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Scottish Trust Deed Forum
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Topic starter
23/03/2012 7:51 pm
Hi,
I am really hoping that someone can give me some advice. My husband and myself recently came to the decision that the amount we were paying every month onto debt was becoming suffocating and we had to continually use cc to get to the end of the month. We decided to look into a trust deed. I didnt really realise there were so many companies out there and we contacted a company who arranged for someone to come to see us. He duly did and picked up all details of debts. We have £20000 of unsecured debt and this company have said we can pay this back over 4 years at £250.
There was a problem with one of our agreements and the man wasnt sure whether it was a Hire purchase or a personal loan (was for a car) and he said he would be back in touch regarding this. He hasnt as yet.
I dont really know what is happening now as my payments are due to be paid this month and i am worrying about missing them for no reason if the trust deed wont be going ahead.
I phoned today and was told that the information was still being 'packaged' up?
Does this all sound normal? and what do you think will happen next?
Many thanks if anyone can help me.
23/03/2012 8:18 pm
Hi emmaelaine30
aaarrghh!! ' packaged up'? If you have the paperwork, then any decent firm should be able to fully advise you on all aspects at the meeting, with no ifs, buts, etc etc and have a final report to you within a day or so. Also £250 x 4 years? That sounds strange if the level of debt is £20k, although it depends I guess on circumstances.
It is obviously a middleman company who will do their bit, before sending it to the next stage, whereas you should be able to speak with an IP firm at short notice, discuss and have answered a points and then provide a full report.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/03/2012 9:02 pm
Hi,
Many thanks for that. So it does sound legitimate then?
Really worried that i have chosen a totally inept company that will make situation worse.
Is there anything i can do to check my case is being handled correctly? I am feeling completely out of my depth in something that is so important in my life
23/03/2012 9:19 pm
Hi emmaelaine30
It's difficult to comment without any real info. However I suspect you are at the mercy of a middleman company.
My advice from this and all other posts is to deal with an IP firm direct and not be at the whim of a middleman whose priority is commission and certainly not your well being.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/03/2012 11:29 pm
At worst a 2nd opinion will cost you another week, unless you already signed up?
24/03/2012 2:03 pm
Hi emmaelaine30
please please please get a second opinion from a firm that is on this site. Trust Deeds ordinarily should be 3 years from my understanding - I have more debt that you and am only paying it over three years. My trust deed was all signed and sealed within 7 days - I was treated with respect at all times and Mark and Maria have been there to answer my questions (sometimes stupid) with no problems. Please reconsider going with the first company.
24/03/2012 3:12 pm
A 2nd opinion is critical and I wouldnt go near a company wanting to run things over 4 years for such a relatively small amount of debt.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
24/03/2012 10:29 pm
Hi emmaelaine30,
A second opinion from another firm wont do you any harm if your feeling unsure. I will admit i wish i had done that. My suggestion would be one of many firms listed here on the site.
Hope you get it all sorted soon
Lou
24/03/2012 11:28 pm
Yes, all the experts on this site (Mark, Kevin, Shona, and Chris) are consistently praised for all aspects of their work, including efficiency, customer service and cost. Have a browse, choose one and get in touch. You won't regret it. This is too big a decision to make without a personal recommendation from someone.
25/03/2012 8:54 pm
Do you both have debts (or joint debts) and the £250pm is between you and your husband emmaalaine30, rather than each? If so then the 4-year period may not be so far out given we would be talking 2 trust deeds rather than 1.
Another question - do you have the credit agreement for your car somewhere?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
