Julie Heaton - Scottish Trust Deed Interview

Date: Monday 7th December 2009 Location: Offices of Henderson Loggie, Edinburgh Interviewees: Julie Heaton & Claire Middlebrook

1. How would you describe your firm as it compares to others?

Henderson Loggie is one of the largest independent firms of accountants in Scotland but maintaining a personal touch is very important to us.

We meet personally with all clients because we want to hear their “story” directly prior to confirming that a Trust Deed represents the best course of action for them.

Anyone entering into a Trust Deed with our firm is likely to be dealing with the same employees throughout the process and our Insolvency Practitioners are personally contactable.

We also play a wider role within the industry. For example we contribute to the debate on legislative changes as well as regularly visiting Money Advice Centres and Citizens Advice Bureaux.

2. What geographical area do you cover?

Primarily we cover the Central Belt and the East of the country. We’re headquartered in Dundee and also have offices in Aberdeen, Glasgow and Edinburgh.

3. Who regulates you and how does it protect your clients?

We’re regulated by ICAS (The Institute of Chartered Accountants of Scotland) and are subject to regular visits and inspections.

4. What actually happens when someone gets in touch with your firm?

Initially we’ll talk to our potential client over the telephone to establish the facts of the situation. Should it appear during this call that a Trust Deed could be appropriate we will then offer a face to face meeting.

The face to face meeting is important to help us get to know our potential client properly and also to provide them with the opportunity to run through any questions or concerns that they may have. This meeting could be held at the individual’s home, thei office, or at one of our offices according to the wishes of the individual.

If the individual wishes to proceed we’ll draw up a letter confirming our advice, how the process will work and any additional information appropriate to the case. The Trust Deed will also be drawn up and we’ll liase with our client to arrange a suitable time for it to be signed.

5. What are the main concerns of those who contact you?

Many clients tell us that they are concerned that other people will find out that they have entered into a Trust Deed. In reality this is unlikely to happen but the information is available on a public record should someone decide to look for it.

How assets such as a house or car will be dealt with in a Trust Deed are also major concerns for our clients.

We also spend time dismissing some of the myths that can build up about the process. For example many of our clients are relieved to learn that their home will not be cleared of their personal posessions.

6. The language attached to Scottish Trust Deeds can be very confusing. How do you go about ensuring that your clients understand the commitment they are making?

By meeting with our client in person we’re able to ensure that anyone considering a Trust Deed fully understands the commitment that they are making and how the process will work.

We also back our advice up in writing. The letter is written is straightforward terms to be as clear and unambiguous as possible.

7. How does your firm deal with assets/equity (especially home and car)?

Every situation is different and we work to establish arrangements that are clear to our client and fair to their creditors. We will clarify in writing how equity will be dealt with in the Trust Deed. Where equity is of key importance to a client we are sometimes able to organise a home valuation in advance of the signing of the Trust Deed so our client can fully understand their position.

8. In your experience will entering a Trust Deed affect someone professionally?

Generally we do not find that a Trust Deed affects clients professionally.

Our advice to professionals is to confirm their position with their professional body in advance. Other employees may be well advised to check their contracts of employment or speak with their HR department to ensure that a Trust Deed will not affect their employment.

9. Do you charge upfront fees? How are your fees worked out and paid for?

We do not charge upfront fees. Our fees are agreed with creditors as part of the Trust Deed and are drawn from the contributions made into the Trust Deed.

10. How often do you recommend solutions other than Trust Deeds?

We often recommend other solutions such as the Debt Arrangement Scheme. We take time to give advice and information to our clients regarding all of the solutions available to them so that they are properly equipped to make their own decisions.

11. What percentage of the Trust Deeds you put forward become “protected”?

Over 90% of the Trust Deeds we handle become protected.

12. What happens after a Trust Deed becomes protected? What contact will people have with your firm?

Our employees and Insolvency Practitioners are available to our clients at any time should they wish to contact us. We contact our clients every six months to review their circumstances.

13. How do you find being one of Trust-Deed.co.uk’s Recommended Experts?

We feel that Trust Deeds can sometimes be portrayed in the wrong light. Contributing to the Trust-Deed.co.uk forum is a valuable way to make the truth available to anyone considering how to address their debt concerns.

Julie regrets that she cannot communicate directly with visitors about existing trust deeds being managed by other companies. If this applies to you, please ask your questions in our Trust Deed Forum where Julie and the other experts will do their best to help you.

If you would like Julie and her colleagues to handle a Trust Deed for you please fill in the contact form below (or call the site advice team on the freephone number provided).