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Topic starter
15/05/2010 6:56 pm
I contacted McKenzie Stewart as we were making all our payments but were really struggling as did not have much extra left and with 2 children we were using the credit cards too much. They said that we had been really sensible as we had not defaulted but needed help as we could see no way out of the mess we were in. They said we required to pay ?é?ú225 and ?é?ú205 per month to a trust deed as this would allow us to be debt free after 36 months. We were so relieved. They referred us to A G Taggart who worked in the same building as them. We thought the first payment which we paid there and then was the first payment of the trust deed but found out later it was a fee to MacKenzie Stewart. The ?é?ú430 we are paying is not saving us any money as we paid around that figure each month to the debt we had. It is exceptionally tight each month but we keep reminding ourselves that it will be all worth it in 2 years time.
After reading the comments on your forum, I feel maybe we rushed into it and should have shopped around so to speak.
I am hoping this firm are ok. We just felt under so much stress and were so relieved that someone could help. I still wonder if we should be paying less as I kept saying that this would not save us any money per month. It is really hard especially when you do not have a credit card for emergencies and with the children constantly needing things the stress is still there.
Can anyone advise if we have done the right thing or have you any experience of these companies.
17/05/2010 10:29 am
Try not to worry CAR038. There is no reason to suppose that your trust deed will not run smoothly. I don't recall seeing any negative feedback on this forum regarding A G Taggart - seems to be mostly McKenzie Stewart's side of things where people are having issues, and you will have finished your dealings with them now that your trust deed is up and running I imagine.
In terms of youre monthly payments, your trustee is meant to assess what you can reasonably afford each month and ask for that from you. If you feel that what you are paying is unmanageable then you should talk to your trustee about possibly reducing your contribution payments a little - though you may well find that the term of your trust deed is extended a little to compensate.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
18/05/2010 7:11 pm
Hi Kevin
Yes we have no further dealings with then now and have been paying our trust deed for a year.
We will try and continue paying what we are at present as we we do not wish it to be extended. After reading some of the other posts, we also have a car and are paying ?é?ú78 per month on it. The finance will still be running after the trust deed has ended. We are also paying a secured loan to picture finance. We did not wish the car to be put at risk as this is essential for our needs. After reading other posts I am hoping that this does not come into the equation once the trust deed is over. Nothing was dicussed re the car but now I am wondering how this will go.
19/05/2010 9:46 am
Hello CAR038,
We've often heard on this forum that cars on HP, where the HP extends after the end of the Trust Deed, are not taken into account as an asset. In a number of circumstances there may be exceptions but the experts on the site say that in practice such exceptions are fairly rare.
If you want clarity on the situation you could write to your Trustee and ask for a written response about how this will be handled.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
