Hi Lori51,
Does not sound right tho be honest, I did not have to pay a deposit (a deposit for what? probably just a way to get money out you) and a survey for your house? The trustee normally adds this type of thing to their fees. I am sure the experts on this site will agree with me. I would recommend that you go with these guys to be honest. I am with another firm and they have been good also but these guys are great too. I did not pay any upfront fees so I hope you don't either. Good Luck.

many thanks will need to look more into this

Hi Lori51

not sure about the 'deposit'. It sounds like an up front fee to be honest and if so, avoid it like the plague.

Also, is the valuation being instructed by the IP firm or a third party who will refer you to an IP Firm/Trustee later?

Mark

perston

would you mind giving me name of your company

hi mark

he said deposit would be same as my monthly payment to TD (?é?ú210) was the figure mentioned and it may well be a third party doing the survey Im hoping to get a lot of good advice fron this forum to help me decide

Hi Lori51

I see no reason why a third party would be looking for the payment. I suspect it's being disguised as a fee.

Even more worrying is a valuation not instructed by the Insolvency Practitioner, but accepted by him from a third party.

If the whole case was genuine, there's no reason why you should/could not have sat with the IP direct and had the valuation instructed by him/her. If you decide to proceed, then the ?ú210 payment would definately be the 1st contribution and not some disguised fee.

Hope this helps

Mark

Hi Lori51,
I am with Carrington Dean who seem to be good, Mark however seems to have great reports and knows his stuff (as many of them do), I will leave it up to you.

Hello lori51,

There are plenty of good Trust Deed firms available and we are very lucky to have representatives of three of them answering questions in this forum.

Many of the issues brought up by visitors to this forum relate to agents, who charge a client fees to create a Trust Deed case, which they then sell to the Trust Deed company who will handle the arrangement.

At best these types of firms will cost you money that you need not spend and delay your case from progressing until they pass it to an Insolvency Practitioner.

At worst some of these firms are reported to provide poor advice in return for large fees, and the process almost inevitably creates delays which increases the risks of legal action being taken against a debtor before their Trust Deed can become protected.

Good Trust Deed firms will work through your situation with you and provide you with information on all of the options open to you so that you can make an informed choice about how to proceed. Good Trust Deed firms will also not charge you for this.

Hi Lori51

I had contacted a debt company who then put me in touch with an IP. The debt co did all the expenditure etc and arranged for a survey of our home which we paid immediately to them. I had an appontment with them and paid at the end of it my first payment of ?ú225 which I assume was their fee and then I had to set up a standing order for each month thereafter even before I knew it was protected. At my interview it was identified that my husband could sign a trust deed as well as we had 2 joint loans. He called into their offices and immediately made his first payment of ?ú205 at the end of the interview. Our IP is in the same building as this debt company however we had no discussion with the IP prior to signing everything and still have not met them.
My advice to you would be to shop around. We were so stressed out about all our debt and had not missed any payments but had been using credit cards for neccesities and knew it had to stop. I think i was just so relieved and didn't think to ask for time to consider this. My interview took ages and I probably did feel a bit pressurised. I am surprised that I did not take time out as I am usually quite sensible but I was so stressed at the time and having two children did not wish to continue with all the money worries and having no light at the end of the tunnel. I wish I had stumbled on this web site sooner but I have now completed the first year of the trust deed and hopefully will not encounter any problems. The experts on this website are excellent so don't rush into anything as you would be best using one of them.

thank you all for responses - another thing I was thinking about what are the chances of TD failing this is main reason I am hesitant although I cannot see myself getting out of this rut in the near future- also what happens if my partner finds work if the TD is accepted would that mean it stops and I have to pay normal payments to my crditors

Hi Lori51,
The 5 week waiting time for it to become protected is a worrying time but I am sure you would be fine, mine was 3 times your amount and I had one objection which was around ?ú1,000 but it is now protected.
It is a major decision to go into a Trust Deed so just be sure it's what you want to do.

Hi lori51,

The great majority of Trust Deeds achieve protection. Good Trust Deed firms know what creditors will expect and can therefore advise you of any perceived risks before you proceed anyhow.

If you read the interviews on this site with Mark, Kevin and Julie you'll see some information about the protection rates they achieve which may help to reassure you.

As perston says, the five week period waiting for protection is bound to be a nervy time but the firm you choose will be available to provide you with updates on the creditor responses being received.

If your household finances improve (perhaps with your partner getting back into work) your circumstances will be reviewed. If you can then afford to pay more the Trust Deed payments may be adjusted upwards.

Hi Lori51

a large number of creditors, the majority in fact, use a company TIX to accept or reject on their behalf.

TIX give the IP firms a criteria to work with and as long as the IP sticks to this, then your pretty much guaranteed acceptance.

I would hope that an IP would meet with you, run through the full process and advise you on the liklihood of acceptance.

Mark

hi again thanks for your responses and I think I will take up perston's advice and give Mark's company a call and get more advice I need to get head out of sand and make a decision before I get buried in it