Welcome to the trust deed forum alan123.

The first thing to say is that MLM probably should be on the lists on this site. I don't think that the absence at the moment should concern you... an update is required at our end I think.

The quality of service does seem to vary widely from firm to firm. There are some that receive regular poor feedback here, and others that are hardly ever mentioned (which is probably a good sign in terms of how forums generally operate - on average people are much more likely to write about poor service than good service).

A lot of good debt advisers choose not to offer a direct recommendation to a client. It's often thought to be better to provide information on the negatives and positives associated with each of the available solutions and allow a client time to think through what is important to them. Two people with exactly the same circumstances will not necessarily want to choose the same type of debt solution as personal attitudes and preferences come into it as well as numbers.

In a trust deed or bankruptcy the valuation will normally be instructed after you have gone ahead. This can obviously cause some uncertainty if there will be consequences attached to the actual valuation that is provided.
In trust deeds this is sometimes worked around by selecting a trust deed company, asking them who they use for valuations, and instructing a valuation yourself (with the knowledge of the trust deed company and with their prior agreement to use this valuation if you then sign the trust deed). This will involve some expense but for some people may be well worthwhile.

Hi alan123

I have always thought that the Trust Deed should be preferable to sequestration, however there are a number of factors which may suggest the Sequestration to be the better option. Usually pre existing legal action. Is there any legal action?

On the subject of the 14 day notice, could you advise who the creditor is who served this. This may be an area of real concern and you should try to seek to clarify your position with the property, options asap. Most IP's should be able to get an indication of value via a desk top valuation from their surveyor before you sign anything.

Please be a bit wary of the potential legal action.

Mark

Thank you for the advice.

With regards to a forced sale of the property as a result of sequestration, a webpage that I have viewed states that:

if there are children in the home, the trustee might not have a right to sell it.

I've not been able to find out any more specific on this. Do you have any experience relating to a forced sale with children in the home?

Thanks again for the advice.

Hi Alan123

The Trustee can seek an action of Division and Sale to force the sale of the property. If there are children, the sheriff may delay the sale by 12 months or so, however I have never known or been aware of any case or any legal right whereby children defeat the interests of the trustee in property. The best to hope for is an extension.

You should remember a Trustee in sequestration acts solely for creditors, whereas a Trust Deed they act for creditors but have a residual obligation to you as well.

Mark

Hello alan123.

I hope you don't mind, but I have edited the link in your last post. In general we ask that external links aren't posted to the forum (one reason being that we have no control over the accuracy of the information presented on external sites).

In this instance some of the information on the page was quite out of date. The website itself was recently the subject of an announcement from the OFT that they may be taking enforcement action against it.

Thanks again for the advice.

Mark, you say

*You should remember a Trustee in sequestration acts solely for creditors, whereas a Trust Deed they act for creditors but have a residual obligation to you as well.*

When I met with the IP he mentioned something similar to this, but it does feel a bit vague, and I was wondering if you could advise me as to the specifics of how a a Trustee's behaviour differs between the case of sequestration and a PTD.

How might his residual obligation to me manifest itself?

Thanks.

Hi alan123

It's too difficult a question to answer as I don't know your creds/ Inc & exp and a large number of other factors.

Forums, and particular this one with the input, provide a fantastic insight. That said, circumstances are so varied that one small issue can make a huge and I mean a huge difference. I can only relate back what I say to everyone. Meet, ask specific questions and ensure you have SPECIFIC answers. Sometimes things are too big to leave to the might be/ could be crowd.

My advice if things are vague? Run.

Please always ensure that ALL points are highlighted and confirmed before doing anything.

Mark

Your advice is greatly appreciated. I have an appointment with an IP today and you've helped me collate a significant list of questions, which I'll ensure I get solid answers to.

Thanks again.

Hi Alan

Please let us know how you get on.

Regards

Mark