Welcome to the trust deed forum Blackford.

I've heard of the firm you mention. My understanding is that they are protected trust deed intermediaries rather than a firm that handles trust deeds themselves.

When searching for an IP to resolve my financial problems, part of the problem was "who to go to - there are so many!" But as TDA indicates, there are a clutch of brokers/agents/intermediaries all looking to get a slice of the increasingly popular PTD market, who are more inclined to send your business in the direction of those who are giving them the largest perecentage, not who is best for you and your needs.

I can only say that having just completed my 3 year PDTD, it has been invaluable having a direct link to a firm of long established and reliable CAs, and not have to work through "middle men" who want the commission but are not there for you when you need them, and certainly not to answer the many points which this forum so helpfully illustrates form a part of a PTD. Answers to such issues are always to be found - but you need the right person to ask!

Some fair points there Charlie1958.

Intermediaries that may refer someone to go ahead with a trust deed come in all shapes and sizes. It can be advisers at a Citizens Advice Bureau, Money Advisers, this website acts as an intermediary in some circumstances, debt management plan companies that feel their client would be better served by a trust deed, or agencies specifically marketing their services to find trust deed cases for example.

On this website we hear good and bad things about intermediaries (as we all hear good and bad things about actual providers of trust deeds as well).

I think some things that might help people to get the right advice in the first place, and to find their way to a good provider of trust deeds, are:

1 - Insist that any adviser you speak to about debt (at any type of firm or agency) tells you what their professional qualifications are. You may be surprised to know that, unlike almost every other aspect of financial services, there is no requirement to hold a professional qualification to provide advice on debt or trust deeds. Do you want to take advice from someone who lacks qualifications to prove they can properly provide it?

2 - Ask loads of questions and don't sign anything until you're happy with the answers. On the more important issues you may want to get written confirmations before you sign a trust deed (equity in a home, what will happen to extra income, or your car for example).

3 - If you're dealing with an intermediary, don't fully rely on their answers when you come to sign a trust deed. There are a small minority of operators out there that will tell people pretty much anything in order to get them to sign up. Some of the things we hear when people call our advice line are shocking (beyond what gets written here on many occasions). The danger is that someone is concerned about something, a dodgy intermediary tells them what they want to hear, so they don't then ask the trust deed provider about it. After they've signed the trust deed they find out that what they were told was wrong... but it's too late for anyone to do anything about it.

4 - Are you getting advice or a sales-pitch? Good advisers will tell you about all of your options, may suggest one course of action might be preferable in some cases, and will then give you space to make a decision that you feel is right for you if that is what you need. They will also tell you about the negatives of a trust deed as well as the benefits.
Salespeople will be pushing you to make a decision quickly, sign and return paperwork quickly and so on. They'll also focus on the positives of a trust deed while making little effort to tell you about the possible negatives (all debt solutions have pros and cons).
If you're getting a sales-pitch do a runner and find someone who is professional enough to provide you with proper advice and the time you need to make a considered decision.

5 - Choose a trust deed firm that you have a reason to trust. Maybe someone you know used a firm that did a good job, you've read positive reviews about a firm, or you've spoken to two or three firms and one of them stood out as being more professional and helpful. Whether you are approaching a trust deed firm directly, or being referred to one by an intermediary, remember that you're not committed unless you sign the trust deed documentation... so a bit of effort to make sure the firm you are with has given you reason to trust them makes sense.

Good tips TDA.
For bankruptcy, does the same apply or is it necessary to have things 'packaged' by an intermediary?

Hi Pamjo.

If you need a Certificate for Sequestration you'll need the help of an insolvency practitioner or Money Adviser to get it. This certificate is then used to apply for the bankruptcy.

In other circumstances (such as where LILA applies) you can apply to the AIB directly if you wish. Some people will seek help completing the application forms, help which can be provided by the CAB or a Money Adviser for example. It's not required though.

Nobody is allowed to charge for providing a certificate for sequestration. There are firms that will charge for assistance with the bankruptcy process (filling in forms mainly) and there are also agencies that will provide this support for free.

Hi Blackford

As TDA says be careful before you sign anything. The problem with some intermediaries, is that you are not always dealing with someoe with the required knowledge or experience. If you are not sure, walk away.

Hi,
I am unfortunately one of the unfortunate people that have had dealings with rite financial and not very good ones!

I was contacted initially and got put on to speak to a gentleman apparently from rite financial who gave me LOADS of information but no different options on how to solve my debt problem just told a trust deed would be in my best interests and after a long phone call and pressurisation to sign up and me still not fully understanding he suggested he would send someone out to see me at my address!

After lots of doubts. A gentleman turned up at my house with no I.d card nor any information on the trust deed!
Any questions I needed answered he had to contact someone else for them to be answered so un proffesional
I was having more and more doubts as the high payment option I was given I was worried I couldnt keep up with. The gentlemen who I spoke to AGAIN called someone to talk to me on this matter. I was then given the option to take out a trust deed for 5 years as this would be in my best interests!
I then proceeded to start signing some paper work which had wrong information on it. This was scored out and written to which I believed to be correct. NO paperwork had any company name on it to be seen.
It then came to the most important piece of paper of all for me to sign which was to accept all this and commit to the trust deed, my name was spelt wron on this. Once again the gentlemen called someone to get advice on signing. Luckily I could nt sign.
The man at my house STILL took my original documents ie: bank statements, pay slips, vehicle registration document etc, also took a copy of my drivin license and said someone would be in touch with me.
I decided then that this did nt seem right and that I didnot want to proceed with this anymore, the company tried to change my mind but I assured them I did not want it any more!
I asked them to send my documents back which they said they would, I still have nt received these 2-3 weeks later, I have contacted numerous times and been met with VERY rude people alon with my calls just nit being answered at all! To this day I still try and contact them but have had no answer from both landline nor mobile number and still have not reviews my documents!
If this company contact you I strongly suggest you don't give them any information nor give them any documents as you might be in the same place as I am today.
I believe I got a lucky escape and would NEVER recommend this company to anyone!
Hope this information is useful!

Welcome to the forum Morrice82.

I'm sorry to hear about all of this, but well done for sticking to your guns and not making a commitment you were uncomfortable about.

It's hard to see any reason why it should take weeks to get your documentation back. Have you enlisted any help in terms of encouraging or demanding the return of them?