Hi Darren C

It's too open a question to be able to provide any kind of guidance.

There are only 3 ways ( well 4 really) out of a Trust Deed and I can't see a mechanism for it being finalised due to being 'mis sold'. If you hsave a genuine complaint, you should speak with the Trustee to voice your concerns and if you are still unhappy, then the Trustee's governing body can intervene.

Mark

Hi Darren C and welcome.

An issue with trust deeds is that they become binding on all of the parties. Even if you could demonstrate that you were poorly advised your legal obligations would not be immediately lifted.

What is the basis for believing that the advice you got was incorrect?

when i originally signed it was with a 3rd party Valour from which it was suggested It was the best solution for me and would be over a 3 year period for which I paid £120 for the pleasure, I was then passed on to another company Mcgregor's, I believe being under so much financial stress it is wrong that you get someone pressuring you into something i clearly did not understand.I also think its wrong that they send you your document that is full of wording that even the most intelligent persons would struggle to understand. If i had looked into it in more detail bankruptcy would of been the better option as i had and have no assets.

I may also add I have spoke to trustee who seem more interested in reeling money in then my interests. They have also ask me to provide proof that i do not own my mothers car which i think is crazy?

Hi Darren,

It's obviously important that people are given plenty of information so that they can make an informed choice. However, not owning assets does not mean that bankruptcy will necessarily be a better option than a protected trust deed. Many people without assets choose trust deeds on a fully informed basis.

When appointing your trustee you made them responsible to recover what they could for your creditors including from assets. This might include checking the ownership of a vehicle. In bankruptcy the trustee might well do the exact same thing.

People should never speak to just one source for advice. Talk to several companies to see what they all say.

Paul

Thanks Amy

The one thing that really got me questioning the trust deed was when I went from full time work 40hrs pw to part work 25hr pw and they were less than helpful as you can understand my hrly rate dropped by over a pound and nearly half the hrs which left struggling to live and they still wanted me to contribute and took court action after only 1 week of discussion. How can they do this and why was i not offered some sort of period so i could sort my finances. My take home pay was only 650pm and some months were 5 wks.

Hi Darren.

What was the reason behind the change in working hours and pay?

Was a reduction in contribution offered?

Had you missed some payments at the time of the change?