There are so many firms out there what i need to know what is this best one to go with?

I realise this must be an extremely difficult and stressful time for you and I guess you really just want someone to say ÔÇ£use them as they are the bestÔÇØ.

The best way to decide which company to use is by speaking with a couple of companies and advisors. Listen to each of them and ask them all to send you out paperwork regarding a Trust Deed. You will then get a feeling for each company and a chance to review their paperwork.

You can also do your own research on each company by reading through the forum and the experiences that other users have had with different Trust Deed companies.

As long as you get everything in writing from the company you choose i.e. contribution amount, the timescale, what the position is with your car and any overtime or bonuses etc then things should run pretty smoothly. A good knowledgeable advisor will be able to put you mind at easy quite quickly and stop you worrying.

It's a bit of a side story but I've just bought a new lawnmower. It took me almost a week to decide on which one to buy. I looked in B&Q, seen which ones I liked and then went online to look. I looked at the reviews etc and then finally ordered one from the internet. My partner laughed saying it was only a lawnmower but sometimes taking your time and researching can work in your favour. I saved myself a little bit of money by ordering online and based on the reviews didn't choose the one I first liked.

Allot of the firms out there are actually third parties arranging the TD on behalf of practitioners. When I spoke to these firms I had to ask myself ÔÇ£what's in it for themÔÇØ when considering their offer of service.

For me I basically chose (using this site and others) 5 companies which all seemed very reputable. I met face to face with each one (3 at my house and 2 at their offices) to go through the options I was facing and their thoughts on how to proceed. 4 of these companies were excellent and one at the time didn't sit right for me so they got rejected. I then looked through the offers made by each firm and made a decision based on the black and white facts they had provided while also taking into account how they had been for communication, how they responded when I asked a stupid question 14 or 15 times over (an example of that is ÔÇ£I know you have said this before but to confirm, based on my house value, you will not seek any payment from this as there is no equityÔÇØ). From this I settled on the company I went with and have been happy ever since with them (I'm only 4 months into my PTD so it's still early days for our relationship but I am confident it's over the honeymoon period lol).

If you can't have them visit you in the house consider going to see them in person at their offices. If they are a good company they will be happy to do this with you.

As stated for logistic reasons i cant go into the office - would cost me good part of £200 having spoken again to the first company i now know their reasons for the higher monthly payment, they know the creditors and have a good relationship with them. based on my income and expenditure the 280 is a realistic amount and i know i will be able to manage that - wont be brilliant granted but the reason for this figure is so that the creditors would be more likely to agree based on all the facts therefore not pushing me into bankruptcy which i do not want. I got myself into this therefore i will get myself out of it. situstion is far from ideal but i can cope with this for the next few years. with regard to the car based on deflation it will be worth by their reckoning 1500 by time its finished and so will result in extra 6 months payment of 280 or by then maybe i could increase it for 3 months at 500 depending on my circumstances when the time comes. i have no other assets - council tenant. so think i wil go weith the first company. she certainly knows what shes talking about anyway and answered everything i asked really well

ÔÇ£they know the creditors and have a good relationship with themÔÇØ - All companies worth their weight have this.

Basically it mean, from my understanding, that they know what is needed in terms of payment to and monthly expenditures which will be acceptable to the creditors. It doesn't mean they have a special connection or similar to get the TD accepted. It's a sales tactic positioning it the way they have IMO.

Are you able to advise what type of car you have notntodeedyet and how old it is? If your car is worth less than £3,000 then you should not be adding extra payments on at the end of your Trust Deed.

As for having a ÔÇ£good relationshipÔÇØ with the creditors, all Insolvency Practitioners are aware of what the criteria is for the acceptance/rejection of Trust Deed's. As long as your circumstances mean that you can meet this criteria then regardless of which firm you use, your Trust Deed should be accepted by creditors. Don't be persuaded to proceed because of a fear of bankruptcy. This isn't something you need to be worried about and again a good advisor can discuss this fully with you to put your mind at ease.

You should be concerned that one firm has advised you that you will need to pay £168 per month for 3 years and another firm has advised you that you will need to pay £280 per month. That's quite a difference in payments per month.

Now having spoken to another firm they state 310 per month. All three seem very reliable. I'm so confused. the 3rd firm stated that the car will not come into the equation at the end as it will be worth a lot less than 3500 when the deed ends. so 1st and 3rd firm in terms of total repayment is hardly any difference whatsoever but 3rd firm state the term will end after 36 payments whereas the 1st firm stated possible 3 to 6 months payments after the 36 term is finished to cover the car. Who is right?

Without knowing any details of your car i.e. make, model and year I can't advise any further regarding the car. If you could let us know more details regarding the car we can then establish the value of your vehicle.

volvo V50 2005 estate 145000 miles on the clock Both have said it depends on value at end of td and not when td is set up

I have checked on wisebuyers and based on the information you have provided, your car is worth less than £3,000. A poor condition vehicle is worth £1,398 with a good condition value of £2,678. As a result, your Trust Deed should not need to be extended to pay over any additional payments for the value of the vehicle.

The value of your car and assets should be established at the start of a Trust Deed. From this everything can be put in writing to you confirming exactly how your Trust Deed will work. I'm not sure how a proposal can be put to you based on an estimated value of your vehicle in 3 years time. The old ÔÇ£we will value it at the end and decideÔÇØ should not be the approach. It's this approach that can cause problems for people in Trust Deeds.

That aside, I'm my opinion your car is worth less than £3,000 and therefore should not be a factor in your Trust Deed.

Thanks David thats what the 3rd firm said. as stated in total there is negligible difference in the total amount payable between the 280 and 310 quotes if the 280 quote is extended at end of 36 payments so im inclined to go with the 310 one as they guarantee that after 36 months that will be that and it will be all set out in the paperwork at the beginning

I would agree with David - the car is worth less than £3000 so can be ignored. You will probably find that the firm you spoke to that had valued your car at £3900 hadn't adjusted for the mileage, which is higher than average.

They said they had when i asked.

I'm glad we were able to clear up the confusion and conflicting advice regarding the car.

In terms of the payment that they have advised, you now have 3 - £168, £280 & £310. Have you queried why all three companies are quoting you a different amount? That's a difference of £142.

Calculating an individual's payment should be based on a thorough income and expenditure review alongside the budget guideline figures set out by the charity Step Change. From this, this will show what you may be able to afford.

You need to be confident that what you think you can pay, you actually can pay.

When carrying out an assessment of someone's situation when you drill down into specifics most people are surprised at what it costs them per month to live and as they had access to credit they didn't pay that much attention. Due to the fact they won't have access to credit, they need to live within their means which is why a thorough I&E should be carried out.

The 1st stated 280 as they wanted to be sure the creditors accepted the terms and the 3rd company based on the exact same income and expenditure didnt state why just that this was a acceptable amount based on all the information. i really dont know why the 2nd company got 168. im so confused