Can you contact more than one company when setting up a trust deed to check for best deal ie charges ,length of trust deed and also the £500 equity question ? I am currently dealing with payplan and they are arranging for a company to contact us but after reading the forum i would like to see what your advisers would suggest. Thanks for your help.
Hi Sammy20
Yes of course you can, until you hav signed with a company you are free to investigate everyone! I would hope that answers do not vary too much as we are all bound by the same legislation, however, you are right that some of us don't charge the £500 to purchase the Trustee's interest in your property. I take it thre is no equity in your property, so please make sure you get the terms regarding your house, and other assets, in writing before you sign anything.
My only advise would be that it is usually better if you can meet someone face-to-face, just because you get a better idea of the firm if you have met them. It is also easier if you have problems durimng your Trust Deed, as you have a contact there should you need them.
Shona is not currently posting in the Trust-Deed.co.uk forum.
Welcome to the forum sammy20.
Just in addition to the comments from Shona is it sensible to take an interest in the proposed level of fees and especially so if the trust deed being presented to you is for a period of more than three years. There can be good reasons for a trust deed running more than three years, but covering the cost of excessive fees isn't one of them and this does happen from time to time.
As Shona says most firms no longer charge that £500 (to cover against a property that increases in value but which has no equity at the start of a trust deed) and this includes the three that are represented here by Mark, Shona and Kevin. With so many firms not charging this amount it's really difficult to come up with a reason why anyone would choose to pay it.
A trust deed is a very significant step to take. I'm not sure many of us would involve ourselves in any other type of major purchase (of services or goods) without protecting ourselves by making some comparisons about price and quality and service in advance.