Trust Deed Companies – how to find the right one for you

If you’re taking the step of arranging a Trust Deed, the last thing you need is your Trustee to make life more difficult for you. Yet sometimes this is exactly what happens. Many people feel they don’t have the time to research Trust Deed Companies because sequestration is looming and they need a solution fast. Unfortunately, this can lead to trouble.

Trust Deed Companies vary in the quality of advice and service they offer, not to mention their costs, and a small amount of research now could save you a large amount of heartache later.

So what should you be looking for when considering which Trust Deed Companies could help you? Here are a few suggestions…

Don’t put off doing it

As soon as you know you need help, start searching for good Trust Deed Companies immediately. There are very few Trust Deed Companies who will be able to adequately prepare your case if they are given too little time to do so.

Check qualifications

Only a registered insolvency practitioner can arrange a Trust Deed. That is, someone who is licensed by the Institute Of Insolvency Practitioners (IIP) and is an expert in Insolvency Law. Don’t work with anyone who isn’t as they do not have the legal knowledge required to look after your case properly.

Conduct office visits

Many Trust Deed Companies arrange free initial consultations and you can tell a lot about them by their offices. An office that is disorganised and in chaos is not a sign you are going to be well looked after. How many times will files be misplaced or phone calls not passed on? This is the start of a new beginning for you and it’s important those Trust Deed Companies you speak to understand that.

Ask questions

Asking the right questions will be vital to narrow down your list of Trust Deed Companies. The Insolvency Practitioners should answer your questions fairly and in as much detail as you need. They should never make you feel uncomfortable, pressurised or an inconvenience. You need to find out things like:

• The certifications they have
• How many Trust Deeds they arrange every year
• Do they have the expertise you need?
• How much access will you personally have with them?
• If you will have little access, who else will be taking care of your case and when can you talk with them?
• What is the procedure for setting up a Trust Deed?
• How long will this take given their current workload?
• What other options are more appropriate than Trust Deeds?

Friendly and helpful

You want someone who is professional but that doesn’t mean it should feel like you’re talking to one of your childhood teachers. It’s important that the Trust Deed Company you choose is friendly, easy to talk to and helpful.

Costs

Even though the fees for the Trust Deeds will be taken from your payments, it is still important to understand the fee specifics of the Trust Deed Companies you are considering. It pays to shop around and not just select someone who charges the least as this could be an indication that they will do a minimal job. Once you obtain some costs from a few different Trust Deed Companies, you’ll be able to judge what fees are fair and in line with local standards.

Action plan.

You should be advised of all of the options open to you and a basic plan provided based on your individual circumstances. Ideally the Insolvency Practitioner should be able to give you a good indication of the likely future outcome of your finances once your Trust Deed is complete as well as the impact of scenarios that could occur along the way, such as loss of income or an inheritance.

A Trust Deed is a serious step towards ensuring your debt-free future, so it’s vital your selection of Trust Deed Companies is based on skill and the level of service they offer you.

For more information on Trust Deeds and selecting the right Trust Deed Company use our free Trust Deed Calculator on our website or visit our Trust Deed FAQ section.