Many of us use comparison websites. When it comes to insurance and financial products they can be extremely useful tools that save us a lot of money and wasted time. New comparison sites are springing up all the time, but does a trust deed compare service exist?
If you have decided that a Scottish trust deed is the best way of dealing with your debts, you may be best off making use of a trust deed compare service. So is it possible to do an online trust deed comparison to save you money and hassle?
Well, if you’re looking to save money using a trust deed compare tool, the answer is probably no. When you appoint an insolvency practitioner, they become duty-bound to collect an amount you can reasonably afford to pay towards your debts. All trust deed firms will make this assessment in a very similar (though not totally identical way). This takes any kind of money-saving function out of a trust deed comparison.
There is an exception to this rule. If you are told your protected trust deed is to last more than the usual three years, some trust deed comparison is certainly a good idea. The reason you are being asked to commit to a longer trust deed might be because your insolvency practitioner expects to levy an above-average level of fees. Speak to other trust deed firms and see if you can find a shorter trust deed elsewhere, as this will very definitely save you money (possibly many thousands of pounds) and ensure you become debt-free more quickly.
What About Trust Deed Compare Websites?
A few ‘trust deed compare’ or ‘trust deed comparison’ websites have sprung up over the years. There are bound to be more in the future.
Despite the evidence to the contrary, some trust deed compare websites have claimed they can save you money. These websites sometimes even include widgets, into which you can enter a few details about your circumstances and receive ‘trust deed quotes’.
Let’s be clear again, when you appoint an insolvency practitioner to handle your protected trust deed in Scotland, they have a legal responsibility to investigate your financial affairs and to require you pay an amount you can reasonably afford towards your debts during the trust deed’s term. No widget on a trust deed compare website can predict how these numbers will work out in advance, which renders any subsequent trust deed quotes or trust deed comparison totally fictitious in reality.
It’s always a good idea to look at the small-print. One such trust deed comparison website used to reveal their comparison was based upon how much a trust deed would have cost if you approached a firm that wasn’t even a provider of trust deeds, which had then loaded on some upfront advance fees for their advice (to begin a trust deed!), and they’d subsequently sent you to an actual trust deed provider. We don’t think that’s a fair trust deed comparison (and we don’t think you should ever pay upfront trust deed fees).
Good Service Makes Trust Deed Comparison Relevant
All protected trust deed firms will look at your circumstances in a similar way. Each will have a legal obligation to collect an amount you can afford if you choose to appoint them as your Trustee. So perhaps trust deed comparison is completely irrelevant?
Not when it comes to finding good service.
When you sign a trust deed, you are putting your finances under the control of your Trustee and his or her staff for three years (sometimes longer).
- How will they treat you if you have to take some time off work due to sickness?
- What will happen if you earn a bonus?
- Will they force you to make a PPI claim which delays your trust deed discharge?
- Will the firm support you if you’re made redundant and need some time to find a new job?
- What happens if you cannot make your payment because you had to pay a £500 car repair bill?
- Will your discharge take six weeks or six months?
- When you need an answer to a question will they return your calls and emails?
Important factors such as those above are not examined by traditional trust deed compare or trust deed comparison sites. If you haven’t already, please read our trust deed forum. There are hundreds of threads where Trust-Deed.co.uk members have been furious or delighted with the way their trust deeds have been handled. Some Scottish trust deed firms regularly receive positive feedback and comments. A few trust deeds firms regularly attract poor feedback about their communications and customer service skills. The difference good versus bad service makes to an individual during a protected trust deed is enormous.
Choosing a trust deed firm that will treat you with courtesy, skill, fairness and promptness is essential, not something that can be ascertained through the use of a trust deed compare or trust deed comparison site.
Good service is paramount. This is the real trust deed comparison that should be carried out before signing a Scottish trust deed. If you don’t think that’s the case and it makes no difference which firm you sign up with… read what our members have to say in our trust deed forum!
So our forum can fill in the holes left by trust deed compare and trust deed comparison sites. Just have a look through some of the posts to see which trust deed providers receive the best feedback.
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