Protected Trust Deed (Scotland)
Options
Legacy_user
Posts: 0 Newbie
in Loans
Hi everyone,
I have been progressing through a Fincancial Adviser called David & Co of Elgin Scotland (https://www.david-and.co.uk) and I am a bit unsure if I am being ripped off!
They have taken some details (incomings, outgoings etc) and have agreed I can go ahead with a protected trust deed.
They have now invoiced me £530 for "For the Preparation of a Statement of Means for a proposed Trust Deed".
Is this the going rate for something like this or are they a bit suspect in their costs?
I am with the CCCS at the moment but the amount I am paying is double what I would in a protected trust deed.
I have been told by David & Co to stop paying my creditors and pay small token amounts of £5 until my trust deed is sorted out.
I am not sure if any of the £530 goes towards my creditors or stright to the pockets of David & Co?
They also mentioned in their letter that once I paid the initial payment then they would pass my details to their chartered accountants who would contact me directly.
Let's hope they don't ask for money to cover their costs either!!
Please give advice of anyone with similar experience or more qualified in this field.
Thanks,
Mark
I have been progressing through a Fincancial Adviser called David & Co of Elgin Scotland (https://www.david-and.co.uk) and I am a bit unsure if I am being ripped off!
They have taken some details (incomings, outgoings etc) and have agreed I can go ahead with a protected trust deed.
They have now invoiced me £530 for "For the Preparation of a Statement of Means for a proposed Trust Deed".
Is this the going rate for something like this or are they a bit suspect in their costs?
I am with the CCCS at the moment but the amount I am paying is double what I would in a protected trust deed.
I have been told by David & Co to stop paying my creditors and pay small token amounts of £5 until my trust deed is sorted out.
I am not sure if any of the £530 goes towards my creditors or stright to the pockets of David & Co?
They also mentioned in their letter that once I paid the initial payment then they would pass my details to their chartered accountants who would contact me directly.
Let's hope they don't ask for money to cover their costs either!!
Please give advice of anyone with similar experience or more qualified in this field.
Thanks,
Mark
0
Comments
-
Looking at thier home page it seems initally that their advice is free.
At the point at which you decided to engage them on your behalf, to deal with your creditors via a protected trust deed - I would have thought they would have given you details of their terms of business including their fees.
You should contact them if you have not been given this as you may be able to argue that you should have been given the opportunity to agree to the terms and fees - I would imagine you have had to sign something somewhere along the line to give them permission to deal with your creditors?
I cannot say whether £530 is too much to be charged or not. It all depends on their hourly rate and how much time has been put into your case.
The important thing is to contact them without delay and get their fees clearly established before they do any further work.0 -
Shop around.
You can obtain a trust deed for a minimum set up fee.
There are cheaper options available, go to a number of insolvency practiitioners in yellow papers, do not take up the first offer of help.0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards