Welcome to the site sostressed.

I'm disappointed to read about the experiences that you've had so far while trying to resolve your financial situation.

A lot of what you have written seems to relate to companies trying to "sell" you rather than "advise" or "help" you. For example there is no reason whatsoever why the valuation could not be shared with you; it seems they are just using it as a hook to get you to sign on the dotted line with them. There is also no reason why they cannot be clear with you about the fees they propose to charge. The first company who tried to force a solution on you that you did not consider suitable simply shouldn't be in this business.

Based upon this, and some of the bad experiences expressed about some companies by other posters on this site, I'd stay away from a firm that treats you in this way. As a Trust Deed lasts for three years (normally) it's really important that you choose a firm with whom you feel comfortable working with for that period of time.

Given the threat of a wage arrestment it will be important for you to take prompt action but that doesn't have to mean signing up with a company that treat you poorly. You'll solve one problem and immediately create another.

There are lots of good Trust Deed firms around who will get things up and running for you quickly, explain things to you properly, and be open with you. Two of them are featured on this site. Both Kevin's and Mark's companies cover the whole of Scotland and the feedback we have had from other visitors over a long period is that they provide a prompt and professional service in what is often a difficult and worrying time for their clients.

Hi sostressed

Trust Deed Assistant is correct in all she says. Could I ask which firms/companies you dealt with?

In all cases you should sit down with a representative of the Trust Deed firm and basically have a question and answer session. This would allow ALL matters to be covered fully and the level of contributions agreed. This needs to be based on what is affordable.

Following the meeting we and a large number of firms send out a follow up letter with full details of all matters discussed at the meeting to give you time to review the points and make an informed choice. It is extremely important that the initial meeting take place before you sign anything.

I note your comments on the property and if you wished, this could be handed back and any future shortfall become a part of the Trust Deed proposal. Council Tax would also be included in a Trust Deed.

I hope this helps a bit.

Mark

Hello sostressed

I'm not surprised this is giving you sleepless nights, sounds like you need some good, straightforward advice which isn't based on somebody else's agenda. That's what this forum is all about and I am sure you would also find this to be the case if you spoke to Mark or I directly.

As a matter of interest, did you feed back to the CAB in question about your experiences with the firm they referred you to? It might be a good idea to do so if you feel strongly about it as it is only by getting feedback that these agencies can base their decisions about who they pass their clients to.

Thanks everyone. The first company we dealt with was the Debt Advisory Service, as I mentioned earlier they were recommended to us by CAB. We did not feed back to CAB about the service as I did not think about doing that but I will speak to my husband and maybe he can phone them back and let them know.

The company we are currently dealing with is Mackenzie Stewart, based in Glasgow. I believe that what you have said is correct, they just want our business and are not concerned with us at all. Is there any way we can get a copy of that survey? My husband is worried that if we go to someone else we will have to pay for another survey on the flat but I don't want to stay with them at all. I have proof of payment as we paid for it via debit card and it shows on my bank statement.

I think I would prefer to include the property in the Trust Deed as we have ?ú800 mortgage arrears on it and with everything else I just don't know how we can pay it all off!

Hi sostressed,

The name of the firm you mention is familiar as they came up in a recent enquiry from another site visitor. This visitor had queried with the site support team why they were being asked for a ?ú150 upfront fee and we advised the client that there was in fact no need to pay any upfront fee if you chose the right firm.

I understand that this firm does not handle Scottish Trust Deeds themselves but prepare cases that are then passed to another firm that does handle them.

Many firms (including Kevin and Mark's) will not charge you directly for a survey. The cost will be drawn from the funds that you have previously agreed to pay into the Scottish Trust Deed. Hopefully this reassures you (and your husband) that there will not be a direct/immediate cost to approach another firm if you choose so to do (and choose the right firm).

Hi all

I've came across Mackenzie Stewart on several occasions, I think they are based in Drumchapel. They are not Licenced Insolvency Practitioners and are probably 'linked' to an IP who they pass their cases on to.

They have come up several times on the site and anyone looking for advice should go straight to a Trust Deed firm. Perhaps the best way to weed out the companies is to ask who their Insolvency Practitioner is and then check on the IP.

I am especially surprised at the CAB passing you on to what is in effect a debt management firm. They normally give you details of several IP firms and let you choose.

Mark

I am surprised by that too - did the CAB identify a trust deed as the appropriate solution or were they passing you on for debt management, sostressed?

To come back to the issue of the property, the issue of whether or not there is equity is going to be quite important. I can't see any reason why you should not be able to get a copy of a survey that you have paid for, but if the ?ú50000 valuation is realistic then MacKenzie Stewart are probably right in saying that you may have a problem being able to offer enough to get trust deeds accepted by your creditors. If you wanted to get in touch with me outside of the forum itself with your address and property details I would be able to speak to a surveyor and get a desktop estimate of the house's value. May be useful in terms of assessing which valuation you have had is likely to be nearer the mark, and therefore whether trust deeds are going to be viable or not