Has anyone dealt with "The Debt Counsellors"

babynada

I have had a scout about but can't find anything on this site above them. I am in £17000 worth of debt and contacted them. I was advised on a Protected Trust Deed as I live in Scotland. I will pay £200 a month for 3 years then the rest of my debt would be written off. My adviser stated that I will pay no fees not even for setting up the Trust Deed and that the Creditors pay this. Please can someone advise me further? Thanks in advance xxx

Emmzi

Protected trust deed is abut the same as an IVA for the english folk here

http://www.scottishdebtline.co.uk/faqs/iva.htm

2/3rds of your creditors have to agree to it.

If you default, creditors can petition for your bankruptcy.

Your credit rating will be shot for a number of years afterwards.

You may be more likely to get it accepted if it is via one of the charitable organisations such as CAB or CCCS (link above is to their Scottish equivalent.) as the creditors get a bigger cut.

Ask the company what money they get out of the PTD and how that is funded; also what %age clients PTDs get rejected.

Good luck - any more qs?