Contact another company or 2 and see what they say. There is normally no need for a 48 month trust deed.

What approx is the level of debt and how much were the suggested payments?

Dont pay ANYONE just for advice,and I'd be reluctant to pay up front as well.

Paul

quote:

---

Originally posted by plasticdaft

Contact another company or 2 and see what they say. There is normally no need for a 48 month trust deed.

What approx is the level of debt and how much were the suggested payments?

Dont pay ANYONE just for advice,and I'd be reluctant to pay up front as well.

Paul

---

Hi Toby

An admin fee of £200?

Please avoid at all costs. If you can give debt level & expected contribution, the hopefully I/we can guide you to what is best for you.

Mark

Thanks Paul: I will do as you have said..

Thank you Mark! Will get back to you as soon as I can. Most grateful...

Well done for finding this place,we will do our best to get you on the right track to sorting out your debt troubles.

Paul

Welcome to the trust deed forum Toby.

If the fee of £200 is to be paid over prior to starting a trust deed, or it's not an actual payment into the trust deed, please don't bother. It's a total waste of your money. There are lots of places you can go that will not charge you this.

In terms of 48 months versus 36 months the situation isn't entirely clear.

There are circumstances where a 48 month trust deed might be appropriate as an option to consider. A Trustee must be able to offer creditors a certain level of return on the amount owed in order to be able to take a case on. Sometimes, perhaps if the monthly contribution is relatively low compared to the size of the debts for example, 36 months isn't long enough to collect enough money to pay the creditors and the Trustee.

We hear of quite a few situations where something else is at work though. If the firm you are considering using to handle your trust deed handle trust deeds for above-average fees it may be that the extended term is needed purely to cover their above average remuneration.

There was an example of this not too long ago here. A couple had each been told their trust deeds would last 60 months. When they contacted us we looked into why, and the reason was simply that the trust deed firm concerned were looking to charge astronomic fees. The couple got in touch with one of the firms represented here by Mark, Kevin and Shona, and both went ahead subsequently with 36 month trust deeds.

Our advice to anyone told that their trust deed will last more than 36 months is to speak to another firm and compare. Take an interest in their fees, this could sometimes be the reason for the extension.

Think also about sequestration if the extended term for a trust deed turns out to be unavoidable; the monthly contributions for sequestration will be worked out in a similar way to a trust deed but will last for 36 months only (though this may not be appropriate sometimes where people have certain assets).

In terms of your situation, could you tell us how much you owe in total and also how much you have been told your trust deed payment will be?

If you can do this we can give you some more detailed information based on your individual circumstances.

Mark:this would be for me and my partner who are both needing to go down the Trust Deed route. The level of debt is around the 37k mark: the figure I was being quoted was around £350 per month all in over 48 months. Thank you.

quote:

---

Originally posted by Mark McFadyen

Hi Toby

An admin fee of £200?

Please avoid at all costs. If you can give debt level & expected contribution, the hopefully I/we can guide you to what is best for you.

Mark

---

Thank you Trust Deed Assis. I have just replied to Mark: please see my comments...many many thanks for your interest...

quote:

---

Originally posted by Trust Deed Assistant

Welcome to the trust deed forum Toby.

If the fee of £200 is to be paid over prior to starting a trust deed, or it's not an actual payment into the trust deed, please don't bother. It's a total waste of your money. There are lots of places you can go that will not charge you this.

In terms of 48 months versus 36 months the situation isn't entirely clear.

There are circumstances where a 48 month trust deed might be appropriate as an option to consider. A Trustee must be able to offer creditors a certain level of return on the amount owed in order to be able to take a case on. Sometimes, perhaps if the monthly contribution is relatively low compared to the size of the debts for example, 36 months isn't long enough to collect enough money to pay the creditors and the Trustee.

We hear of quite a few situations where something else is at work though. If the firm you are considering using to handle your trust deed handle trust deeds for above-average fees it may be that the extended term is needed purely to cover their above average remuneration.

There was an example of this not too long ago here. A couple had each been told their trust deeds would last 60 months. When they contacted us we looked into why, and the reason was simply that the trust deed firm concerned were looking to charge astronomic fees. The couple got in touch with one of the firms represented here by Mark, Kevin and Shona, and both went ahead subsequently with 36 month trust deeds.

Our advice to anyone told that their trust deed will last more than 36 months is to speak to another firm and compare. Take an interest in their fees, this could sometimes be the reason for the extension.

Think also about sequestration if the extended term for a trust deed turns out to be unavoidable; the monthly contributions for sequestration will be worked out in a similar way to a trust deed but will last for 36 months only (though this may not be appropriate sometimes where people have certain assets).

In terms of your situation, could you tell us how much you owe in total and also how much you have been told your trust deed payment will be?

If you can do this we can give you some more detailed information based on your individual circumstances.

---

Thank you Toby.

As we are looking at two trust deeds (there is no such thing as a joint trust deed) could you let us know how this works for each of you.

Could you tell us how much debt each of you has individually? If you have any joint debts count the total amount owed in full for each of you (this might make it looks like you owe more together than you actually do - don't worry about that though).

Also, is the £350 the amount you can pay in total between the two of you?

Do you both work? Do you earn similar amounts? If not, a little background would be helpful.

Sorry for the questions; there is a bit more to think about when there are two trust deeds for a couple that are financially connected.

Do you have property with equity at all??

350 over 36 months would mean paying £12600,even with fees of £4000 you could still return over 23p for every £ of your debt. My return is about 12p per pound just to give an idea of what creditors would accept.

Paul

Hello again! Thanks for reply... my debt is around 24k, my partner is looking at around 13k. our income is around 1700 pounds per month. we have a joint debt of a 2000 overdraft owed to the bank. Thanks

quote:

---

Originally posted by Trust Deed Assistant

Thank you Toby.

As we are looking at two trust deeds (there is no such thing as a joint trust deed) could you let us know how this works for each of you.

Could you tell us how much debt each of you has individually? If you have any joint debts count the total amount owed in full for each of you (this might make it looks like you owe more together than you actually do - don't worry about that though).

Also, is the £350 the amount you can pay in total between the two of you?

Do you both work? Do you earn similar amounts? If not, a little background would be helpful.

Sorry for the questions; there is a bit more to think about when there are two trust deeds for a couple that are financially connected.

---

No equity Paul. these figures are interesting:again many thanks

quote:

---

Originally posted by plasticdaft

Do you have property with equity at all??

350 over 36 months would mean paying £12600,even with fees of £4000 you could still return over 23p for every £ of your debt. My return is about 12p per pound just to give an idea of what creditors would accept.

Paul

---

You have to remember that each td is very individual but I would walk away from anyone pushing for a 48 month trust deed!!

You will be kept right on this forum!!

Paul