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Scottish Trust Deed Forum
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Topic starter
04/04/2019 8:28 am
I would like to warn people to get the right advice before entering a Trust Deed. We had a terrible experience with my trust deed. We were on a debt management plan with Spectrum paying £200 per month towards our debts. We were told that would be enough. We paid this for 2years. It was when I received a phone call out of the blue from RBS demanding £12000that we entered our trust deed. We went with Cleardebt and paid them £600 for 2years then £440 for 4 years. Nobody told us that would be protect our house and when it got near the end they valued my house a lot higher than it was. I had to get 3valuations done to prove this. The whole procedure caused great stress on my health, marriage and family life. Thankfully we came out the other side as we were discharged nearly 4years ago. Please get the right advice before entering a Trust Deed.
04/04/2019 2:13 pm
Theresagreen
Thank you for sharing your story and I could not agree more.
A trust deed is an important step and it is always best to consider options fully.
The Government recognised this was happening with some firms and made legislative changes to ensure this doesn’t happen in the future.
For example, a client who now enters into a trust deed has the equity position outlined to them at the start of the process before the deed is signed and legally effective.
A form 1B is now signed which in effect, locks the equity position given reassurances to clients regarding the equity position. The form is signed and sent to creditors and to the Accountant in Bankruptcy. The only way this is nullified is when the client does not stick to the agreement with respect of the property or they decide to sell the property.
Sharon is no longer posting in the forum.
