Trust Deed: Who to Trust?
There are many companies advertising at the moment making large claims about how they will help you out of your debt. You see them on the television, you hear them on the radio and you read about them in the papers. The question is for so many of us who will help ME!
An old saying that I can still hear my mother say is 'you can't get blood out of a stone' that makes me ask the question why all these companies want to do business with me, as I have so much debt that I can't afford any way so I would not be able to pay them.
With anything which you are enquiring about get all the information you possibly can before hand, know your product, research as much as possible in to the company in my experience' knowledge is power'.
It was difficult at first to know if a Trust Deed was the right solution. I could have done a debt arrangement scheme over 11 years, however chose the Scottish Trust Deed.
Where Do I go to get a Trust Deed?
I wanted to speak to a debt advice charity because I knew they wouldn't charge me and would give honest debt advice. I knew somebody who paid for debt advice and it left them in a terrible position later in life. Yes, no matter how little you have they can and do make money of you, depending on what is the best solution for you (and that is all down to personnel circumstances), they will take a portion of the money you pay each month before it gets to your creditors. This is an understandable cost as in many solutions an insolvency practitioner is required however you do not want to be paying exuberant prices.
So my advice is to go to a charity Debt Support Trust or Citizens Advice Bureau. They will give you free advice, at the end of the day any decision is up to you and you must be aware of all the pros and cons of any solution, however for some people residing in Scotland like myself a Trust Deed will be the perfect solution (you can only enter this solution if you reside in Scotland).
Whilst doing my research I called Debt Support Trust they are a telephoned base charity and don't as far as I am aware do face to face advice, however this meant I could get all the advice from my own home. They did do an income and expenditure with me and did want to know everybody I owed money to. I was unsure about giving all my details over the telephone at first, but they assured me it was all data protected and they also took a password from me so that no one else could access the information. I was put at complete ease, once they know all the details they will issue the advice they also tell you all the downsides for entering each solution and they leave any decision making up to you.
I would thoroughly recommend giving Debt Support Trust a call, at the very worst after speaking to them you will be fully aware of what solutions are suitable for you and what steps you need to take to change your present circumstance.
Trying to find ways out of debt can be very daunting, getting out of debt is life changing.