Hi Scruffy

I see the previous £500 figure has, for absolutely no reason, now risen to £750 and again payable for absolutely no reason.

My advice would be to seek a firm who do not charge this fee, there are many out there.

Also, if you are in any doubt whatsoever then cancel the meeting until you are fully satisfied.

Mark

Hi thanks for your very quick reply (much appreciated)...

One of my concerns was...where does this money go?...does it go to some government body..or is it just a standard fee to insolvency companies to remove clients from future equity commitments?

Also...would you recomend the use of the CAB prior to the signing of a trust deed...its just that ive read so many ( not so good experiences ) of clients on this site that i dont know what companies are reliable...and have my own interests at heart...rather than the commercial profits of taking on Trust Deed clients!!!

Am prob saying that im not too sure of the Trust Deed company that ive chosen....i suppose!!!

Kind Regards

Hi scruffy

Not sure where the money goes, although I am aware of several companies who charge it. There is no requirement for you to pay this.

Best advice I can give is sit with someone from an IP firm. Draw up a huge list of questions and ensure ALL matters are fully disclosed re contribution, equity etc in writing before you make any decision. Do not sign anything until this has been received and in your own time you can read through it.

Mark

Thanks once again for swift reply...so this money is not a legal requirement to remove creditors interest in my properties poss future equity?...and some companies dont charge!!!

I will get on to this IP company and get more details of this charge...and having read about TD problems that people have faced i will prob cancel any signing of this TD...until i find a company with integrity...who i can trust to not charge for services that are free elsewhere...Thank you for all your advice...and do you know of any decent IP firms in the Glasgow area that have a good reputation on this forum.

Kind Regards

Hi scruffy

There are a number of firms who do not charge this and do a very good job. Probably not my place to name them, but if you follow the right process, I'm sure you'll be fine.

Mark

Ok thanks very much...

hi scruffy,we signed trust deed last year ....house got valued prior to signing, received letter from IP stating no equity in property ,no nominal fee handed over.why hand over monies to a company when others Dont advocate this practice.as for looking into trust deeds! you need to become an expert...however,its not the minefield you think it is when you feel quite vulnerable,and actually its quite straightforward.. especially if you take the time to research at the beginning...which is why you have raised the question ,because your gut is saying something isn't right!!as for this site.in my personal experience of reading posts over the past year ,the bad stories seem to be the ones who have not followed the general advice as posted here from the beginning of their journey.absolutely this is through no fault of their own as at the beginning its a horrendous experience and you Dont know who to trust therefore you are exposed to all predators...I have to say keep reading ,ask questions,ditch who you were planning on signing with and start again, you have time as all payments are up to date...get all in writing prior to signing and you will not become a horror story. my IP was absolutely brilliant,as were his team,and I feel safe with them ,which for me is really something.. I wont say who as Dont wont you to feel unduly coerced at such a difficult time vulnerable time.. good luck and keep us posted on what you do.

Hi scruffy
I would not hand over money that you did not need to! Trust Deeds are a great option for many people, but you have to be sure, and have all your questions answered before signing anything. Most reputable firms will get a valuation done prior to signing, and put everything in writing to you. Don't feel rushed, it is your decision.

Hi scruffy and welcome.

Some trust deed firms charge £500 to handle a property that has no equity in this way.

We've not heard of £750 before, but this site never loses it's capacity to surprise!

The good news is that lots of firms will do precisely the same thing without charging anything extra at all. Four of these firms are represented on this site by Mark, Kevin, Shona and Chris.

So you could organise for a friend or family member to pay this £750 if you wish. Or you could decide that it's a total and utter waste of money and choose to go elsewhere.

£750 for nowt,thats inflation for you. Talk about money for old rope!!! Find a company that doesnt charge you a fee for having no equity to release!!!

Unbelievable!! Well actually its all too believable!!

Paul

The most cursory wander around this site will show you that people rave about the high level of service, courtesy and efficency they get from the experts who contribute to this site, especially Mark McFadyen. It may well not be his place to recommend anyone but you'll find plenty of satisfied customers who will recommend him in the most glowing terms. Also Kevin Mapstone of RSM Tenon.

They will expect you to be completely honest and upfront about EVERYTHING but in return will make this process as pain free and dignified as possible for you. You should expect to be budgeting hard for a few years but you'll see the light at the end of the tunnel very quickly.

Good luck

Going to CAB first is a good idea. After three consultations, they advised either a TD or VS. They gave me a short list of firms they had dealt with and had received good feedback from the clients. This removes the risk of having to try and pick someone from on line options. Like any shipwreck there are plenty of sharks swimming around looking to snap up desperate victims.

...and to continue the metaphor, hopefully plenty of good people able to lift your head above water and offer a life raft!

I'm not sure if this is the case in all TD companies. But when I had started my TD, I was told that I was to pay £500 within the first 6 mths. Once I had done this, my case manager had then told me that this money would be deducted from the outstanding equity payable at the end of my TD. So it may be worth your while just asking the question.

Carol