Hello db1980 and welcome to the Scottish Trust Deeds forum.

Gregory Pennington, which handles debt management plans, is part of the Think Money Group.
Also part of the Think Money Group is Wilson Andrews which is a Trust Deed company.

You have been charged fees to set up a debt management plan. A new set of fees will be charged to set up a Trust Deed. Don't worry about Think Money losing out on fees if you decide to change debt solution; they appear likely to earn higher fees sooner. Have a read of this previous forum thread (where it relates to the potential for "flipping") which you may find interesting:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=283

RBS, who referred you to your debt management company, stand to lose out if you switch to a Protected Trust Deed.

In terms of your original concerns:
1 - It would appear that a debt management plan was not the quickest way to resolve your debt concerns. However the likely term of your DMP does not appear to be excessive.
2 - Your credit record would be seriously affected by a debt management plan, and more seriously affected by a Trust Deed.
3 - It's difficult for anyone to get a mortgage currently with a poor credit record and without a decent deposit.

The fact that you might have a poor credit record need not stand in the way of your girlfriend obtaining a mortgage.

A debt management plan will avoid a formal insolvency (which a Trust Deed is) and therefore may have a less serious impact on your credit record. Some people prefer DMP's as they would like to repay all of the debt that they have. A debt management plan offers you no legal protection. Interest and charges may continue to apply in a DMP but many creditors will choose to stop them.

A Trust Deed would clear up the debts sooner (perhaps by around 18 months based upon the information that you have provided) which may be a benefit in itself and may therefore allow your credit record to start to improve sooner. Any negative credit history stays on your credit file for six years. In a Protected Trust Deed your creditors cannot take legal action against you. Interest and charges stop.

Should you decide to switch from a debt management plan you should choose whichever firm you have reason to trust; you are not restricted to a firm to which you have been referred.

What's the best thing for you to do? That's a personal decision for you as it depends on what factors are most important to you.

The Trust Deed experts on this site may have also have a view to share with you on this subject that helps you to form your view.

I think trust deed assistant has covered all of the relevant points very well, so don't really have much to add.

I guess if you are happy in the debt management plan and the debt is being repaid within a reasonable timeframe (which 5 years is) and the interest IS frozen (it may be wise to check this directly with your creditors) then why change? A trust deed is a formal insolvency procedure and as such might be seen by potential mortgage lenders as more of a "black mark" against you. The only real benefit is that you would be out of debt a couple of years earlier, however it is not really necessary if affordable agreements are in place with creditors over a reasonable timescale.

thanks for the replies, still got to think about what is best, but think I will phone GP for a chat, and see what they suggest. Will update when I have more info. Thanks again !!