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Topic starter
22/03/2013 2:53 pm
Interesting meeting this week, particularly the advice provided by various parties. Very generally couple, debts around £50k £30k/£20k split. No house, old car and nothing particularly unusual. Mrs on DLA and small pension, Mr Works full time. Fairly tight income/expenditure, but surplus in the £220-£250 region.
Advice 1 from firm via website - Debt Management Plan for both. No other options discussed.
Advice 2 from firm via website - 2 Trust Deeds. No other options discussed.
Advice 3 from Free sector - Sequestration from both although this would not take account of Council Tax debts.
Interesting in as much as they held off lifting the phone to seek help for a considerable period of time and finally decided they needed to do something about it and ended up no further forward.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
22/03/2013 5:09 pm
It's always unfortunate to hear that people aren't being given all of the information that they need to make their own educated choices. That obviously involves providing information about each of the options that appear to be available.
I'm curious Mark what your viewpoint was on their options having taken the time to meet with them in person?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/03/2013 5:32 pm
Hi TDA
Looking at the information, sequestration seemed the obvious choice for Mrs and Mr could have looked at a Trust Deed or Sequestration. DMP was not an option and DAS was likely to have lasted longer than Mr would have.
It still amazes me, the perception of sequestration for to a lot of people and why people are loath to look at this as an option. Especially eh! 'Older' people.
The bottom line is advice should have been provided for a clear path with a definite start and finish date which eased the financial position, not carry it on.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/03/2013 1:37 pm
Hi Mark,I know you say it seems to be older people,alot is pride and being ashamed,much the way I feel,they may be trying to work an other way out of it,sometimes I often wonder if the TD was the road to go,as now our monthly payments are increasing by £200 per mth,very misleading at the start of the TD we thought out payments were fixed for 3.5 yrs,we were told as long as you pay the payments you will be ok,not to be,so maybe I can understand the couple you talk about.
23/03/2013 5:26 pm
Hi johnd.
You certainly should have been made aware that, in certain circumstances, your payment might increase.
Trust deeds only result in the debts that you cannot afford to repay being written off.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
23/03/2013 8:01 pm
It would be nice if there was a well known and reliable source of impartial information. This website is as close as you get but not well enough Known.
I was told by CAB that I would have to pay £250 per month in fees for sequestration over 3 years this was both incorrect and detrimental to making an informed decision on the options. At the time I felt very alone and was more than grateful to find this website and by working with Mark at least my immediate financial worries are resolved.
As I have said before there are a disturbingly large number of sharks around waiting to prey on the vulnerable.
Keep up the good work
But you need to be more publicized
