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mazda 5
Frequent Contributor
34 Posts |
 Posted - 30 August 2009 : 22:06:18
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Hi all, this is my first time using this great and helpfull site.
I wonder if the experts can give me advice on a trust deed that iam hoping to take out in the next 3 months. I say 3 months as i have a Debt management plan with debt matters (they charge 15% on monthly payments)whom have put me in touch with Adie Financial Solutions in Aberdeen(part of Relax group)they tell me that i stand a better chance of being accepted if all my loans are over 1 year old, as one of the loans (which has more than 1/3 of my total debt and had been running for over 2 years) was topped up last November i would be better 2 wait the 3 months. (1) would they be right in saying this: (2) has anyone heard of Adie Financial Solutions: (3)what are the chances of being accepted with (edited) of debt, with a possible (edited) in equity of house. At the moment i pay Debt matters (edited) per month which is my disposable monthly income.
Many Thanks Mazda 5
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Kevin Mapstone
Trust Deed Expert
1871 Posts |
Posted - 31 August 2009 : 10:39:48
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Hi mazda 5,
1) They may be right in saying this. Some creditors do look less favourably on trust deed proposals if part of the debt has been borrowed fairly recently. I certainly came across this problem recently with Black Horse. However, I would say that it does not seem to be a problem with most creditors.
2) Yes, I do know of Adie Financial Solutions and as far as I am aware they are a perfectly respectable firm.
3) I would say that your chances of success would be good, though there is of course no guarantee and issues like the recent loan from a majority creditor could potentially cause a problem. |
*** Recommended Trust-Deed.co.uk Partner *** Click for Kevin’s help starting a Scottish trust deed:   |
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mazda 5
Frequent Contributor
34 Posts |
Posted - 31 August 2009 : 20:23:09
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Hi Kevin, thanks for you fast response. This has given me peace of mind that i have a good chance of being accepted. Adie Financial Solutions say that the RBS to whom i have the bigger loan with are normaly very understanding & have a good record of accepting.If i need to extend the deed by another year to 4 years due to the £3k equity would i still be liable to pass on any inheritance that i might receive during 4th year to pay off my total debt or would i just need to pay off difference of the £3k, i know i would need to pay off all debts in the first 3 years if i received any inheritance.
many thanks again. Mazda 5 |
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liana
Contributor
14 Posts |
Posted - 31 August 2009 : 20:33:57
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Hi Mazda 5 - I don't know if I'm sticking my oar in here but as you will see from my question, I'm at the end of my TD and didn't deal with the equity in my home at the start. As a result it increased after 6 months, as apparently the price of my house had risen. I'm not sure if in the current financial climate this would be the same but if I had to do things over I would certainly try and deal with the equity at the beginning of the TD. I don't know if the experts would agree but I wish I had done so as it would have saved me a lot of stress.
Good Luck! |
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Trust Deed Assistant
Trust Deed Expert
6759 Posts |
Posted - 01 September 2009 : 10:34:10
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Hello Mazda 5 and Liana,
Firstly thank you to Liana for sharing her experience on this forum and offering her best wishes.
The technical expertise of our experts is a great asset of this site but the sharing of real experience by those who have been through the trust deed process is really valuable for all visitors.
I think that the weight of opinion amongst the professionals involved in the site is that dealing with equity at the start of the process is very important.
To Mazda 5 I would say that I too have heard nothing adverse about Adie Financial Solutions. However you do have a choice and you may wish to speak with one or two other firms if only to confirm in your mind that this firm will be the best one for you. A trust deed is a major commitment that can be made much easier or more difficult depending upon the level of service offered to you by the firm that you choose.
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*** Qualified Debt Adviser & Trust Deed Forum Administrator ***  |
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Kevin Mapstone
Trust Deed Expert
1871 Posts |
Posted - 01 September 2009 : 14:13:39
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| To answer your question about inheritance, Mazda 5, it would depend on the wording of the trust deed itself. It is possible that any inheritance received in the 4th year may have to be paid into the trust deed, but not necessarily so. You'd need to look closely at the wording on the deed at the relevant section. |
*** Recommended Trust-Deed.co.uk Partner *** Click for Kevin’s help starting a Scottish trust deed: |
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mazda 5
Frequent Contributor
34 Posts |
Posted - 01 September 2009 : 20:07:39
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quote:
Originally posted by liana
Hi Mazda 5 - I don't know if I'm sticking my oar in here but as you will see from my question, I'm at the end of my TD and didn't deal with the equity in my home at the start. As a result it increased after 6 months, as apparently the price of my house had risen. I'm not sure if in the current financial climate this would be the same but if I had to do things over I would certainly try and deal with the equity at the beginning of the TD. I don't know if the experts would agree but I wish I had done so as it would have saved me a lot of stress.
Good Luck!
Hi Liana,
Thanks for the sound advice as its good to also hear from someone who has been in the same position as myself. I will keep this in mind when i enter the trust deed.
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mazda 5
Frequent Contributor
34 Posts |
Posted - 01 September 2009 : 20:26:42
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quote:
Originally posted by Trust-Deed Assistant
Hello Mazda 5 and Liana,
Firstly thank you to Liana for sharing her experience on this forum and offering her best wishes.
The technical expertise of our experts is a great asset of this site but the sharing of real experience by those who have been through the trust deed process is really valuable for all visitors.
I think that the weight of opinion amongst the professionals involved in the site is that dealing with equity at the start of the process is very important.
To Mazda 5 I would say that I too have heard nothing adverse about Adie Financial Solutions. However you do have a choice and you may wish to speak with one or two other firms if only to confirm in your mind that this firm will be the best one for you. A trust deed is a major commitment that can be made much easier or more difficult depending upon the level of service offered to you by the firm that you choose.
Many thanks for answering my question about Adie Financial Solutions, as although i found them to be both very professional and helpful i just wanted to know if any other member had any experience with them ie set up fees & comission charges.Probably will stick with them but if any of the trust deed experts want to look at my situation i would be happy to send them my email & contact number.
ps Glad i found this site as it answers so many of my questions
Many thanks Mazda 5
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Trust Deed Assistant
Trust Deed Expert
6759 Posts |
Posted - 02 September 2009 : 09:43:20
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Hi Mazda 5,
Great to hear your positive feedback on the firm you are in contact with.
If the advice offered by either Mark or Kevin on this forum appeals to you they can be contacted via the profile pages on the left-hand menu or the links on their forum-postings.
I'm sure either would be happy to review your situation and give you a comparison point with the firm you have been guided to. |
*** Qualified Debt Adviser & Trust Deed Forum Administrator *** |
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twoforty
Just Joined
1 Posts |
Posted - 18 October 2009 : 20:59:27
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Hi Mazda 5,
Regarding Adie Financial Solutions (AFS), I would advise you to take some time before making a decision, and certainly speak to other potential trustees. AFS have recently transferred all their trust deed admistration from Aberdeen to Synergi Partners in Chesterfield. Also, Relax Group PLC do not seem to be doing too well as a whole, their share price has fallen sharply recently and in fact trading of their shares was recently suspended.
I would also recommend - strongly - that you take legal advice. I know lawyers cost money, but you do need someone on your side. You need to know what you're signing and it's implications, so getting someone impartial to read over the trust deed is a good idea.
Do a google search for SIP 3A (it's on the ICAS website) these are the guidelines a trustee should follow when drawing up a trust deed.
Hope this helps.....
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Edited by - twoforty on 18 October 2009 21:07:35 |
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Mark McFadyen
Trust Deed Expert
3001 Posts |
Posted - 19 October 2009 : 17:35:19
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Hi Mazda
twoforty is correct. My understanding is that they closed their Aberdeen office several months back and made all their staff redundant, then moved the files to Chesterfield.
My advice would be to use someone who at least has a presence in Scotland.
Mark |
*** Recommended Trust-Deed.co.uk Partner ***Click for Mark’s help starting a protected trust deed:  |
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mazda 5
Frequent Contributor
34 Posts |
Posted - 25 October 2009 : 01:23:20
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| Many thanks for this info twoforty, i was due to get a call early November from the Aberdeen office to start the TD, but if they have paid off the staff i will not be willing to use the Chesterfield office as they havn't been in touch to tell me of any change.The strange thing is that Debt matters (who told me to use ADI and are part of the relax group) whom i was with for my Debt Management Plan wrote to tell me that they have transfered all their clients to Harrington Brooks. Thank you also Mark for confirming this, i will probably be in touch to see if you could prepare one for me. |
Edited by - mazda 5 on 25 October 2009 01:33:05 |
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Mark McFadyen
Trust Deed Expert
3001 Posts |
Posted - 25 October 2009 : 09:33:04
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Hi all
As a wee update, I see that the shares for Relaxgroup have been suspended. This is normally a precursor to insolvency (administration most likely) Some irony there I think.
Mark |
*** Recommended Trust-Deed.co.uk Partner ***Click for Mark’s help starting a protected trust deed: |
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mazda 5
Frequent Contributor
34 Posts |
Posted - 10 November 2009 : 15:31:35
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Starting to feel better already. My wife & i just had the pleasure of a meeting with Mark McFadyen  in our own home (which was a 6 hour round trip for him)to start the proceedings of our TD. We found him both professional & helpful by answering all the questions that was put to him, so i say to anyone thinking of starting a TD to get in touch with him. Dont know what i would have done without the advice from all the members on this forum. Many thanks.  |
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Mark McFadyen
Trust Deed Expert
3001 Posts |
Posted - 10 November 2009 : 18:29:13
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Hi mazda5
many thanks for the kind comments, it's very much appreciated. I'm also glad the forum has been of assistance.
The trip was my pleasure as I don't get to see that area of Scotland too often and even the weather was good!
Regards
Mark |
*** Recommended Trust-Deed.co.uk Partner ***Click for Mark’s help starting a protected trust deed: |
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Trust Deed Assistant
Trust Deed Expert
6759 Posts |
Posted - 10 November 2009 : 21:53:47
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Hi Mazda 5,
It's great to hear that your meeting went well and all of your positive comments about Mark and this website. Thank you for taking the time to write them.
The support team behind the site get regular great feedback about Mark and Kevin which makes us very comfortable in featuring them as experts in their field.
Best of luck with everything. |
*** Qualified Debt Adviser & Trust Deed Forum Administrator *** |
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Topic |
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trust deeds on loan under a year old