what account I was eligible for when I opened the account 4 months ago.iam not sure what to do now,leave it and hope for the best I don't know.
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TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 16 May 2019 :  12:46:05  Show Profile  Reply with Quote
I wouldn't Billyboy1. It would be too disruptive for you if the account was closed without having any other arrangements in place.

I'd suggest trying to open a new Bank of Scotland basic account and/or applying for one of the other basic accounts offered by a different bank.

Nationwide, Barclays and Co-op have been mentioned as good options in another recent forum thread.

Some of our thoughts on this subject can be read here:

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

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Edited by - TDA (Debt Adviser) on 16 May 2019 12:47:55
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Billyboy1
Frequent Contributor

43 Posts

Posted - 16 May 2019 :  13:00:21  Show Profile  Reply with Quote
Hi tda

Thanks iam going to go down to the bank and ask why I can't downgrade to a basic account,here's me thinking I've got everything set up direct debits standing orders and whare my trust deed is going to be paid from thanks the now tda.
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Billyboy1
Frequent Contributor

43 Posts

Posted - 16 May 2019 :  13:06:55  Show Profile  Reply with Quote
Hi tda

Sorry to sound a bit thick here but none of my debt is with the bank of scotland,so if in a trust deed why would bank of scotland freeze the account if no debt is own th them in a trust deed.
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TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 16 May 2019 :  13:06:56  Show Profile  Reply with Quote
Hopefully you get a different response from the branch staff.

We've heard that plenty of other banks are perfectly happy to downgrade existing accounts.

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TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 16 May 2019 :  13:10:26  Show Profile  Reply with Quote
Hi again.

Banks typically only offer basic accounts to people using insolvency procedures.

They tend to come without overdrafts, cheque books etc.

Accounts can be closed or frozen simply because the individual no longer meets the acceptance terms for that type of account.

Banks also sometimes freeze accounts when they first learn that someone has entered into an insolvency procedure. This may be a measure to prevent cash (an asset) being transferred away when it has become due to the trustee.

If they're happy to continue allowing their customer to use the account, the trustee can generally quickly intervene to get the account "unfrozen".

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Edited by - TDA (Debt Adviser) on 16 May 2019 13:10:58
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Billyboy1
Frequent Contributor

43 Posts

Posted - 16 May 2019 :  13:23:10  Show Profile  Reply with Quote
Hi tda

Thanks for that iam going to the bank now and see what they say face to face my next payment to my trust deed is the 10th June I've just emailed Kevin that's who my trust deed is with.thanks the now tda.
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Kevin Mapstone
Trust Deed Expert



3767 Posts

Posted - 16 May 2019 :  14:01:57  Show Profile  Reply with Quote
Hi

I think if Bank of Scotland were going to freeze your account they would probably have already done it by now. It tends to be picked up when the trust deed is registered, which was weeks ago. So hopefully you are worrying about nothing.

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Billyboy1
Frequent Contributor

43 Posts

Posted - 16 May 2019 :  14:08:46  Show Profile  Reply with Quote
Hi Kevin

So will i just leave things as they are with this classic account with the bank of scotland,it was the thought of opening a new bank account setting up new direct debits and standing orders and wages child maintenance etc.
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Kevin Mapstone
Trust Deed Expert



3767 Posts

Posted - 17 May 2019 :  13:52:43  Show Profile  Reply with Quote
Up to you, but chances are it should be fine to leave it.

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