scottish trust deed

megastressed

Hi, i am looking for a bit of advice about Trust Deeds - i currently have about £10k unsecured debts. some of these ar with payday loans (I know should never have got involved but believe me i have leaqrned my lesson now) i am currently in a dmp but i am really fed up with the fact that they take a large percentage of my payment as fees. i have been contacted by a company offering a trust deed - is this a good way to go?? do they really right of the remainder of your debt after 3 years?? what happens if you lose your job whilst in the trust deed and do all companies charge a fee for this also??

Any advice would be great.

Thanks

smilely

Hi,

Not an expert on trust deeds, but it is basically the scottish version of an IVA and it administrated but the AIB if you have a property etc get some independent advice from your local CAB or welfare rights as it can have implications on your property if there is any equity. I think they can also make you sell your car if it is valued at over a certain amount.

Like i said I'm no expert but a trust deed is a big step but could be the solution you need just make sure you know what your entering into before you do it.

Tixy

Hi mega

Like smiley I'm not an very clued up on trust deeds. What i would say is if you are on a DMP with a commercial company who charge you fees, firstly consider switching to one of these free organisations (then at least all the money you pay would go towards your debts). http://forums.moneysavingexpert.com/showthread.html?t=2077631

Also at the same time you can seek advice from the same organisation about trust deeds.

You may want to read - http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=21_trust_deeds

I think its always best to go to someone who doesn't charge for advice rather than take advice from someone who cold calls you (who obviously may be more interested in fees than in whats best for you)