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Is good quality trust deed information readily available?

19th November 2010

In our visitor survey earlier this year we wanted to know whether people felt it was easy to obtain reliable information about trust deeds in Scotland. This is obviously an important question as entering a Scottish trust deed represents a very significant commitment. We asked:

“Do you think that there is enough good information available to those considering Trust Deeds?”

The response was as follows:

No: 21%

Yes: 22%

Yes, but it’s hard to find: 57%

These results can be segmented in a couple of ways which provide entirely different perspectives:

  1. 78% of people feel good information on trust deeds is hard to find or is simply not available. Looking at the situation in these terms, there would appear to be a significant problem in the provision of information on trust deeds.
  2. 79% of people feel there is enough good information but for many it can be hard to find. Analysing the results in these terms indicates that, with some work, good information about protected trust deeds is available.

The results are in many ways quite surprising. There are hundreds of trust deed websites, debt helplines and also sources of charitable advice; all of which are relatively easy to locate. This leads us to believe the issue of the availability of trust deed advice is not the problem; the problem appears to be the quality of advice provided by some of these resources.

Previous articles on this website (connected to the Trust Deed survey) have demonstrated some of the problems that currently exist with some trust deed websites. Untrained debt advisers and companies seeking to maximise profits rather than look after the best interests of their clients. Throughout previous articles we have provided suggestions to help people work around the potential problems this may cause.

The conclusion we have drawn from the response to this question is that anyone considering a trust deed as a possible debt solution must take full personal responsibility to research all of the options thoroughly before making any decisions. It is vital that anyone considering a particular debt solution does not sign-up before fully understanding the consequences of their actions. People should remember that the person offering the solution may have interests other than those of their client to consider.

This task in itself may not be easy; it is clear that good trust deed information does exist, but it exists amongst a backdrop of some very poor information and even misinformation (especially on the internet). However, just like any major decision, good research will help individuals avoid the pitfalls and traps which exist in certain quarters.

As often quoted on the forum, it’s more important to make the right decision than it is to make a quick decision.

The Trust-Deed.co.uk forum offers a unique resource for finding information about trust deeds. Representatives of three different trust deed companies are available to answer questions about anything to do with debt and trust deeds in Scotland. The combination of expertise and also the breadth of opinion available is an excellent reference point for anyone weighing up the options available to them to deal with debts that are no longer manageable.

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