It is common practice but there are plenty of Insolvency Practitioners based in Scotland (and Glasgow in particular) that you could approach directly.

The level of contribution, whilst based on affordability, is also required to be at sufficient a level to be able to propose a dividend to your creditors which would result in a reasonable expectation of having your Trust Deed become protected.

Have Simple Financial Solutions taken any payments from you as a set up fee, prior to passing you to Knightsbridge? If not it is likely that Knightsbridge will be paying them a fee from the contributions ingathered from you. If you were to approach an Insolvency Practitioner directly, such a fee would not be payable and as such, your contribution may be lower.

I should add that the above is conjecture on my part but it is certainly true that different firms charge different levels of fee and you may still be able to have a three year TD, or a lower monthly contribution elsewhere.

Hi Stuart and welcome to the forum.

Simple Financial Solutions appear to be a middle man and are passing your file to Knightsbridge to administer your Trust Deed. There are a number of English firms that currently administer Trust Deeds.

Have you had all of your options discussed with you i.e. Trust Deed, Debt Arrangement Scheme and Sequestration?

You want to make sure that you have spoken with the company who is actually going to be the company (Insolvency Practitioner) who administer your Trust Deed. You want to ensure that you receive everything in writing i.e. contribution amount, how long your Trust Deed will last, what the position is with any assets etc.

A Trust Deed can last between 3,4 and 5 years. Normally though for someone who doesn't have any assets a Trust Deed will be over 3 years providing it meets a set criteria to be accepted by creditors.

Depending on the fees involved in your Trust Deed this can sometimes determine the timescale of the Trust Deed. Different firms charge different fees for administering a Trust Deed.

You want to ensure that whoever you use, your happy with them, have everything in writing and have had all of your options explained. It does no harm speaking with a couple of companies and from this you will be in a good position to decide on which one to use.

Thank you for your replies. There has been no up front fee asked for at all.
Maybe I should try and speak to another company as well then to see what there terms would be.
Other debt solutions have been discussed and I have been told that a trust deed is the best way forward.

If you click the Trust Deed firms button at the top of the page their is a list of Insolvency Practitioners who may be able to assist you. It's always worth checking that the firm, and therefore you, aren't paying an introduction fee to someone else.

Hi Stuart75,

This is quite common that an ever increasing number of English IP firms work in conjunction with Scottish firms whereby 'leads' are generated and taken to a certain stage and then passed over to another firm to carry forward and administer.

I would suggest that you perhaps take a step back to digest whether you are comfortable with this. As you say you want to enquire what is required from you financially and compare this against other firms based in Scotland. It may well be worth it in the end. There are a number of firms represented on this forum by us experts than can also assist with Trust Deeds.

If there is anything you would like clarification on before approaching your current advisor, in order that we can assist you with these questions, please feel free to ask away!

Hi Stuart
Welcome to the forum.

How I wish I had found the forum before or at the start of my TD instead I found the forum with only 4 months to go.

The advice is clear and concise and the only people that benefit are forum readers.

I had a trouble free TD from start to finish and would be happy to give you the name of the company in private I dont think I am allowed to say it in open forum I could be wrong tho.

The thing I would ask you to think of before committing yourself is how would you get to see your advisor if you had to