I would advise you to read the forum, plenty of people have things to say about Wilson Andrews...

Also there is no need to pay anyone an "assessment fee" so it certainly does not sound reasonable.......

Good luck......

Hi Jinty and welcome to the forum.

I've never heard of MoneySinc so cannot comment on them.

There is no need to pay an assessment fee at all. Most trust deed providers approached directly would not want an upfront fee.

That would leave you either starting a trust deed sooner, or having a little more money available in the run-up to your trust deed starting.

Seems as tho Moneysinc are acting as a middleman and the fee is for their advice into which course of action is best for me.

If you dont mind me running a few figures past you - i have £16k in unsecured debt. I have a mortgage with around £15k in equity I have been quoted by Moneysinc to go into a 5 yr Trust Deed with payments of £200 per month to clear my debts, does this sound about right?

I would forget ever talking to moneysinc and speak to the experts on this forum. You shouldn't have to pay any money upfront, so if you haven't done so already, DON'T! someone else will do the same for free.

Also, i'm not an expert but having the level of equity that you have against your debt, you shouldn't pay 200 for 5 years. I would maybe even say that a trust deed is not for you. Try and release your equity and find the rest from somewhere else

Hi Jinty.

Your monthly payment will always be based upon what is affordable for you; £200 may or may not be the right figure and it wouldn't be possible to comment without having run through the numbers with you.

A trust deed normally lasts for three years so I'm not sure why five years has been mentioned.

If you have £15000 of equity in your house you'd usually be required to pay it into the trust deed (£7500 if the house is jointly owned). You'd need to be able to access that money somehow. You should remember though that the valuations used for a trust deed tend to be a little lower than most people expect.

By way of comparison, at £200 per month you could fully repay the debts via the debt arrangement scheme in around 6.5 years. That would leave your house out of it altogether and avoid "insolvency". Any increase on £200 per month would reduce that term.

I doubt i can release equity on my house as its mortgaged around 80%.

Does as DAS scheme keep equity out of the equation completely?

Sorry ive just noticed youve already answered my last question.

I have contacted one of the recommended companies on here and will discuss Trust Deed v DAS scheme further with them.

Thanks for your advice.

Wilson Andrews, EH NO, don't go near them, speak to the experts on this site as I am sure you will.

Hi Jinty.

Unlike a trust deed, the debt arrangement scheme does not take into account your property. That makes it a valuable option for homeowners with equity to consider.

In both instances however the support of creditors is required to get the arrangement in place.

dont go with wilson andrews !!!!!!!!!!

Well done Jinty you came onto this place first. And that was a good move. There are nightmares out there ( I have one unfortunately) though not see at time and you have fortunately avoided. Sure things will all work out for better. Good luck. J