Hi Galf

I agree that there appears to be variations in the way that firms deal with things and this can be confusing and, to be honest, in a large number of occassions, completely unfair.

There must be a large number of people with debt issues, desperate for information & best advice. People worried about their homes, cars legal action etc etc. Honestly, 99.9% of these can be dealt with.

Best advice I could give would be:

1. Dont be afraid to pick up the phone and seek advice, however please speak directly with a licenced IP firm and please do not fill in detail boxes from Debt management Firms or other middlemen promising you the earth. You will just be hounded by call centres for the next 5 years!

2. Arrange a meeting and have all your paperwork available. Also, before the meeting make a list of all questions and ensure they are properly answered at the meeting. Do not accept 'It might be' 'It could be' or the famous 'dont worry it will all be fine' NEVER do these things by post. If a firm is unwilling to meet you, then personally I would avoid these.

3. Never sign anything at the initial meeting and ensure that you receive something in writing covering ALL points and ALL options ( DAS, Trust Deed and Sequestration), especially re. equity, cars, overtime, level of contribution etc and ask their policy on PPI. If they pursue this, will they do this through the period of the Trust Deed or leave it till the 3rd anniversary!

If possible agree equity before doing anything. Most firms will be able to obtain a valuation before you do anything to avoid any nasty surprises.

4. Have a read through the paperwork and decide what best suits YOU and no one else. Ensure there are no grey areas or unknowns.

5. Arrange a meeting to sign the paperwork.

6. Enjoy peace of mind in the knowledge you have a clear path ahead.

Mark

My advice is to speak to 2 or 3 different insolvency firms directly as the advice can vary,and a 2nd or 3rd opinion is worth getting.

Paul

Hi Galf

I just wanted to agree with Mark, we come across many cases where an individual signs a trust deed without fully understanding they may to release equity from any property and other assets.

The important thing is for you to know exactly where you stand before signing the trust deed with property, cars and PPI reclaims.

If everything is in writing from the outset it makes it easier for you and your creditors to know what is expected.

I agree too but I also would say it is a pity people are exposed to so much confusing and conflicting information. It would be great if one of the many consumer/ money related tv series was able to expose the types of issues arising from mis-information. I'm guessing the reason it hasn't happened is that the very nature of the problem results in guilt and embarrassment. Most people would discuss and recommend coffee brands, hairdressers or garages more readily than debt advisors.

Pamjo spot on,people dont like to openly discuss debts. I have told nobody about my trust deed(except forum buddies).

Is there a review site for scottish insolvency firms,I know that (website address removed) has reviews for insolvency firms but the majority of reviews are english based. At least then people could get an idea of a company.

Paul

Hi plasticdaft

Thank you for your continued contribution to the forum, however we have removed the web site reference as we are not permitted to include web site addresses in the content.

Oops,I thought it would be ok as it wasnt an actual link!!

Paul(wrist slapped satis!!)

No problem plasticdaft 🙂