Hi steve027

Sometimes the only thing you can do is to do as much independent research as possible and look at other people's comments. Although I recently went on ratedpeople.com looking for a painter & decorator. That worked out well! I am joking on that point.

The best way to ensure there are no surprises is always to sit down face to face and look at all the options. Draw up a huge list of questions and ensure there are no doubts, grey areas on points which can be disputed later on. Ensure everything is put in writing before signing anything.

The key points in my experience are normally equity, car(s), contribution and overtime/bonus payments. If these are all fully clear at the start, then you'll at least limit any future issues.

Mark

PS TDA can I name the painting and decorating firm as a warning?

Hi Mark.

I was once told by someone that if you have to ask whether you should do something you probably shouldn't be doing it!

Hi thanks again for all the advice. I was referred to KPMG through another party using a google search. Trust deed Scotland. Net. My trouble resolves around credit cards in particular of which I have 4. £7500, £7000 £4300. £1000 give or take. I have 2 loans at £ 2827 and £ 13897 which I think are secured although I'm not entirely sure. I also have my mortgage which is at £110000. Paying the mortgage and loans is manageable although the lady from KPMG wants me to sign letter she sends out giving her permission to speak to bank on my behalf and see if loans are secured as they may be able to incorporate into trust deed if they are not protected. Is this normal as she assures me she is only looking into my finance and I won't have actually signed over my life to her? I'm also aware that a couple of cc debts have been sold on to debt collectors and having a friend in this business I know how little they buy this for so there is no chance they'll get full amount out me now as my credit score is affected anyway. I was unfortunate enough to buy my home around 6 months before market crashed so I would say there is at least 20k negative equity in it. I don't have a car and my only vehicle is works van (which is not mine) my income is around £1500 a month so god knows how I acquired as much debt but from 1 cc at a £1000 I ended up with 4 increasing the limit every time I was close to reaching limit. I'm not blaming anyone for my position but myself but surely responsible lenders have a duty to say hold on let's think about bringing this down instead of increasing it. If bankruptcy is the best option I really would just like to get on with it but the lady in KPMG seems certain a trust deed is the best option for all involved because I have no assets or money I can access , stocks shares etc. if I was that clever I wouldn't have all this debt . Also the fact there is no equity in my home seems to be a plus for me as there would be no point selling for bank to lose more money. The trust deed seems a bit to good to be true though. The fact it will show on credit rating for 3 - 6 years dosent bother me as after this experience I won't even be applying for a blockbuster card in future and never want to be in debt again

Thanks again for replies to my concerns

Hi Steve027,

Is your mortgage with NRAM Plc?

A Trust Deed and also Bankruptcy could be suitable options for you. You want to discuss the pros and cons of both options and from that you can then decide which one suits you. Don't let yourself be guided too much my the advisor at KPMG towards a Trust Deed without knowing what your other options are. A good advisor should be able to sit down with you and work through everything and I mean everything.

I think lenders at one point had the attitude that if they lend to everyone that more people will pay their debts back than not. It can feel frustrating for people in debt because lenders will keep topping up your debts until they finally say no more at which point you ask them for help and they can't offer any.

Have KPMG asked you to pay a £500 nominal sum payment to protect your property?

Hi TDA

It's a good point. I suppose it like those newspaper heading JP burns his hand in fireball horror, but you never know what the Justice of the Peace was doing before the fire!

Mark

Hi steve07

I would have thought the easiest way to check the loan would have been to check the statement. At least it avoids contacting creditors before you've agreed to anything. If you have an NRAM mortgage, it may be an unsecured 'together' loan which forms part of any trust deed.

The too good to be true statement is widely used, but the same rules apply to all. The point of the trust deed is to agree a proposal which you and the creditors are happy with.

Sitting down with someone who can review your paperwork can give you a definitive way forward with no unknowns. That's the key, a set plan with a start and end date and especially no surprises.

As you say the property is key and once this is resolved, things will be a lot clearer.

Mark

Hi David. Yeah KPMG had mentioned the £500. Am I right in understanding this it to protect property from having any possible equity pulled from house at end of td. I am seeing a lot on these forums about this?

Hi mark, my mortgage is with rbs and my 2 loans are aswell. I'd love to sit down and speak with some one but there are so many debt experts when I search online and it's hard to see which ones to choose. I'd imagine there will be a few who do what is best for there interests instead of mine.

Hi Steve027.

If there's no equity at the start some firms charge £500 to prevent it being valued again later.

Lots of firms (including the four trust deed firms represented here by Mark, Kevin, David and Rob) do the exact same thing but without charging the £500. As a consumer I cannot see any advantage whatsoever in having to find £500 when you don't need to.

Hi steve027

You make a good point, the best you can do is sit down and see what options are available and make an informed choice.

RBS are a funny one as the have something called 'All sums security' which in theory can attach unsecured debt to secured debt, however I could bore you all night with the ins and outs of this, although it's rarely an issue. But it's just another thing to ensure that the advice and decision at the end of the day is the right one for you. It's all about striking a balance.

Mark

PS in my experience, there are a lot of good guys out there who will provide advice which is 100% based on what your best options are.

Hi TDA I've been on a few forums on here and noticed this same advice from you, I'm not entirely sure who to speak to as most people payed the £500 for peace of mind. I also noticed a post from Kevin on another forum where he recommends paying the £500 as it gives creditors a little assurance of some more money in pot and could increase chance of protected trust deed?

Hi mark. Thanks again for the advice. I'm sure there are far more debt experts out there that look out for there clients than themselves and believe me I don't grudge anyone a penny of the money they make if they could get me back on track. They would certainly be on my Xmas card list for life. I should def take some Time to speak to a couple of advisors in more detail from this forum

Hi Steve

Good stuff. Instinct will play a big part.

Ensure it's all put in writing & question everything. Believe it or not, we like questions.

Mark

I'd likee to go into more detail bout my situation so should maybe call you or company you work with to discuss

Hi Steve027.

Any of the experts here can be contacted using the "contact buttons" in their forum post signatures.

I'm unsure which post from Kevin you refer to but his firm no longer charges this £500. He may have been posting to someone that had already made themselves subject to this fee when they signed with a different firm, or it may be a very old thread when his firm still charged it.