Trustdeedscotland.net - advice please

Claireabell74

I am new to all this on here and I am wondering if anyone has had dealings with the Trust Deed Scotland people.
Stay away? Or a good idea? Any advice would be good.

Cheers

Tixy

Not heard of them. But i would contact one of the debt advice charities in the first instances - such as national debtline or CCCS in scotland - see this list - IMPORTANT - Where to seek professional impartial advice about your debts.

Claireabell74

I have been trying to pluck up the courage to phone them for months now for some advice - but you know how it is saying stuff like that out loud.

Thanks

Tixy

I bet once you have spoken to one of the debt charities you will start to feel better. You can feel like you are starting to take control back and you will then understand the options open to you.

Hard to make that first call but well worth it - go on, take a deep breath and do it....:)

Claireabell74

Not done it yet - but I have a free evening this week that I have put in my diary to call. Thanks for the advice

Ward25

I was told by cab that a trust deed was the best option for me, they recommended a company who tried to charge me a bond fee of £500 to protect my house, so i called Trust deed scotland.net they are good, they do not charge any set up (admin) fees, or use companies who charge bond fees - staff seem professional and answered my questions well

beanielou

But surely trustdeedscotland.net have to cover their costs in some way?

laineydoll126

To clarify this so called bond.
If you are a homeowner and enter into a trust deed the insolvency practitioner has a duty to the creditors to have that property valued by an independent chartered surveyor, this is done as well as getting an update redemption figure from any secured lenders. This is to establish if there is any equity available from the property which has to be realised to the creditors.
However, if it it established that there in zero or negative equity in the property the client is presented with an option to pay a fee of £500, this money is then put in the pot along with their contributions for the duration of the trust deed.
The reason for this option is if you choose not to pay this and your property was to significantly increase in value during the trust deed it has to be revalued at the end of the term of the trust deed, and if there is equity in your house the insolvency has the right to gather this for the benefit of the creditors.
Realistically, none of us has a crystal ball and can estimate if property prices are going to rise or fall, but if your property has no equity and you want peace of mind knowing that this has been dealt with, is this not a fairer option? As opposed to possibly losing your house for the sake of £500?

Regarding upfront admin fees, avoid at all costs any company who advise that this is for setting up a trust deed, totally untrue and unneccessary!!!!