Is it best to choose someone from here that works more locally to me? How do i know which person to contact its a real worry when you feel this vulnerable

I'd defo go with someone on here as they all encourage things to be written down and hence there shouldn't be a problem doing this. I was panicking after contacting trustdeed scotland .net who put me in touch with a practitioner. It all went pretty fast and was pretty scary but thanks to this site it soon became clear that company I'm dealing with is one of the more reliable companies. My details were published last week so I have 4 more weeks to go. I'm still waiting for a few things in writing but this I suppose takes time to organise and prepare. I have been told that my car and house are safe as there is no equity in either. This is what I am awaiting written confirmation of, but I believe this will be written in the documentation that is sent to your criditors.

Hi all

SkintAlly's point is a good one and something I bang on about constantly.

Ensure you have a meeting and everything is confirmed in writing, especially Equity/house, cars, bonuses and overtime.

Mark

If I could go back and start my deed again I would go with one of the companies on this site - although Grant Thornton have been good with me - the lines of communication with companies on here are always open which is great!

I'm in a similar position. I have been seeking advice for around 3 months and really reluctant to agree to anything. The reality is I won't be signing a thing till everythings down in black and white and any company who refuses isn't worth going with. I'll find one who is willing to give me piece of mind. Let's face it, everythings at stake otherwise good luck

Hi Forensic, after nearly being conned out of £500 upfront fees, I felt a bit uncomfortable and did some more digging. I went to Trustdeedscotland.net for advice, they were very efficient, charged me nothing and the company they put me in touch with is highly recommended on this site. Everything has ran really smooth. The phone stopped ringing, the letters are becoming less and it's 2 weeks since my TD became protected. All good so far.

Hi Forensic

Sorry to pop into this so late, but just wanted to let you know that, like Mark, I also have had clients who have moved abroad - one which went to Australia, so I don't think it is too much of a problem. I think it sometimes depends more on your type of job, or if you can get sponsorship.

Good luck.

There's nothing to stop you talking to more than one firm, Forensic, and choosing whichever you feel most comfortable with.

Hi, i am in the middle of discussing a Trust Deed, I did not realise that when you have made your 36 monthly payments that you can be asked to sell the house to pay any equity in the house. In my case it looks about £6,000 that I will need to find at the end. Can anyone tell me that if I pay this amount then will the trust deed be over? i also believe that you can continue to pay the trust deed for longer however this could be more expensive. thanks x

Alos I was not aware you needed to have a certain amount of disposable income to be eligible for a trust deed is this the case?
I think my house is worth around £130,000.00 i have a mortgage for £118,000.00 have disposable income of about £270.00 per month and am in £23,600.00 of debt and feel sick! have kids so do not want to loose my house no way

Hi Forensic,

If you are the sole owner of the property then I think you would be asked to pay the full £12,000 of positive equity into the trust deed. There may be a little give in this as the companies normally allow upto £5000 against the cost of selling the house. With regards to extending the term, as far as I am aware, you would simply continue to make payments until your trustee has recovered all that is due. Unfortunately it normally the case that if you have it then they want it, either as a lump sum from selling the house or as monthly contributions totalling the same value. I'd look at requesting the house be valued firstly so that you know what you are committing yourself to. In the current climate you may be surprised to find out that your property isn't worth what you think, which would be a good thing in this case.

Hi again Forensic.

A valuation will happen at the start of a trust deed (you may be able to arrange for it to happen before you sign the trust deed in some circumstances).

If there is equity you'll have to pay it over one way or another before the trust deed ends. If the house is jointly owned and it's just you signing a trust deed then it will only be 50% of that equity figure.

The valuations used for trust deeds tend to be at the lower end of expectations as they're based on the property being sold quickly.

If the amount for equity is relatively low and can be repaid monthly within a reasonable period of time (a year for example) it may be possible to carry on with monthly contributions to clear it. I'd suggest that this is confirmed in advance of going ahead.

If £270 is an affordable amount for you I think a trust deed will be available to you. You're correct that the payment is based upon affordability rather than anything else, but if the relationship between the amount that is affordable and the amount of debt in total means that the creditors can expect little or no return on the debt (after the trust deed fees) the option may not be available.

Your house would be left out of this altogether if you went with the Debt Arrangement Scheme rather than a trust deed. With a monthly contribution of £270 it appears as though it would take a little over seven years to repay the debts this way.

Hi forensic

As mentioned above, its best to have the equity position clarified beforehand. If the figure of ?é£130k is open market value, then the Trust Deed valuation will come in lower, but best have it clarified to be on the safe side.

Regards

Mark