Hi bry607

Have you sat down with anyone from the company to discuss these issues?

Mark

hi, the piece about the car is clear now. sorry.

But about me being able to spend SOME of the saving i have not spoke to anyone. Was really just a query.

Would i be better opening a new bank account before i sign my deed paperwork?

Hi bry607

My advice would be to use the search facility to read some of the previous posts by people who have signed Trust Deeds without fully discussing matters face to face.

Mark

Hi bry607.

A budget will be created to meet your reasonable expenditure. How you spend that is pretty much up to you. There will not be a lot of surplus cash as that is used as the trust deed payment.

Think of a trust deed as a way to deal with debts you cannot afford; it's not really a tool to save money.

Sorry, should have said you'll need a bank account with a bank you owe no money to before you go ahead.

ok thank you, thats fine.

The bank account that i have at the moment has a £300 overdraft on it, will i need to pay this off before i switch banks?

I have'nt yet signed the deed but the lady on the phone oday told me to cancel my direct debits for my loans, is this correct procedure?

And also the company i am thinking of going with is Wilson Andrews, i have read reviews from this website and they are mixed but with you being an expert can you give me a review please?

Thank you

Hi Bry607

It is difficult to review as there is no financial info. That said, you could well be entering a legally binding 3 year arrangement where the position with the car and contribution has not been fully clarified.

Mark

Hi Bry,

I'm not going to dance around the issues here - if you have any money left over after all your expenditure has been worked out then it has been worked out wrong, you should be paying ALL you can afford to the TD. The miscalculation is most likely to be as a result you not fully disclosing all income/expenditure.

What you should be aware of is that if you have not been honest by the time your first review comes around you will be found out, TD providers will ask to see your wage slips and your bank statements, if £300 extra is being spent on odds and ends it will not go down well and will most likely result in your TD being extended and your payments increased.

The car I am not sure where you stand.

Cancelling of direct debits is standard - but usually only after signing the TD, because who is to say it will all work out with your TD provider? I suggest you wait till you sign.

Hi and thank you.

It actually turns out i worked it out wrong, i wont actually have an extra £300. Basically i done my calculations wrong. Yes the deed will certainly make my loan repayments less but what i am left with is basically just enough to get me by.

Think everything was just getting to me and thats how mistakes are made i suppose.

So main question is would you recommend a trust deed?

Oh definitely,

I don't have anything to save - but I didn't have anything to save before my TD either.

No more calls, no more letters and no more stress, its the best thing I have ever done. I am now about 18 months in, so half way there and I don't regret a thing.

How much do you think your car is worth bry607?

my car in 3 years time, according to parkers car guide will be worth 1500.

if i have not signed the forms yet is it still ok to back out?

Is that the point your car will be valued at bry607?

You're not committed until you sign the trust deed itself.

hi bry607

sorry to come into this so late.

I think you should ask for a meeting face to face, so that all your concerns are answered prior to making a decision. You still seem quite unsure on certain main issues considering you are almost signing a Trust Deed. Ask for a meeting, if they are not prepared to do that, then maybe you should condider someone who will.