Hi cedric1

The key to moving forward is to make sure you have a face to face meeting to discuss all options. Every point should be covered at the meeting and following this, please ensure that all matters discussed are confirmed in writing before you do anything.

If you are a home owner it is essential that the equity position is clarified before you do anything.

The above should take as little or as much time as you wish.

Mark

Welcome to the forum cedric1. I'm sorry that you're having such a worrying time.

From the site point of view we have no comment to make on individual trust deed firms other than the four we feature here and recommend (represented by Kevin, Shona, Chris and Mark). Others may share some feedback on the firm you mention though.

For such a serious decision we always recommend that people speak to more than one firm. This will help you to gather more information to make a decision that you feel more comfortable about.

I understand that you're feeling some time pressure right now... but in the long-term the right decision will probably be much more important than a quick decision.

How much has it been suggested that you might pay into a trust deed each month?

Are you a homeowner or do you have any other significant assets?

Hi,

Yes I am a homewener...one of he main reasons a PTD was considered was because I was able to keep both my home and car - which is crucial. As i have 2 additional secured loans on my property, it seems i am in negative equity (bought the house in Nov 2006 - so not really any surprise there).

They have suggested that I pay £225 per month but I am assuming that this could change until it is protected - so am also concerned about the payments increasing dramatically given that the expenditure review was really tight.

Thanks

Hi cedric1

There should be no increase as long as your circumstances remain the same or at least are not subject to a material change.

I would still insist the property position is clarified. Otherwise on the 3rd anniversary, there could be a revaluation after reducing the mortgage and secured loans for 3 years.

Mark

I'm just short of a year into my Trust Deed - you were right Mark, time still flies in!
My 12th payment comes out a week today.

I almost signed up with a company after being passed to them when I failed to get a remortgage to sort out my debts.
Everything sounded great until I found this forum and realised I was about to dive in without checking the water.

The best thing I have done as far as my debts are concerned was sit down and speak with Mark.
Things are hard on a PTD, especially with 4 kids, but I now know there is an end almost in sight.

I would suggest you do the same with Mark or one of the other experts on here.
Sit down and talk face to face. And get everything laid out as far as your home, car, bonuses etc stand now and at the end of your 3 yrs - or in fact if it will be 3yrs!

Best of luck.

Hi

I personally think you cannot beat having a face to face meeting with someone. However, the main thing is your home, and it is a must to get it sorted before signing anything. If a valuation is carried out first, then you are sure about the equity. Some firms charge £500 to purchase the trustees interest in your home. My firm don't , and i think some of the others on the forum don't either. As Mark says, the main thing is to get it all in writing first. With regards to your payments , they should remain the same unless there is a change in your financial circumstances.
Do not feel rushed, take your time. This is a big decision.

Hi Cedric1,

I know you have a lot of information from other posters already, and at this time there is a lot to take in. Please remember that we can help by discussing you questions as well so please give your advisor a call.

It is important that you do ask questions at this stage if you are unsure about any aspect of your Trust Deed (TD). You also need to be sure that you are happy with everything we are proposing for you.

As suggested a face to face interview is an option that some clients prefer, and by all means we can arrange to go through your paperwork face to face, you just need to let us know. As already mentioned it's important to ensure your make the right choice at this stage, as you need to be happy throughout the Trust Deed.

We will happily put everything in writing for you, regarding the equity, overtime and any other queries you have, to make sure you're completely happy before proceeding.

The main thing to know is that we are here to assist you throughout the Trust Deed and help you become debt free.

I hope this helps to put your mind at rest.

Thank you

Shop around is the best advice because whoever you choose you are stuck with for 3 years and that's a long time.

Paul