Based on the information you have provided, I don't see any reason why trust deeds shouldn't work for you, Stephanie - though without going into your circumstances in a bit more detail it is impossible to say.

Have you had the house valued? Most good companies will confirm the valuation in advance of you signing up, to make sure that there is indeed no equity and therefore avoid any nasty surprises afterwards.

Also, have they mentioned anything about you having to pay £500 in respect of your property, on top of your 36 monthly contribution payments? If so, you should be aware that this payment is not strictly necessary and many firms (including those represented on this forum) do not require it.

Thank you for your reply Kevin. Basically the girl at KPMG did consult with a surveyor who gave her a best & worst case, in the worst case we would end up in negative equity.

She did mention £500, something about safeguarding the equity in the house should there be any in the future? I did wonder where the £500 was going to come from. Are you saying we don't need to pay this?

Also, I mentioned to her, I'd only given a very rough estimate of our outgoings, if I increased any of these would it reduce my monthly payments, she said if I increased any then a trust deed wouldn't be for us. If that is the case then what would follow a trust deed, would it be sequestration and would that entail selling the house. If that is the case then it seems before we get any further in it a trust deed is our only option - would you agree ?

Thanks

Can I also ask, does it matter who you go with for the trust deed? Are some accountants better than others to deal with - do they all charge different fees ? How do I know who to trust ???

I am with a company not represented on this forum and have had a few minor problems but wish I had chosen one of the ones listed here as the support they give you on this forum is fantastic. I also have a trust deed along with my husband. We have 2 children. Our TD was taken over 4 years with 11 payments left. So far I would say its the best decision we made but I'm still a bit nervous that something may change or go wrong before discharge. Fingers crossed it won't. Good luck.

Thank you Mrs Mac, that's what I needed to hear. It all sounds too promising, I'm not naive enough to think it won't be tough but it would at least be a light at the end of this massive debt tunnel. Thank you for your reply x

Can I ask have you ever had to ask them to defer a payment? One of my biggest worries is if we need cash for an emergency. I'm told it's easy to postpone a payment, but I'm not sure if this is actually the case ?

Hi Stephanie

I think the key point is the house. I am not sure a best and worst scenario is sufficient. Before doing anything, ensure you have a no equity confirmation or equity confirmation. It is too important an issue to leave floating.

You should ensure all matters are fully agreed in writing before you do anything. Endure contribution, time period, overtime, equity and car position are all fully clarified.

Mark

Thank you Mark, how do I know who to go with? I see KPMG are on the list of approved people here, I think it was a company called Debt Solutions Scotland that I originally contacted. Are they ok to deal with? How do I know ??

Also, don't be rushed into deciding before speaking to at least one other company.

You don't need to pay £500 if your house has no equity (even if it does) and actually someone else has to pay it for people who choose a company who charge it.

If your house has equity, both trust deeds and bankruptcy require the amount to be made available to the trustee for payment to your debts, this is usually paid by you after the process is complete or by someone else during. Best to get the amount clarified first though.

Hi Stephanie and welcome.

The list you refer to isn't an "approved people" site in terms of the views of Trust-Deed.co.uk. Sorry if that was confusing. This is just a list of insolvency practitioners that provide trust deed services. It was originally added to the site to help people avoid the (thankfully dwindling) number of crooks and sharks that used to pretend that they were insolvency practitioners.

We only recommend four firms that are represented on the forum here by Mark, Kevin, Shona, and Chris. We think they're all good firms, but there are other good firms out there as well. There are also some firms that get a rough write-up from their clients on here.

I see, thank you, I'll defintely be in touch with someone else then. I'm trying to get as much info as I can to be sure we're doing the right thing. If only I had a crystal ball !!!

Take your time Stephanie.

It's much more important in the long-run to make the right decision than it is to make a quick decision.

Hi Stephanie

No need for a crystal ball, honest. Just ensure all key points are fully clarified. No 'might' 'could' etc.

Exact information and advice & you'll be fine.

Mark

Thank you Mark, I'd like to speak to yourself about it and see what your firm recommends. It's not something I'm going to do before Christmas, so perhaps in January I could get back in touch ? Thank you

I'm with KPMG. Although I haven't had major issues, I have found it very hard to communicate with them as speaking to the same person twice is a rarity. I have had numerous letters from them over the past couple of years and not one of them has the same person to contact on it. Possibly a result of being such a large firm but frustrating none the less.

If I had discovered this forum before signing up, I would have gone with another firm. You won't find too many people singing KPMG's praises if you look through the posts.

Good luck with everything but please get a second opinion on what to do.