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Help with finding IP

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(@jls0505)
Active Member
Joined: 15 years ago
Posts: 10
Topic starter  

My husband and I are considering entering into a trust deed after having sought the advice of the CAB.
We have been referred to Carrington Dean in Glasgow but I've read a couple of reviews of them elswhere stating that they are not that good.
Can anyone offer any advise as to whether to proceed with them or go against the CAB and find our own IP?
We are homeowners with no equity (and may even be in negative equity) and also wanted to clarify how to make sure that our home is protected.
Thanks


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Hello jls0505

Not really my place to comment on competitors - all I would say is that there is nothing to stop you from shopping around and speaking to more than one IP firm before you decide who to go with.

Any decent IP will offer to confirm the situation with your home in writing before anything is signed.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@mikey7)
New Member
Joined: 15 years ago
Posts: 2
 

Hi

I have been reading the advice on the sight and wish this forum had been available when I signed a Trust Deed.

I appreciate that the experts can't comment on other firms, however my advice is to steer clear of Carrington Dean. We have had nothing but problems from day one. Like JLS, we were in a negative equity position, however 3 years later had a drive buy valuation carried out and now they are seeking a substantial sum. This was never explained at the meeting and it was another case of sign here, everything will be fine.

As Kevn says, best look around to someone you feel comfortable with.

Mike


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi jls0505

It is always recommended to look at least 2 firms and try to gauge feedback etc. More importantly and especially where property is an issue, get the IP Firm's written comments on how this will be dealt with before signing anything. This will save any future heartache!

Regards

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@jls0505)
Active Member
Joined: 15 years ago
Posts: 10
Topic starter  

I appreciate that the experts can't comment on other firms, however my advice is to steer clear of Carrington Dean. We have had nothing but problems from day one. Like JLS, we were in a negative equity position, however 3 years later had a drive buy valuation carried out and now they are seeking a substantial sum. This was never explained at the meeting and it was another case of sign here, everything will be fine.

To Mikey7 I just wanted to ask whether they got you to pay a discharge fee of ?ú500 in the first year. They have advised us that in the case of negative or no equity that once we have done this we will receive written confirmation that our house is off limits.
My other concern is that they are looking to deal with this over the hone and that we wouldn't get a face to face meeting until the point where we were proceeding with the trust deed.They have been recommended by the citizens advice so should be reputable but can't find much but negative feedback.

Thanks


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi jls0505

Personally I would demand a face to face meeting. The fact that they are willing to meet only when you are ready to proceed would concern me.

In all cases there should be a meeting and all points discussed at the meeting forwarded to you for your perusal before you decide wether to proceed or not. This at least would/should confirm in writing how property etc would be dealt with.

Re the CAB, I assume they gave you the names of 3 IP firms as they require/are meant to be/ impartial and not guide you to one firm.

Hope this helps (a bit)

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@mikey7)
New Member
Joined: 15 years ago
Posts: 2
 

Hi

No we were introduced through a third party financial advisor who told us everything would be fine regarding the house. A meeting was arranged and the papers were prepared and signed(foolishly) by us. There was no mention of ?ú500 or anything else about the house until near the end.

Mike


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hi jls0505,

Those behind this site, as you have seen, do not choose to comment on other firms. The firm mentioned are a fully regulated and known firm.

It is true to say that variable feedback can be found about a number of Scottish Trust Deed firms both on this site and elsewhere. A Trust Deed is a long-term commitment and it is very important to find a firm that you are comfortable will deal with things professionally and fairly for the duration of the Trust Deed.

On another note there are firms who do not charge the ?ú500 that has been mentioned but would still deal with a home (with no equity) in the same way.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@mazda-5)
Eminent Member
Joined: 16 years ago
Posts: 21
 

HI jls0505,
I was one of the lucky ones who found this site before entering a TD,i used one of the experts(Mark McFadyen)from this site to set it up. All this took was a quick message to him using contact button on the left & you will (as with all the experts) be contacted by phone to set up a face to face meeting to answer all your questions.The good thing about using any of the experts on the site is that you can see from past posts that all of them receive positive feedback.
Let us know how you get on. ps i wasn't charged ?ú500 upfront, as like you had no equity & also my TD went on to be protected.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

mazda 5 has a uniquely valuable insight amongst our forum contributors having recently been through the process of setting up a Trust Deed.

From the perspective of the site support team we speak with a lot of people who are, quite naturally, confused by conflicting information presented to them by various companies and agencies that they have contacted.

A Scottish Trust Deed is a major commitment; as mazda 5 says a face to face meeting with the people who will be operating it seems like a wise move in trying to make an educated decision about how to proceed. The opportunity to discuss things in person is a key step to ensuring both parties understand the needs and responsibilities of the other.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

A quick note to welcome mikey7 to the forum.

Thank you for your contribution.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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