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unknown name
New Member

5 Posts

Posted - 06 November 2018 :  12:04:23  Show Profile  Reply with Quote
hi there,

im just looking for some advice as I am about to enter into a trust deed and feel that some impartial advice may be better. I have some questions:

1.When setting up my case my house was valued and it was stated that there wasn't enough equity for the trust deed to be extended. if my house increases in value could this change? I felt the valuation was quite low and don't want it to be re valued and be forced to use the equity further down the line? I understand if I sold my home I would be expected to pay towards my trust deed but this isn't in our plans at all.

2. I have opened a new bank account with HSBC, previously RBS, can for any reason HSBC free my account or is this a total fresh start.

3. if I for receive a small pay rise or bonus do you advise I inform the trustee straight away? ifi can justify and show this additional money being spent on childcare would this avoid an increase in payments?

4. Once the trust deed is complete how long would it be before old creditors/trustee cannot pursue me for something like inheritance or a profit share bonus at work?

I want to be clear on these issue before I sign up to the trust deed.

TDA (Debt Adviser)
Trust Deed Expert

12746 Posts

Posted - 06 November 2018 :  12:09:16  Show Profile  Reply with Quote
Welcome to the forum unknown name.

You should have received information in writing confirming the equity position with your home. Has that happened yet?

HSBC can freeze your account if you've opened an account which isn't available to people in trust deeds. If you've opened their most basic account this is likely to be OK. You don't have any HSBC debts do you?

Always let your trustee know about a change in income. They should also factor in any reasonable changes in expenditure.

Once you have been discharged any new entitlement to income or a lump sum should be fine. If you become entitled to this before being discharged the situation is likely to be different.

It's smart to ask questions and know where you stand before you go ahead.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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unknown name
New Member

5 Posts

Posted - 06 November 2018 :  13:42:14  Show Profile  Reply with Quote
Thanks for your answers, it is what looks like their most basic account, wish i'd known this before I don't the switch. No I don't have any debts with HSBC only RBS and Barclays.

I haven't received any paperwork yet I was only qualified on Friday so I am right at the start of my journey, I will check this out and see what it says on about the house.

There seem to be so many issues to deal with I wonder if its worthwhile.

another thought, month to month I use my debit card to pay for things but also withdraw cash to do so each week for things like shopping etc so how do you justify this in your review? just tell them what its for?
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Kevin Mapstone
Trust Deed Expert

3649 Posts

Posted - 06 November 2018 :  14:34:27  Show Profile  Reply with Quote
Hi unknown name.

I've not had any clients that have had problems with HSBC accounts that I can recall, so as long as you don't owe them anything then you should be fine.

I can't speak for other firms, but we certainly wouldn't expect you to justify normal transactions from your bank account for living costs, cash or otherwise. As long as the amounts you are declaring in your monthly budget are reasonable then that is fine. It is only stuff that can be evidenced that needs to be checked (ie rent, council tax, utilities, insurances etc), or large unusual items of expenditure.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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