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14/06/2011 9:08 pm
Have been in discussion the past week with a trust deed company and seriously considering the option. Just want to ask.....following a bit of research it appears that it is best to shop around for the best firm to go with. I have also read that it is best to seek a company who do not take an initial payment. The one I have been speaking with states that an initial payment of £500 will be required....this does not need to be in whole but rather in affordable chunks at my proposal, i.e. £100 for 5 months etc. Is this the norm? Also I have a car on HP and have been told that a payment at the end of the trust deed period will be required to keep the creditors happy as there is a bit of equity in the car....I have another year of payments to make to this HP agreement. Again is this the norm? and if so can I be advised prior to agreeing the TD what that final payment will be in relation to the car? [:)]
14/06/2011 9:18 pm
Hello Ben, and welcome to the forum.
It isn't necessary to pay an up front fee to enter into a trust deed. Presumably it is a middle-man company you are dealing with, who will then pass you on to an insolvency practitioner. There is nothing to stop you contacting an insolvency practitioner directly and saving yourself £500.
It is normal that a payment may have to be made in respect of a car. I'd have thought that they should be able to give you an indication of how they will work out the level of this at least.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
14/06/2011 9:33 pm
Thanks Kevin for your prompt and useful advice. Would I be right in assuming that all companies listed on this sites home page on the rolling firms list would differ in that some would take initial payment and others wouldn't?
14/06/2011 10:07 pm
Hello Ben.
The rolling list are actual providers of trust deeds of which we are aware. Presence on the list isn't an endorsement of their services on the part of this site.
There are three trust deed companies featured on this site (represented by Kevin, Julie and Mark) that we know do not charge upfront fees. I'd hope the same would be the case for most of the others on the list but wouldn't be surprised if there were some exceptions.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/06/2011 10:21 pm
Thanks Amy and I will give the companies that are represented on the site a call tomorrow for comparison to that which I have been speaking to. And yes....there are exceptions on the list! 🙂
