Kevin Mapstone – Personal Information

I have completed the Certificate of Proficiency in Insolvency and the Joint Insolvency Examination Board. (personal insolvency)

 

I hail from Sunderland originally, but moved to Edinburgh in 1993 to attend university. Before too long I had fallen for both Scotland and for my future wife, so it was an easy decision to stick around after graduation.

 

I started work with a high street bank, eventually becoming a personal account manager. However, after a couple of years of growing steadily dissatisfied with having to sell credit cards, loans and other products to customers who might have only come in to pay a bill, I decided to switch sides. I became a debt adviser, working for the local authority's money advice service as well as from Edinburgh Central Citizens' Advice Bureau.

 

It felt much better to be able to help hundreds of clients to overcome their debt problems instead of adding to them! Over a number of years as a debt adviser I became very experienced in dealing with debt problems and I eventually decided to specialise in insolvency, moving to work for an insolvency practitioner firm in 2007.

 

In October 2020 I have begun an exciting new senior role at AMI Financial Solutions Ltd. AMI has an excellent reputation and is focussed upon supporting and partnering with the free advice sector throughout Scotland.

 

Outside of work I am kept busy with my three sons – which probably explains why I also love to spend time out walking my dog in the peace and quiet! I often travel down to Sunderland to visit family and friends, being careful to coincide my trips with weekends that Sunderland AFC are playing at home, having been a devoted sufferer all of my life. I also like to pretend I can play a bit myself, though am not sure how much longer my old ankle joints will allow.

 

AMI Financial Solutions - Firm Information

 

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

 

AMI Financial Solutions is a well-respected and established insolvency firm that operates throughout Scotland. We’re dedicated to providing excellent service and complete transparency.

 

Many people that are in financial difficulty are particularly vulnerable due to their desperation for a solution, so we feel that it is of utmost importance that time is taken to ensure that clients understand their options fully. We want to be certain that they know exactly what is involved if they do enter into an insolvency procedure.

 

Another important feature of our service is that clients have direct access to their dedicated case manager throughout their trust deed, so they’re not dealing with different people whenever they contact us.

 

What geographical area do you cover?

 

We cover the whole of Scotland, including the Highlands and Islands.

 

Who regulates you and how does it protect your clients?

 

Our insolvency practitioners are regulated by the Insolvency Practitioners' Association and are subject to regular review and inspection.  IPA provides guidance to us on how to conduct our business and also serve as a point of complaint if required.

 

The Accountant in Bankruptcy also has a statutory role, supervising all personal insolvency work in Scotland.

 

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

 

I would speak with the person by telephone and answer any pressing queries they may have immediately.

 

Traditionally we would then organise a face-to-face meeting with a client to advise on their financial situation and options in more detail. Covid-19 has put face-to-face client meetings on hold for now, but we’ve been able to adapt and can deliver the same high quality of advice and service by telephone.

 

We provide written confirmation of the various debt solutions options to our clients, in particular specifying how assets such as their home or car would be dealt with. Should they decide to proceed with a recommended debt solution we promptly provide them with the necessary paperwork.

 

What are the main concerns of those who contact you?

 

People invariably want to understand how their home or car would be affected by insolvency and of course I am happy to run through this in detail.

 

The other main concern for people is whether the procedure will be effective in dealing with their creditors and whether there is a significant likelihood of a trust deed failing to become protected. Again, I am very happy to be able to reassure them about this given my long experience in helping people in similar situations.

 

The language attached to protected trust deeds can seem confusing. How do you ensure that your clients understand the commitments involved?

 

We avoid using jargon at all times, explain any technical language fully and repeatedly confirm understanding with our clients.

 

We also provide a clear written summary of the process and their obligations under it, as well as information brochures. It is crucial to allow sufficient time for clients to digest the information they have been given so that they can come back with any questions they might have.

 

I always stress that they should take their time, read through everything closely and don't be afraid to ask questions if there is anything they don't understand.

 

How does your firm deal with a client’s assets, especially their home and car?

 

It is vital to clarify the exact position regarding a person's assets prior to them signing a trust deed, so to avoid any possibility of problems arising afterwards.  We always get a professional valuation of a property before a trust deed is signed and require an up to date mortgage redemption figure to be provided so that equity is accurately calculated.  We would then provide written confirmation of the position and the agreed method for dealing with any equity.

 

This would usually involve the need for some funds to be gathered in for the creditors in order that the property can be taken out of the equation. The funds could be provided by a third party or by making additional payments at the end of the standard four years trust deed term. Having said that, a substantial reduction can often be applied to the full equity amount to ensure that a Trust Deed is a viable prospect.

 

Any car that is reasonably required and is worth under £3000 is ignored. For cars worth more than this we would have to seek for the excess value over £3000 to be paid in to the trust deed in order for the car to be retained.

 

Again, this would normally be paid by a third party (if available) or by extra monthly payments at the end of a trust deed. In some cases, a person may choose to sell their high-value car and buy a lower-value car with the proceeds to replace it. The remaining funds would then be paid in to the trust deed.

 

In your experience will entering into a Scottish trust deed affect someone professionally?

 

For the vast majority of people there is no effect at all on their job from entering a protected trust deed, however we recommend that people check their contract of employment just in case.

 

If they are worried then they may benefit from speaking to their Trade Union or HR department for clarification. Professionals should always seek guidance from their professional bodies before acting.

 

We can assist you if you are self-employed or serve as a company director and in fact as a firm we have particular expertise in dealing with these situations.

 

Do you charge up-front fees? How are your fees worked out and paid for?

 

We do not charge up-front fees. The complexity of a case is assessed and we propose our fee level to creditors accordingly at the outset.

 

The client also receives a copy of this information. It is worth emphasising that the fees are paid from the funds gathered in to the trust deed and are not charged separately.

 

How often do you recommend solutions other than Scottish trust deeds?

 

It is not really a case of making recommendations, rather we discuss all suitable options with our clients so that they can make an informed decision.

 

A significant number of people we advise subsequently choose to use a debt arrangement scheme or bankruptcy (sequestration) rather than a protected trust deed.

 

What percentage of the trust deeds you put forward become "protected"?

 

It is unusual for a trust deed we propose to unexpectedly fail to become protected. This is simply because of our experience in handling so many protected trust deeds over the years.

 

We know exactly what the vast majority of creditors are willing to accept, so clients who are not likely to get the necessary acceptance will usually choose another more suitable debt solution instead.

 

What happens after a Scottish trust deed becomes protected? What contact will people have with your firm?

 

Each client has a dedicated case administrator, who conducts periodic reviews to ensure that any issues can be resolved quickly.

 

You can always contact your dedicated case administrator if you have any questions or concerns.

 

How do you find being one of the Trust-Deed.co.uk recommended experts?

 

I find it immensely rewarding being able to assist people who genuinely need help and information.

 

It should not be underestimated how intimidating it may be for people to seek help in person or on the telephone and it makes me genuinely happy that I have the chance to reach out with advice to people who might otherwise just bury their heads in the sand or make themselves sick with worry instead.

 

Kevin regrets that he cannot communicate directly with visitors about existing protected trust deeds being managed by other companies. If this applies to you, please ask your questions in our trust deed forum where Kevin and our other experts will do their best to help you.

 

If you would like Kevin and his team to set up a Scottish trust deed for you please fill in the contact form below (or call our advice team on the advice line numbers provided).

 

 

Page last updated: 02/11/2020