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Scottish Trust Deed Forum
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Topic starter
22/02/2011 9:31 pm
Hi I am paying a debt management company 80.00 per month and have been for a year. Out of the blue I got a phone call from another company telling me that this would take me years to pay of and would be better with a trust deed. They stated that the trust deed would last 48 months at 125.00 per month then I would be debt free and at the end of this any creditors could not touch my hjouse is this correct.Frankie
22/02/2011 10:13 pm
Hi Frankie
There are a lot of factors involved in deciding if a Trust Deed is the best option. My advice is to avoid ALL cold calling
companies who are there to make money, normally at any cost. The advice is normally designed to get you to sign on the dotted line. The forum already has a post from a company who, for ?ú500 promised their 'debt expert' ip would hide ?ú60k of equity. If it sounds too good to be true.... you know the rest.
If you can provide more information, we can hopefully assist. Main things are your level of debt, what you can reasonably afford and also details of any equity in your house.
Regards
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
23/02/2011 9:17 am
Welcome to the trust deed forum frankie.
How easy have you found it to make the ?ú80 payment to the debt management plan each month?
Does ?ú125 per month seem manageable... or might you even be able to pay a little more than that?
"Affordability" is very important when considering a trust deed or you risk replacing one problem with another.
The other thing is that trust deeds, most often, run for 36 months. I'd guess the 48 month period was "quoted" to you as ?ú125 would be at the low-end of monthly contributions that might make a trust deed work. Being in a position to pay more than that, if you were, might mean that the arrangement would be shorter.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
