Which Protected Trust Deed Company Is Right For You?

September 10, 2011 by  
Filed under Debt & Credit Tips

Accessible to Scottish residents, a trust deed could be a suitable option for people with unmanageable levels of debt. The customer service levels provided with a Scottish trust deed, like plenty of other services, varies depending on the company. Not every operator will meet your requirements, examining internet reviews and visiting a trust deed forum should help you understand which companies to consider.

Promotion in newspapers, on the television and on the radio alert lots of individuals to the possibility of a Scottish trust deed to deal with their debts. Much of this advertising originates from the most sizeable protected trust deed companies who have the biggest budgets. Due to the scale of their call centre operations and processing departments, these operators are sometimes referred to amongst industry experts as “trust deed factories”. Some individuals may like the notion of a factory-type operation as it implies speed and efficiency.

Many individuals however require a high level of quality personal interaction both before and throughout one of the most significant financial decisions they will ever make. The principal factor of quality personal interaction is having a dedicated high-level contact during the whole trust deed process that won’t fluctuate very often. This is not always the case with the largest trust deed companies. Quite justifiably lots of debtors also expect contact with the Insolvency Practitioner (IP) who will be their “Trustee”. This is sometimes not available at the larger operations where the IP in question may just be too overloaded to talk to individual debtors.

Trust deed “introducers” also pay for plenty of the media advertisements. These introducers work at the beginning of the protected trust deed process to connect debtors with protected trust deed providers; they don’t handle cases themselves. The most effective introducers will give their clients professional advice on alternative debt resolution choices, e.g. debt management plans, bankruptcy or the DAS scheme. Regrettably there are those introducers that do not employ qualified advisors. You should be wary of these, especially since a Scottish trust deed is such a significant financial decision. Financial incentives may be place for introducers; therefore they will probably suggest the financial advisor that’s offering the most money instead of the one offering the highest quality customer service. Prior to making this commitment to any one operator, research them and look at reviews to give you a better idea of the customer service you can expect.

In the market there are also medium-sized Scottish trust deed providers. Being dedicated personal debt and Scottish trust deeds means that they’re capable of providing a professional service to debtors and their creditors. As they are smaller than the “factories” they may be more likely to supply a debtor with a professional, experienced contact for the duration of the process. Having strong and consistent contacts that do not frequently alter provides both parties with protection against misinterpretations and problems later into the process. They will probably employ a Trustee that you’re able to speak to about the Scottish trust deed if you need reassurance or your questions answered.

Traditional accountancy companies help people with tax, auditing and additonal services as well as trust deed insolvency services. Unless they have specialist trust deed departments they may lack some of the trust deed specialism found elsewhere. Where they do have dedicated protected trust deed departments they are likely to provide the same benefits to a client that may be present at a medium-sized trust deed specialist. Continuity of communication with qualified people employed outside of a call centre surrounding will generally be in the interests of the debtor.

Individual Insolvency Practitioners (or those functioning with little assistance) also occasionally supply trust deed services and assistance. In some situations sole practitioners in this environment may not be completely versed with current creditor acceptance criteria and other issues of vast importance. It may be worth considering an alternative more focused source of Scottish trust deed advice.

Our trust deed forum provides a unique insight into the variable service experienced by individuals who have started a Scottish trust deed. The thousands of comments by visitors with personal experience of Scottish trust deeds are reinforced by professional comment from a panel of Scottish trust deed operators. The website also provides many additional information resources that will be valuable to anyone in Scotland who’s concerned about their personal debt.

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