Hi jayjay

I think a trust deed over 36 months would be fairly straightforward taking account of the contribution stated and level of debt. Obviously it's difficult to assess with full information, however on a straight no asset & £215 contribution with £22k debts, 36 months is certainly achievable.

Mark

Hi Mark,
Thanks for your speedy reply, I am just a bit annoyed that 39 months was never mentioned until I got the paperwork today. To clarify, my debts are all unsecured with no assets etc. It is a straightforward trustdeed with my creditors being High St names. Do you think it is worth me getting a second opinion? Cheers jay

Hi jayjay

If there are no assets to consider, then it normally comes down to the minimum dividend creditors expect. The options are to work within feeing restrictions to get it accepted or extend it.

We work within guidelines set by creditors, so getting the figures right at the start is not difficult. Personally, any IP firm should be able to give you a definitive answer to contribution and time period that creditors will accept at the 1st stage without the need to adjust this later.

Mark

Sorry, I meant to say that before signing anything you should be given a clear plan. Mainly how much and how long.

That way you have a start and finish date with no unknowns. That is always the key.

Mark

Thanks Mark, I have the plan and it is well detailed, and shows 39 months instead of the verbally agreed 36 months. I will take a 2nd opinion on this, I do feel somewhat misdirected. Thanks for you help.

Hi jayjay,

Mark has summed everything up for you and I'd support his view that a Trust Deed based on your circumstances should be fairly straightforward and over 36 months instead of the 39 as advised by Knightsbridge.

It's always best in my opinion to sit down with someone in person, discuss all of your available options and then decide which option best suits you and what one you want to proceed with.

I spoke with someone last Friday night about a Trust Deed, it looked like on paper and after an assessment she could afford the payment and following my home visit to her house on Tuesday night it was quite clear that she couldn't afford Trust Deed and Sequestration was the most appropriate solution. She was saying what she thought I wanted to hear just to get onto a Trust Deed as her friend was on one. If it wasn't for that home visit I wouldn't have been able to gauge how difficult the client was struggling from day to day.

There is no harm in seeking a 2nd opinion and it's often what we would suggest if you are unsure about anything. It also then allows you to judge the advice that each firm/advisor is giving you.

A second opinion is always a good idea in my opinion, jayjay.

The extra 3 months is probably a direct result of the level of the trustee's fees. Like the others have said, I don't see why this should be necessary based on the information you have provided to us.

It unusual to get the proposal wrong even at the 1st stage. The majority of creditors in Scotland are dealt with by one company TIX we call them who lay down a very specific criteria for acceptance. Before the proposal is send, the IP should no if it meets the criteria or not. If not, why send it!

Mark

Hi EVERYONE!!, Thanks for all your positive replies. I have since spoked to K.I, My advisor said she told me "IT MAY BE SUBJECT TO CHANGE". She became a bit nippy saying how much she has saved me, and that all other companies will charge me the same. So guys, 2nd opinion if you please. Who will help me the bestest!!! Recommendations ASAP. Thanks again

PS. I am more than happy to sign up to a TRUST DEED. For me I KNOW this is the best option. I was merely taken aback when the paperwork came through adding another 3 months.

Hello jayjay.

This website chooses to recommend the four firms represented here in the forum by Mark, Kevin, David and Rob. Each of these firms has helped lots of previous visitors to the forum and has attracted positive feedback here in the past from them.

We don't say they're the only good firms, there are others as well, but they might be a useful starting point if you wanted a second opinion on how a trust deed might work for you.

I would recommend Mark's company, Philip Gill Ltd.
I've been with them since Nov 2011 and they have been great from the first meeting.

You've made a good choice jayjay 🙂

Hey Jinty,

I don't think I could do any worse than Knightsbridge Insolvency. What a nippy sweety the lass was. Would be nice if people could learn some manners regardless of peoples financial situation.

I am glad you KNOW I've made the right choice 😉

That's me signed my Trust-Deed today, Not wanting to wish my life away but hopefully the 36 months will go by quick style. Pleasure dealing with McFadyen the Bad yen. Straight forward chat and paperwork sorted in no time at all. Perhaps the quickest trustdeed in history?? Cheers everyone.