Hi West End Worrier,

I think it's only natural to have the concerns that you have regarding setting up your Trust Deed after the recent topics regarding PJG and Creditfix and the transfer of clients between firms.

You are going to be dealing with the same advisor and firm for the next 4 years so you need to be comfortable and happy with everything and the advisor/firm you use.

Mark is the really the only person that can confirm the position. I'm sure he will clarify things for you as he has advised and then it's up to you to go with what you feel is best.

Welcome to the forum West End Worrier.

You're correct that PJG Recovery did recently transfer a significant proportion of the existing trust deeds under their management to Creditfix. Mark McFadyen has explained the reasons elsewhere in the forum, as has the trustee Sue Clay in a statement we added to the site on her behalf.

The circumstances behind this decision are really quite unique and hugely unlikely to be repeated given the new structure of their firm. Mark and Sue Clay (the trustee) are the sole shareholders and directors of the firm now. Previously there were two other persons involved in the business who wanted to exit from it.

Mark has been involved in this site since Day 1 and we're glad that he's continuing to contribute so much here in the forum. Based upon everything that we know, we've no hesitation in continuing to recommend his firm along also with those represented here by David and Kevin.

West End Worrier, my TD was transferred from PJG to Creditfix when I had one payment to go.
I am surprised that Mark is able to guarantee what you are saying, given what has happened to myself and many others.

Of additional concern is the use of the word 'morally' in your post regarding Creditfix.
PJG made the decision to sell a number of its Customers to Creditfix with reassurances.
That could be interpreted as a type of connection albeit only for that transaction.
As you say there are many negative vibes in the internet relating to Creditfix.

I have posted the latest developments regarding my TD elsewhere.
Essentially there is a risk that your TD can be transferred/sold.
Your only hope is that it is sold to the right Company.

Hi Diamond Chap.

There certainly is that possibility, with any firm. Given the commercial realities of the business conditions insolvency firms are experiencing at the moment (reduced volumes and restricted fees) I can almost 100% guarantee you that there will be further consolidation within the market.

It's not an ideal scenario from a consumer point of view. The best thing to do however is obviously still to select a firm that you have reason to trust (whatever those reasons happen to be).