As you say, 3-year trust deed would seem to be obvious.

It saddens but doesn't surprise me that this person was contacted by someone who was obviously just interested in fleecing them for whatever they could - it seems to be all too common these days. Unfortunately it is inevitable that responsible IP firms and Debt Management firms will get tarred with the same brush and tainted by the practices of these rogues.

It is a bit more surprising that the free sector adviser didn't put forward a protected trust deed as an option. I think this is likely to be an anomaly though - in my experience the vast majority of free sector money advisers provide consistently good advice, despite their heavy workload.

Hi Kevin

I agree on both points. Unfortunately its something you and I see everyday and as you say, sometimes the advice is more for the financial benefit of the company and not what is best advice for the individual.

Mark

Really confusing for people.

I guess there are a couple of things which flow from that Mark:

1 - If someone suggests a debt management plan to you, find out about the debt arrangement scheme before making any decisions. DAS will almost always be a better option (there are a few exceptions).

2 - If someone suggests a trust deed lasting longer than three years always speak to another trust deed provider to check this is necessary. Often you'll find that the extra year or two is just there to cover above-average fees being charged (though not always - there can be sound reasons). One firm is mentioned here and on the phone to us in connection to five year trust deeds almost every single week (an extended term that is almost always unnecesary if people go elsewhere).

3 - Dont rely on information from one source. The nature of the organisation providing the advice often makes a difference to the type of solution that they propose (and this can apply to all types of advisers, not just commercial ones with a profit motive). Consulting with multiple advice sources will allow you to better compare your options and make informed educated decisions.

Never ever accept the 1st hand that tries to help you out of the debt hole you find yourself in!!

Shop around like you would do for a new car or washing machine,after all you have to work with the company you choose for 3 years plus,and all too frequently we see people who have been poorly advised and are stuck in a terrible situation,often in a worse state than had they just carried on doing nothing!!

Paul

Hi Paul

You make a good point. People forget its 3 years and from being on the forum, it is actually quite scary how things can go after signing.

There seems to be the usual fuss a the start until they sign and then people can't get hold of the person dealing with their case for even simple questions. I find it amazing that there is a firm or even firms where you get an answering machine!

Mark

Mark there are firms out there that dont even have the said answering machine!!!!

Paul