Hi monty196 and welcome to the forum.

Have you had the opportunity to sit down and run through everything connected to the trust deed with someone?

Years of experience in this forum suggests that's a really really good idea prior to going ahead with a trust deed.

Hi month

Never heard of them.

They are sending a rep to pick up your paperwork? How about sending an experienced member of an IP firm to run through all your option, answer all your questions then have it all confirmed to you.

I would read the previous post on how things should be done

Mark

Hi Mark.

I think Knightsbridge is the insolvency arm of this group of companies.

they are an arm of knightbridge.does this make a difference? they seemed to cover all i needed to know over the phone.as i had done a bit of research beforehand.i was curious if anyone had dealt with them.any advice is good.

We'll see if any of our members have any comments for you on the firm monty196.

I'd still advise you not to proceed with a trust deed without having had a face to face meeting to discuss the whole process in detail. So many of the problems reported on this forum over the years come down to a lack of understanding which would have been avoided had such a meeting taken place.

Whether or not you choose to do this is of course a matter for you.

Hi monty196

I see you discussed matters over the phone. Was the position with contribution, equity, car, bonuses etc etc all confirmed in writing. It's part of the best practice guidelines.

Mark

mark,i am waiting on paperwork to arrive.ill read through carefully before i sign.my only real concerns were the company i have dealt with,are they reputable? and how my mortgage could or could not be affected?,mainly as i was give a loan of £12k for the deposit.would you know how the issue of equity would be addressed?....thanks alan

Hi Alan

I have had no dealings with them whatsoever. I assume you have answered an advert from the TV or whatever, had a call where someone, hopefully experienced has spent a good period of time going through your income and expenditure, equity etc.

Even with limited information, I am concerned that the matter of the equity has not been addressed as this is and should be singularly the most important part for you. I am unsure of the position with the deposit, however unless the person has a standard security over the property, then the loan will be regarded as an unsecured loan in the Trust Deed.

Mark

mark,see below.copy and pasting of email i received when i visited the (trust deed website name removed) web site..

Thank you for your enquiry to (website name removed). Here is a quick summary of you application;
We recommend you speak to:

Money Advice Group

Based on the information you have provided, they have been chosen as the most suitable company to help you. One of their advisors will be in contact with you shortly.

If you dont here from Money Advice Group shortly please call 0800 (edit) quoting your name and postcode.

You can also visit their website at; (Money Advice Group website address)

We hope you found our service useful.

Thanks for searching!
(trust deed website URL removed)

Hi monty196.

Again from experience on this forum for years...

Equity in people's homes is the single biggest cause of confusion and future distress that arises here.

I'd advise not to proceed without having a detailed meeting at which all aspects of your mortgage, property, and associated loan for the deposit are discussed.

You'll then want the position about all of this to be clarified in writing before you ever sign a trust deed.

Please take some time over this to make sure everything is OK.

Monty, some things are treated uniformly but as others have said, the questions you are asking relate to the really really important stuff. If you can, search the topics on here such as car, property, equity, bonuses, overtime. These are only a few of the areas which can vary between companies.

Unfortunately, I know for certain that some companies/packagers will tell you the way they do things is 'as required' or, set out in law etc when they actually fall into the 'variable between companies' category. This is a serious distinction to make as there can be large costs involved depending on the issue. Just one example being a payment required to have the value of your house dealt with and any equity established at the beginning. This payment seems to range from £500 to thousands where jointly owned. This is not set down in law or best practice so to a degree it is optional, pay it if you choose a company which charges it or go elsewhere.

Also, on some issues above, you'll possibly be reassured nothing needs to be decided until the end, make sure you're happy with the range of possibilities that leaves open.

Supposing it does cost another week or a couple of meetings, you're better to sign up on the other side of the answers to any questions you have?

Hi monty196.

We were writing at the same time.

For a number of reasons we ask members not to post links in this forum. I've removed them from the post for that reason.

I've also made an editorial decision to remove the name of the website that you initially contacted as it doesn't seem to be specifically relevant to the situation.

I hope you don't mind.

tanks for that.i didnt mean to post a link.im just trying my best to understand the situationfully.

There's no problem with that monty196.

The information you posted will be useful for Mark and the others to review.