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Scottish Trust Deed Forum
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Topic starter
03/04/2012 3:23 pm
Hi
We started the process of entering into a TD at the end of Jan with a third party company (Kelsom in Glasgow) and at the start of Feb visited them in order to sign our initial set of documents. These documents effectively were the background required to build our case.
As of now, we are still waiting for the actual set of documents from our actual IP (Knightsbridge) which we need to sign and return. Then as I understand it, they write to creditors and the 5 week period starts before we can considered ourselves protected. This is despite being told by Kelsom at the beginning of Feb that everything takes "5 to 7 weeks".
It seems to me to be taking a long time and it's slightly concerning from a point of view of having to deal with creditors in the meantime etc.
When we initially signed up we were advised to take out a new bank account which we did and knightsbridge have a standing order payment set up - first payment was taken March 12th. So, the next payment is due April 12th and we will still not be in a PTD by then.
So, two questions really ...
Is this situation usual ? I understand that the companies involved in administering have to be paid but I'm very concerned that pretty soon we will have paid two payments and are not in the position of being in a PTD.
It might possibly be three payments at this rate.
Am I correct in thinking that these payments count as part of the 3 year TD ?
I've asked again today, when these documents will be with us for signing. If I don't get a satisfactory answer is it feasible that I can elect to use another IP and start again ? I didn't know this forum existed before going into this and would most certainly have done things differently.
I know that probably means writing off a months payment but I am so unhappy / uneasy about this that it might be an option. Added complexity is that we are away camping next week - ie. during the period when the next payment will come out.
03/04/2012 3:32 pm
Hi Redguard
As an average I will sit with someone at the first meeting. Post the meeting notes for review on average 1 - 3 days later and the Trust Deed is up and running at any date the person chooses after receiving the notes. It could be as little as day 4 or the end of the month, whatever they decide. There are no real reasons why matters should take that long.
My one wee concern would be any payments made before the Trust Deed is signed as the proposed Trustee has no immediate authority to hold these payments. You should pay, in total, 36 x contribution.
Hope this helps
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
03/04/2012 3:58 pm
Hello Redguard.
So you haven't signed the trust deed documentation itself?
If you haven't you remain able to proceed with whichever firm you choose to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/04/2012 4:11 pm
Hi there, no we've signed any actual TD documents yet - more like the initial consulation and the resulting information to build up the case to send to the IP company. I'll call Kelsom to verify this - but that seems to be the situation.
Must admit I am seriously considering swapping to another firm - just dont feel comfortable here. We have to have a relationship with someone for 3 yrs - it has to feel right and just now that's not the case.
Thanks for the replies, too late now before the Easter break but certainly afterward if no progress I will come and get in touch.
03/04/2012 10:08 pm
If it's at all possible, get your money back and dump them IMMEDIATELY. Tell them their service simply isn't good enough. It really isn't.
Go with any of the experts who post on this site. They are ALL constantly praised by their clients on this forum for their efficiency, empathy and honesty.
03/04/2012 10:13 pm
Hi redguard,
A trust deed should not take this long to set up, unless you are the one wanting the delay. You most certainly should not be making payments if the trust deed is not signed, so that is by concerning. There would appear to be no reason for the delay, and considering you are throne left getting the grief from creditors, I see this as totally unacceptable. You are right, you have to trust this firm for the next 3 years, and you should not be the one having to chase them up!
Shona is not currently posting in the Trust-Deed.co.uk forum.
