Just had a call from Trust Deed Scotland

Spuddy27

Trust Deed Scotland just called me about a possible trust deed. They had all my details which they say would have come from me putting details online, I don't doubt that as i'm forever looking up loans etc. They also said they're calling everyone in Scotland so I would have gotten a call eventually. I am a bit wary of people calling with all my details etc as you hear so many horror stories.

So they basically described a Trust Deed and when I told them my total amount of debt they said they could help, even when I said i'm making the minimum payments, if not slightly more each month. I don't understand this as why would creditors accept a percentage of debt back when i'm currently showing that I can pay it all back, all be it over a long period of time.

They said they could reduce my outgoing payment from £600 to about £200 over 48 months.

In the end I agreed to someone coming out next week to have a chat and give me some more details etc but haven't obviously agreed to getting a Trust Deed.

Got a few questions following this:

Currently I pay £600 a month in debt and i'll be paying that for another 3 years then I should hopefully be debt free, so do I bother taking out a Trust Deed which is going to potentially last 4 years, with an additional 3 years of poor credit rating? Giving me about 7 years when I can't get any credit, i.e a mortgage.

My other half and I currently rent but this isn't long term, we want to get a mortgage in the next couple of years which I wouldn't be able to do with my poor rating.

On the other hand as it stands now my credit rating is slashed to bits and I don't have any spare cash to put aside for a deposit, so do I take the trust deed, accept the awful credit score for longer and put away money into an account over the next few years as a deposit?

Anyone with advice or experience with trust deeds - help!

Lx

chanz4

I wouldn't trust people that just callup, something in it for them

January2015

Hi

I have no knowledge of debt advice in Scotland and am fairly new to it in England as well However, I would never take advice from someone who cold called me.

If I were you, before these people visit, call and talk to one of the free debt advice services

StepChange Scotland

National Debtline

Both of the above are charities that support people with completely free debt advice and guidance. You will know the advice they give you is not reliant on how much money they can make from your situation.

Trust Deed Scotland may be a similar organisation, but I couldn't see any information about charitable status when I googled them and debt charities do not canvas/cold call customers.

rizla_king

Spuddy27 wrote: »

They also said they're calling everyone in Scotland so I would have gotten a call eventually.

Yeah right. Lying scumbags.

Avoid these parasites.

Spuddy27

rizla_king wrote: »

Yeah right. Lying scumbags.

Avoid these parasites.

Have you had dealings with them? I've been researching things since they called as I want to get as much information as possible before the visit

Spuddy27

January2015 wrote: »

Hi

I have no knowledge of debt advice in Scotland and am fairly new to it in England as well However, I would never take advice from someone who cold called me.

If I were you, before these people visit, call and talk to one of the free debt advice services

StepChange Scotland

National Debtline

Both of the above are charities that support people with completely free debt advice and guidance. You will know the advice they give you is not reliant on how much money they can make from your situation.

Trust Deed Scotland may be a similar organisation, but I couldn't see any information about charitable status when I googled them and debt charities do not canvas/cold call customers.

Thanks for your reply I think I will call them for some advice and see what the say. I've found the Trust Deed Scotland website, it's a dot net address, and I think that's the same people who called me. The trust pilot reviews speak really highly of them, I am just wary of the fact they called me still.

The trust deed wizard that they advertise online as a way to see if you'd potentially be eligible has been advertised a lot on the radio/tv but again I'm just worried that they called me, makes me think they're not getting a lot of business so they've resorted to cold calling?

January2015

Spuddy27 wrote: »

Thanks for your reply I think I will call them for some advice and see what the say. I've found the Trust Deed Scotland website, it's a dot net address, and I think that's the same people who called me. The trust pilot reviews speak really highly of them, I am just wary of the fact they called me still.

The trust deed wizard that they advertise online as a way to see if you'd potentially be eligible has been advertised a lot on the radio/tv but again I'm just worried that they called me, makes me think they're not getting a lot of business so they've resorted to cold calling?

Call StepChange or National Debtline and ask them if Trust Deed Scotland are a free to use service. They will tell you - they just want to help you.

Good luck and let us know how you get on.:beer:

f0nz

Boo I just typed up a big reply and its disappeared

Anyhoo in a nut shell my advice would be that if you can afford to make the repayments and pay all other bills without putting financial strain on you then try and tough out the next 3 years. A TD is a form of insolvency and if you can do the latter then you aren't necessarily insolvent. Also your credit file should improve quicker (if you take the right steps) and things will be a little less complicated when trying for a mortgage.

If you haven't had a look already read the AIB (accountant in bankruptcy) website. It's the official government website and has pretty much all the info you need on it. Not sure if I'm allowed to post links yet but I'll try ...

http://www.aib.gov.uk/aib-7-trust-deeds-page-4

The company who called you are legit and will just be trying to drum up business as they petty much choose their own % of what you pay as their "fee" before dishing it out to the other creditors.

Good luck!

f0nz

Just to add, the company who called are not the insolvency practitioners, they are just the "lead takers" they will then put you in touch with an insolvency practioner to take you through the process. You can skip this part out and seek your own practioner (that's what we did) if you feel more comfortable doing so If you decide to go ahead.

January2015

f0nz wrote: »

The company who called you are legit and will just be trying to drum up business as they petty much choose their own % of what you pay as their "fee" before dishing it out to the other creditors.

Good luck!

Based on this I would avoid this company like the clappers. They may be legit but they want to profit from your situation.

There are enough debt advice organisations that will help you completely free of charge and every penny you pay through them goes to clearly you debts and not lining the coffers of companies such as the one that contacted you.

You do not need to pay for support and advice to clear your debts

coolcait

f0nz wrote: »

Boo I just typed up a big reply and its disappeared

Anyhoo in a nut shell my advice would be that if you can afford to make the repayments and pay all other bills without putting financial strain on you then try and tough out the next 3 years. A TD is a form of insolvency and if you can do the latter then you aren't necessarily insolvent. Also your credit file should improve quicker (if you take the right steps) and things will be a little less complicated when trying for a mortgage.

If you haven't had a look already read the AIB (accountant in bankruptcy) website. It's the official government website and has pretty much all the info you need on it. Not sure if I'm allowed to post links yet but I'll try ...

http://www.aib.gov.uk/aib-7-trust-deeds-page-4

The company who called you are legit and will just be trying to drum up business as they petty much choose their own % of what you pay as their "fee" before dishing it out to the other creditors.

Good luck!

Exactly this - especially the bit in bold.


If someone called you and said "would you like to go bankrupt?" would you even consider it?


Especially when you are in a position where you'll be able to pay your debts off in three years.


The idea that someone can be 'eligible' for a trust deed infuriates me! It's not a Reader's Digest prize draw - it's insolvency!


You've been the victim of an organised sales pitch. If you want to declare yourself insolvent, then go ahead with the meeting.


If you want to pay your debts off in three years, as you've already planned, cancel the appointment.


If they do call everyone in Scotland, I hope they call me while I'm still feeling this outraged on behalf of all the poor sods who fall for their telesales misinformation...