Welcome to the forum samjam1988.

We wouldn't want to make a comment regarding this specific website. I trust that you're already aware that, as far as I know, this website will pass you to a trust deed provider of their choice rather than delivering the service to you directly. This isn't uncommon or necessarily of concern, but it's best to be aware.

We (the operators of this website) choose to recommend the three firms that are represented here (in this forum) by Mark, Kevin and David. We're not saying that they're the only good firms out there, but we rate them highly.

There are also a handful of other firms that quite often attract negative feedback here, so a careful choice is advisable.

Other members of the forum may have suggestions for you based upon their personal experiences with using various firms.

I was referred to a firm through a middleman and, although it turned out to be pretty pain free, my TD lasted longer than it should because the high fees charged by the firm affected how much the creditors would get back so the Deed had to run for longer than 3 years. Although they now run for a minimum of 4 years, it shows that you should shop around. If I had, my TD would have been over 6 months earlier. Visit a couple of firms and ask loads of questions then make a decision. Good luck!

Good advice upstream. I think there are still 2 ways people enter Trust Deeds, either via a middleman or directly with the firm itself. I'm sure there can be issues with both options.

My advice would always be to speak with the firm directly and ensure you have everything fully explained and more importantly, confirmed in writing. Ensure the position with contrinution, bonuses, overtime, equity and any other assets is fully explained and that way you will limit any potential changes in the future.

Mark

Do not use a middleman. They don't do it for nothing. As Upsteam suggests go straight to a firm directly. The guys on here will only be too happy to help. I went through trustdeed Scotland and although cannot find fault with the service I get that nagging feeling that the deed itself is actually longer than it needed to be. I wish I had found this forum before entering into one via trustdeed scotland. Reading posts here I feel I could have got a better deal(if that makes sense) going direct.

Hi samjam1988, just over 3 years ago I found this site .I was so neurotic that I was going to end up in worse situation than I was in that I felt completely knocked off!! I followed advice on here,very tentatively, and eventually took the plunge and made contact. It was a huge deal for me / us however, process itself wasn't too complicated.got everything in writing prior to signing ( re equity) I felt no pressure ,no heavy sales pitch and felt in control.. Equity was biggest issue, however,having it all in writing that there was none and no further valuation would be carried out at end eased my mind completely. I just made last payment last frid and awaiting discharge.. Best decision I ever made,very difficult 3 years,however, lesson learned... Good luck re search..ask loads of questions,regardless of how they sound and get everything in writing. That way no surprises at end.. I'm reading this responce through and thinking " what a difference 3 years make"

Hi samjam1988,

As others have said you want to try and avoid middle men if you can and speak directly with the company which will handle your Trust Deed.

Shop around, speak with two or three different advisors from different firms to see exactly how a Trust Deed will work with them. By taking your time you shouldn't look back with any "what ifs".

The most important thing is to feel comfortable with the advisor that you deal with and receive everything in writing with regards to exactly how your Trust Deed will work i.e. payments, timescale and the position with any assets you have.

Have all of your options been fully discussed, samjam1988, as there is often more than one way to go.

How your Trust Deed would be handled may differ from firm to firm, as we often hear on this forum, so it is never a bad idea to take your time and speak to more than one provider.

Hi samjam 1988.

If you look through this forum you will see some companies named who in my opinion you should avoid at all costs.
Whoever you choose, ask lots of questions. No question should be to trivial to ask and if they seem reluctant to answer then avoid them. DO NOT accept any answers that start with " Don't worry about that ,we can sort that after you sign " Once you sign there is no changing your mind!
Having said that, if you set the deed up correctly and feel comfortable with your trustee and everything is clearly explained then it should go by quite painlessly.

I would have no problems recommending any of the three companies represented on this site.

The company I ended up with. . . .I would not touch them with a barge pole!

Tonyd

Hi Tony

Great advice. I always say to people not to accept the 'could be, might be' kind of advice & leave nothing to chance. That said, in my opinion 80% of firms are fine.,Unfortunately there remains the other 20%!

Mark

Thank you everyone for your advice. I am new to this and find it all quite confusing if I am honest. I am struggling to tell the difference between a middleman company and the direct companies on websites alone (I dont know if this is me not interpreting information correctly) The company I am dealing with have advised I will pay £110 a month for 48 months for debts of around £7000 (rough figure)this to me seemed quite good but again I am struggling to understand it all. I understand you cannot give direct advice regarding the company but can you point me in right direction of how to find a direct company who deal with this, what should I be looking for? Many thanks in advance I am feeling quite hopeless at this [:I]

Sorry if I am not understanding this properly for some reason I am struggling to get my head round it all even with a background in accountancy [:I] I am 25 and dont own a house, car etc and have never dealt with anything like this so have lots of questions in my head confusing me [xx(]

Hello samjam1988.

It can all be very confusing.

Three direct providers of trust deed services are featured on this website. They're represented here by Mark, Kevin and David. My own reviews of other websites leads me to agree with you that it can be very difficult to tell apart who is a direct provider and who isn't.

With debts of £7000 and no assets (I'm assuming given that you don't have a car or own a home) you seem to have a few different options.

A fee-free debt arrangement scheme (DAS) at £110 per month could fully repay your debts in a little over five years. This would avoid personal insolvency and potentially be less damaging to you in a number of ways, though it will take longer than some alternatives.

A trust deed will run for a minimum of 48 months (four years).

Any payment calculated as being affordable in sequestration (bankruptcy) would be paid for 36 months (three years). You'd be discharged from the debts after just a year though.

Hopefully these options will already have been fully covered by the adviser that you've spoken with.

Please ask as many questions as you'd like and we'll do our best to help you.

Hi samjam1988,

Don't worry about asking loads of questions and feeling confused by it all. The majority of people feel the same way you do.

As TDA has pointed out, based on your level of debt you could also consider the Debt Arrangement Scheme. The timescale of this plan is determined by the level of payment you can afford to make to it. For example, if you could pay £146 per month then you would pay back your debt in full in 4 years which is the same timescale as the Trust Deed. An Insolvency Practitioner can set this up for you or your local citizens advice.

You want to make sure that whoever you speak with explains all of your potential options that you could consider. When speaking with someone we explain that they could consider a full and final settlement, the Debt Arrangement Scheme or an unregulated debt management plan, we also explore the possibility of a consolidation loan or a re-mortgage and we also cover Sequestration (Bankruptcy) and a Trust Deed. By doing this the client then knows that they have had all of the options explained to them and can made a decision based on that.

In terms of working out who is a middleman company and who isn't, the three firms on this site are all Insolvency Practitioners. An Insolvency Practitioner is who you would sign your Trust Deed with and is the one who would make all of the decisions regarding you case. You can ask any advisor that you speak with if they have their own Insolvency Practitioner or if they will pass your case onto one.

The main thing is whichever firm/advisor you decide to proceed with make sure you receive exactly how your plan will work in writing.