Hi Susan

I would have hoped someone would have sat with you and ran through the points raised. Also surprised that they posted out the paperwork. Do you live in a remote area?

can you clarify what the 2 estimated property costs relate to?

Running through the info, I think you need to have clarified exactly what the position re the 1st property is. I'll try to run through the points:

It looks like they are asking you to pay £500 for the 2nd as there is no equity. A large number of firms do not charge this. There are a number of posts on this subject. They appear to be looking for £6,456. However I am unsure where this figure comes from as it does not calculate. Is the property jointly owned?

It is important that you have confirmed the position with equity and especially that there will be no 2nd valuation. If there is then you may find yourself in a never ending Trust Deed.

On the 2nd point, I think 100% is extremely high. I assume this will be for the 3 years. No, you cannot use the bonus to offset the equity.

On the 3rd point,there is no TD credit restriction on applying for a company credit card, apart from on your credit file. It may be wise to apply just now for the card, but ensure the balance is zero when signing a Trust deed.

Finally, you should check your contract to see if you have any restrictions. What is your job.

Hope this helps a bit.

Mark

Thank you Mark.

I think the property costs are the estiamted cost to sell the property (marketing, legal etc.) but I'm not sure. I just received the paperwork yesterday, I live about 50 miles away but not remote. So far everything has been over the phone although the paperwork offers a face to face (it hasn't been offered during conversations). I haven't discussed this with Wilson Andrews yet as my contact is very difficult to get a hold off and doesn't respond quickly to voice mail! (Worrying)

Both properties and all debt is solely in my name.

Do I ask for the second property equity release plan to be written into the trust deed paperwork or will this come in another form?

I am currently on a DMP with Gregory Pennington who referred me to Wilson Andrews and recommended the TD. Is it too late to change company and would you recommend that I do? I really don't want any delays but at the same time don't want to rush into something so serious with the wrong company. They have already performed the valuations on my properties so I imagine they have incurred some costs.

Should I be asking for a reduction in the 100% bonus payment? I initially questioned the bonus over the phone and was told it would be 100% - I'm not sure if there is room for negotiation but I'll certainly ask. I will also query the duration.

If the TD is extended will it be extended until the full equity is paid? In that case I definately don't want a new at the end of 3 years.

Thank you for your response.

I work in the private sector the company I work for provide clinical research services. My role is administrative.

Hi Susan

Thanks for your response.

I am disappointed that no one has sat down with you to discuss matters. I think you really need to clarify the position with the property before doing anything. You can change IP's at any time before you actually sign the document and you're doing the right thing asking..

The guidance in Trust Deeds is to have a meeting where possible and have all matters confirmed in writing, especially in connection with the property. This would not be in the Trust Deed document itself, but by signed letter agreeing the position. I cannot stress enough how important this part is. If there is equity, the normal way is to have the Trust Deed period extended and post TD payments are then used in reduction of the equity. My own firm and a number of others do one valuation and the equity is assessed at the start and no other valuation need be carried out. I am aware of firms who do another valuation at the end. So you need to be careful.

I am guessing the position re the ?é£500 and the 100% of bonuses is office standard with WA, so its unlikely they would amend this.

I dont think the Trust Deed will have any effect on your employment.

Mark

Thanks Mark,

I'm so glad I found this site! If I were to switch to your firm would I need to pay anything to WA? My DMP payments have just been cancelled by GP/WA as they were expecting me to sign the TD before the end of this Month. I also bank with Think Banking (they are all part of the same group). Is this an issue. I'm not sure what my DPM T&C say - I'd need to reread them. How long would it take for your firm to set-up a trust deed? My properties were only valued a couple of weeks ago as instructed by WA - would they need to be valued again if I change company? Would I need to pay for those valuations already conducted if I don't go ahead - I haven't signed anything at all with WA? I feel a little caught between a brick and a hard place - as if there isn't enough stress already 🙁

Hi Susan

I'd be surprised if there was anything to pay, unless you've signed something to that effect.

In cases where there is property I normally get our surveyor to give me a valuation (at no cost) before signing anything, all I would then need would be the redemption figures to assess if there is any equity. On the 2nd property if there is no equity then thats the end of it, we dont look for this stupid ?»???¢500 bond or a 2nd valuation.

There should be no issue with the bank account. Is think Bank one of those who charge a set up fee and monthly fee? Theres nothing to stop you using this although personally I would try Nationwide or Co op who provide the account free of charge.

As for timing, it can all be set up very quickly, in fact the time my printer takes to print off some sheets of paper, but only when all points have been fully clarified. At least that way there are no grey or fuzzy areas. The Trust Deed should be used to solve a problem, not create a fresh one further down the line.

Regards

Mark

Thanks Mark, I've sent you my phone number via the link. I really appreciate your advice.

Hi Susan

No problem. Glad to be of help.

I'll call you Monday if thats ok and get a meeting arranged asap.

Have a fab weekend.

Mark

Perfect, thanks

Hi susan, please read over some of my previous posts regarding WA. Entering into a TD with them was honestly one of the biggest mistakes I have ever made in my life!!

Thank you DM29. I think I have have just avoided the same mistake by the skin of my teeth! Thank goodness for this website and decent people like Mark! I'm sorry you weren't so lucky. Alarm bells started with the lack of response from WA. I'm just glad I didn't sign in haste like I usually would do! Best of luck.

Your welcome! I just wish I had found this website before going with this firm. I think you have made the right choice by arranging to see Mark, from all the posts I have read on this forum he defo seems to give the best and most knowledgeable advice! Hope everything works out ok for you 🙂

Hi both

Thanks for the kind words.

Myself, Kevin & Julie are always glad to help.

Mark