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4 Posts

Posted - 06 August 2019 :  15:01:21  Show Profile  Reply with Quote
So after going through my finances with a fine tooth comb and taking the plunge Iím gonna go for a trust deed.
Iím trying to prepare as much as I can so I have a couple of questions .....
I currently do all my banking with Santander. None of my debt that will be included in trust deed is owed to them but Iím worried they will close my accounts when it all starts rolling.
Iím self employed aswell so I have three accounts with them. I need a separate one for business and my own own and I have a joint one with my husband with them aswell.
Is it advisable to open a couple of basic safe ones incase they decide to boot me as a customer ?
Just trying to prepare as much as I can.

Il get it right one day #129318;#127996;#8205;#9792;#65039;

David Tannock
Trust Deed Expert

2284 Posts

Posted - 06 August 2019 :  15:18:12  Show Profile  Reply with Quote
Hi Hopeful007,

Santander are not normally a bank which we run into problems with. Some banks (Bank of Scotland) can be problematic and donít want a customer who has entered into a Trust Deed to bank with them. As long as you donít have any debt I think it should be ok.

You could open up another account just to be on the safe side. Nationwide are normally good to deal with along with Barclays and the Co-Op. Monzo also seem to be popular at the moment but Iíve not got much experience with them.

Try not to stress too much much about things. The start of the journey is always the most worrying part but actually things should run pretty smoothly.

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TDA (Debt Adviser)
Trust Deed Expert

13192 Posts

Posted - 06 August 2019 :  15:18:59  Show Profile  Reply with Quote
Hi Hopeful007.

Good for you for making this move. It's tough to take this step.

The action that Santander will take depends upon the conditions associated with each of these bank accounts.

Most banks will offer a basic account that people can use while in a trust deed. If you have accounts that don't fit this bill (from Santander's perspective) you may wish to talk to Santander about downgrading them.

I would suggest getting a couple of basic accounts opened with a bank that you owe no money to, one way or another.

You may wish to consider whether you want to keep a joint account. While it will not affect your husband's credit rating directly, it will create a link between your credit reports that might influence a lender's willingness to give credit to him. Sadly this will not help if you have other joint financial arrangements, for example a joint mortgage that cannot be so easily changed.

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Kevin Mapstone
Trust Deed Expert

3802 Posts

Posted - 06 August 2019 :  21:56:15  Show Profile  Reply with Quote
I haven't heard of any particular problems with Santander either, but I always think it is better to be safe than sorry. The peace of mind you'd get probably justifies the effort involved in opening up a basic account or two as back-ups, even if they turn out to be not needed.

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