Hello Striker and welcome to Trust-Deed.co.uk.

You don't have to pay this £500. Some firms charge it, some don't.

The four firms that this site recommends (represented here by Mark, Kevin, Shona and Chris) don't charge it. There are others that don't charge it.

If you go ahead with the company you're speaking to you'll need to find someone who can get you the £500. If you don't or cannot, and your property goes up in value during your trust deed, you'll need to find the money or risk losing your home.

You have to declare all extra earnings to your trustee. If you don't have a prior agreement on this they're entitled to take every penny from you. If you do have a prior agreement you may be able to arrange to keep a share of it which will be great for you and your creditors.

Again, the firms we recommend and some others will provide you with some written certainty on this before you sign a trust deed.

Would I put myself in a position where this £500 needs paying? No.

Would I want certainty on extra earnings? Yes.

Thanks for your reply,I have 2 secured loans totalling £15,000 so even after 36 months there will be no equity on the house anyway.
I told my IP about my potential overtime payments and they said that the £200 i have agreed to pay every month will be all i have to pay,and any overtime i have will not need to be paid into mt truast deed,just wondering if this is correct?

That sounds thoroughly incorrect striker I'm afraid. Please be very cautious.

Are you talking to a firm that will actually handle your trust deed, or a firm that will introduce you to a firm that will?

It sounds like you're getting a sales pitch rather than proper advice.

That was from the firm that is handling my trust deed.Theyve worked out my income and expenditure.The company is knightsbridge.Do you know if there a reputable company?

Hi striker.

From the perspective of the site advice team we don't make comment about firms other than the four I mentioned which we endorse. Others can share views if they wish.

What I will say is that you have a choice not to have to find this £500 and that I have a specific concern about the advice that you have received about overtime.

I dearly hope the new guidance/ regulations finally sorts this out. The guidance relates to sequestration and the AIB process/thoughts. Trust Deeds? £15 inhibition & £15 discharge of inhibition. This leaves a balance of £470 to account for outlays/time costs. Anyone?

Mark