Hi Morks1

Have you sat with someone face to face to run through the options? This allows you to ask questions and ensure you have definite answers before proceeding. Can I ask what the level of contribution is as 5 years appears to be fairly long.

The Trustee has the option to exclude property in a Trust deed which is fairly rare, but if the negative equity is at the level you state, then there should not be an issue.

Mark

Hi Mark

It will be around £500.00 split between us for three years we have a vehicle on HP for the next three years then the finance expires on that the payment will go up to reflect that for the following two.

All the interviews have been done by telephone, and I am in a situation that if things don't move on fast I will be in more trouble than I already am.

Hi sorry

The mortgage owing is 101k and it was valued at 2.000 less so that is its negative equity the smaller amount.

Hi Morks1

You are about to tie yourself to a firm for 5 years where there has been no meeting and no guarantees or confirmation on matters. They also need to confirm ID and I am unsure how this can be done when you have not met with anyone.

I think the time period still appears too long based on the level of contribution as it stands and especially if there will be a review after the HP.

The Trust Deed itself can be set up quickly as the documentation is pretty standard.

Mark

Welcome to the Trust-deed.co.uk Forum Morks1

You should spend a little time reading through the forum of posts where people have jumped head first in to a trust deed and regretted it due to questions being unanswered and fears you're already having before you have even started. Your post "Scared and confused" tells me that you're not entirely comfortable with your trust deed provider-to-be so far.

Hi Mark

You had to send off copies of your driving licence for ID. Lloyds TSB recommended them to me when their customer support people could not help me.

I would probably be due them money if I backed out now? I have sent off all the O/S billing debt letter's to them as well its been going on since the beginning of June so I think I am in to deep as payments were defaulted last month on loans and credit cards so my creditors are well and truley after me.

Hi morks1

Their ID policy doesnt work and is legally incompetent.

I can't see why you would owe them money if you've not signed as there should be no cost involved. I think you will get calls etc from creditors, but would be surprised if there was any legal action as that takes quite some time. I am also not sure why it has taken 4 weeks to the current position.

As I said, be carefull tying yourself into a 5 year legally binding arrangement until matters are fully discussed and confirmed in writing.

Mark

Hi Mark

What would your procedure be? I have seven days to get the letters off to them they have all the documents and the debts involved I know I would need to supply yourselves with this also the house evaluation was done by a drive by one. I have heard before that it needs to have people visit the property.

I am really ill with all of this and if you can help and sure that the will not charge me anything I will get in contact with you.

Hi Morks1

Face to face meeting. Everything confirmed in writing the following day and then if you wish to sign, arrange the signing meeting. This could easily be done in 7 days.

As I mentioned earlier, the 5 year thing concerns me as this could be done in a shorter period I'm sure.

Mark

Hi Mark

So this could all be done in seven days, the only issue is we are both at work and getting time off is nearly impossible. How would I get all the debt detail off to you in such a short time and house evaluation etc?

Hi Morks1

After 5pm is fine for meeting. We normally get our surveyor to value the next day and can get paperwork a few days after that.

If you have a statement of affairs and inc/exp that will be enough to kick on with.

Mark

Hi Mark

I need to speak to my husband when he comes in re this. As long as Pay Plan don't charge me anything I think he will be ok and if it is a shorter term.

Would it be your company that we would be using as I am feeling very insecure we are in Fife which is close to Edinburgh?

Hi morks1

Fife is fine.

I think it's wise to look at all options and you still have the pay plan option in the background.

There should never be any fees involved before you sign.

Mark

Hi Mark

At the beginning myself and my husband did sign something to allow them to proceed with the preperation of the trust deed is that where they would get us? The final paperwork has not been signed this is such a mess.