Yip I have told my parents and partner who would be willing to help.

That's very kind of them tallpaul. I'm sure you're appreciative of having supportive people around you.

Your option therefore appears to be to progress with the trust deed with the firm you've been talking to, or to get a second opinion from a firm that would not charge this £500.

What would your advice be tda. My problem with going somewhere else is I default on Friday and this would add more time to the process. I basically want this fixed fast and with least hassle possible.

Hi tallpaul,

Don't feel that because you will miss your first payment to your debts on Friday that you need to rush ahead with things. I regularly speak with people who haven't paid their debts for 5,6,7 8 months or longer. Not paying things on Friday shouldn't be a reason to proceed as quickly as possible.

I wouldn't look at missing 1 payment on Friday as defaulting and creating a massive problem for you. People miss payments all the time towards their debts.

Entering into a Trust Deed and effectively transferring any assets that you have at the moment and any assets that you could potentially acquire over the next 4 years is a big decision to make. You need to be sure but most importantly you need to feel comfortable with the advisor and company that you are going to use to set up your Trust Deed and with the information that you have been told. After all, you will be dealing with the same advisor for the next 4 years.

By speaking with another company you would then have a second opinion and in fact it wouldn't actually delay things at all. From this you can then gauge what you have been told by a couple of advisors and from that decide who to proceed with.

Hi tallpaul.

It's almost always better to make a good decision than a quick decision. I might say differently if you were at immediate threat of bankruptcy or repossession. However, as you aren't according to how you've described everything, you've plenty of time to make an informed decision.

You may well end up using the firm you're already speaking with, but don't feel that your options are restricted because you'll be missing payments this Friday. They aren't.

Hi tallpaul

I would urge you to get a second opinion. I know you are worried about how long it takes to set up but, for me, I met Mark McFadyen on a Tuesday, discussed my options with him, went home and had a think. I decided that the TD was the way to go and I think I signed on the Friday. It was done and dusted within 4 days.

Luckily I didn't have the issue of equity and like you my car was worth less tha £3,000.

As TDA states the firms on this forum DO NOT charge the £500. I can't understand firms that do but that is there business.

I also got the phone calls from missed payments. I answered them and explained that I was entering a TD - after explaining what a TD was to them, they noted it in their records. Nevertheless it didn't stop their colleagues calling me but I ignored them.

Good luck!