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Scottish Trust Deed Forum
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Topic starter
25/01/2011 11:13 am
Hi all
I have been reading the forum for about 8 months and finally taken the plunge to join. Could I say the level of information and advice has been fantastic.
I have around ?é?ú35k of debt and called a company which advertises in the Daily Record for Trust Deeds. I provided information and was told that the Trust Deed was possible, but needed to pay ?é?ú350 as a set up fee. I've read bits on the site and was slightly worried at the fee as I thought there was no up front fees.
I have no owned house, but have a policy taken out about 3 years earlier which pays a lump sum in 2018. Will I lose this?
Sorry for going on a bit.
Martin
25/01/2011 11:19 am
Hi Martin
I think this company has been mentioned on the forum before (big blue advert?)
There is no need to pay the up front fee unless they are carrying out specific work on your instruction ie having a valuation or similar ( I know you dont have a house) There is nothing to stop you going direct to the IP firm.
Re the ploicy, if you proceed with a Trust Deed, then this will be looked on as an asset, using the value at the date the TD is signed.
If you've been reading the forum for a while, you'll probably see me moaning about meetings etc. Make sure you go to the IP direct. MAKE SURE you have a meeting if possible and get everything re the contribution, policy etc in writing before doing anything. This will ensure that things are kept right both for you, the creditors and the IP.
Hope this helps.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
25/01/2011 11:35 am
Welcome to the forum martinedc.
I think Mark has been very diplomatic.
That type of upfront fee is a complete waste of your money, may cause a delay in getting the trust deed set-up, and during any such delay you could be exposed to legal recovery action from creditors.
In our survey of visitors last year 97% said such fees should be banned. See:
http://www.trust-deed.co.uk/news/trustdeedagentsandupfronttrustdeedfees.php
Rant over!
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
25/01/2011 1:04 pm
Thanks Mark and Trust Deed Assistant
I think I knew all along that the payment was wrong, but just needed it clarified. I do take the point if the payment was to confirm equity before signing as I don't suppose they would pay for the valuation and I wouldnt expect it.
Many thanks again.
Martin
25/01/2011 2:47 pm
Hi martindc
As someone who's in the process, take it from me that no upfront fee is required if you choose the right company.
I signed my TD in November and haven't paid a penny yet - payments start next week - even though a valuation on my property was done.
This process is supposed to help you get out of strife, not drop you in it!
My advice - look no further than the companies of the experts here and forget those Daily Record ads.
Cheers,
DebtFreeWannabee
