Hi Billy, or should that be Mr Fish?

1) Essentially your house would only be affected if there is significant equity in it, i.e. if it is worth more than the mortgage (and any secured loans) outstanding on it.
Even if there is some equity, it is often possible to come to an arrangement to take account of it another way whilst safeguarding your house. For example extra payments could be made over the course of the trust deed by a third party to cover the value of the equity. The important thing is to sort out the value of your home, and any arrangements to deal with equity, with the insolvency practitioner BEFORE signing up to anything, so that you don't get any nasty surprises once you've committed to the Trust Deed.

2)In answer to your question as to which firms to go to, I think you've made a very good start by logging on to this site. There is feedback on various firms from others who have been in your position, as well as the site's recommended firms. Try the link on the left "Find the Right Firm" for more info. And remember, there's nothing to stop you shopping around (though I suppose there's only so much talking to insolvency practitioners that any one person can take!)

Hope this helps. Feel free to get in touch with me to look at your options in more detail.

Kevin

thanks kevin, actually its charlie.

hoe can i find out how much my hous is worth? put a small depost down but reckon its gone down since.

really appreciate you spendin g the time to give me an answer

Swimming in it.

From what you say, it's likely that there is no equity, or very little, given the current market. The only way to be sure is to get a valuation done by a surveyor.

I would say your first move should be to discuss your situation in more detail with an insolvency practitioner to see whether a trust deed is likely to be a good option for you. If it does seem likely then a valuation can be organised.

how much would a suveyer cost bit worried cos got no money psare for stuff like tht

Swimming in it.

A valuation report would normally cost somewhere around ?ú150 - ?ú250.
However, you wouldn't necessarily have to pay this yourself - if a trust deed is likely to go ahead you will often find that the insolvency practitioner will bear the cost.

so how do you know which companys will do a good job of a trust deed and whioch will rip you off

Swimming in it.

Hi Billy

All IP's should work under the same law.

The best advise I can give is look at every area of concern ie equity, car, contribution and get something in writing outlining the position before proceeding. At least that way, the goal posts won't/can't change.

Mark

that sounds like good advice mark but still with any job theres some that are good and some that charge you money and rip you off

would you suggest going with one of the bigger or smalkler companys

Charlie

Swimming in it.

Hello again Charlie,

I don't think it's a case of big or small really, probably just best to contact a firm that has been recommended to you, or is showing up well on forums like this one. Maybe check out the "Find the Right Firm" info link on the left.
If it's any comfort to you, all insolvency practitioners are subject to regular scrutiny by their professional bodies so you should get a minimum level of service/expertise wherever you go. The cost of running the trust deed is paid for from your contributions - there is no extra charge on top - but any IP should give you the figures before you sign up so that you can shop around if you like.

do all IPs charge the same for running the trust deed

Swimming in it.

They don't Charlie.

Some are cheaper than others but the main consideration for you would be the quality of service they provide - as with most things in life, the risk is that the less you pay the lower the quality. In any case, your payment should be the same regardless - you pay what you can afford - it would be your creditors that would lose out if the trustees costs are high.