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9 Posts

Posted - 07 March 2018 :  18:35:03  Show Profile  Reply with Quote

I entered a protected trust deed in December 2017 and was told I could keep the joint account I have with first direct as i didnít have any debt with them, it does have a £500 o/d facility but that isnít used and I was advised this was fine to leave as is. I have now been sent an email from first direct to say that have been advised I am in a trust deed and will be closing my account! I was told this wouldnít happen and only my creditors would be notified. Can you please advise? Iím worried I will be left without a bank account.

Regular Contributor

21 Posts

Posted - 07 March 2018 :  22:33:36  Show Profile  Reply with Quote
When I entered by TD I was advised to close all bank accounts as only some banks allow you to have an account.

I opened an account with The Co-operative Bank - itís just a basic account with a debit card. Itís suited everything Iíve needed if for tbh.

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TDA (Debt Adviser)
Trust Deed Expert

12692 Posts

Posted - 08 March 2018 :  09:01:11  Show Profile  Reply with Quote
Hi cb85.

This used to be a major issue. Anything but the simplest accounts used to get shut down when people entered into trust deeds. Some banks would not offer any account to people who had entered a trust deed.

These days it's much less of an issue it seems. We don't hear about it much on the forum any longer. Provided no money is owed to the bank in question it seems most people can continue to use their existing account (though our advice remains to switch account to a basic account where it is confirmed that the bank accepts customers who are in a trust deed).

I can't see why your trustee would have contacted First Direct if you owed no money to them, so I assume they are monitoring the Register of Insolvencies. They may not offer accounts to persons in a trust deed (I'm speculating here - I don't know) and any bank would be reluctant to let a customer keep access to an overdraft while they're in a trust deed.

Are they closing the account immediately or have they given you some time to make new arrangements?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Sarah Houston
Trust Deed Expert

38 Posts

Posted - 08 March 2018 :  09:13:26  Show Profile  Reply with Quote
Hi cb85,

We have received your enquiry, your case Administrator will contact you this morning.

Sarah is no longer posting in the forum.
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