Call by Glasgow firm for a "Trust Deed League Table" to be introduced in Scotland

Call by Glasgow firm for a "Trust Deed League Table" to be introduced in Scotland

TrustDeedScotland.net, the largest introducer of trust deeds in Scotland, are calling for a more comprehensive Trust Deed league table to be introduced in an attempt to self-regulate the Trust Deed market.

Trust Deeds are regulated by the Aib (Accountancy in Bankruptcy) and the OFT however, operators are also required to possess a consumer credit license in order to trade. There is no real information available in regards to performance.

Under the terms of the Trust Deed league table proposal, all Insolvency Practitioners operating in Scotland would be asked to declare their number of Trust Deeds and number of successful trust deeds declared each year. Introducers would need to declare details such as services fees which could include set up fees.

A spokesman for TrustDeedScotland.net advised "In our experience, there are companies out there operating with little due care for their clients, with more concern for their bottom line profits.

Trust Deeds as a solution to debt in Scotland can be highly effective but there seems to be an undercurrent of bad debt advice circulating in Scotland.

A Trust Deed League Table would help to regulate the industry and ensure that all Trust Deed providers play the same game. Why would a so-called ethical company who are supposed to help people with debt, charge them a setup fee for a service that they may or may not qualify for. It is simply ludicrous.

We would like to invite our peers to look at a Trust Deed League Table and establish a fairer system for Scottish individuals and businesses with debt.

As the largest introducers of Trust Deeds in Scotland, we felt that it was time to speak up and hopefully encourage other legitimate provider to do the same. There are many providers out there who DO offer a good service."

If you are struggling with debt in Scotland, owing more than 10,000 to unsecured debt such as loans and credit cards, a Trust Deed may help you. Your suitability depends on your own personal financial circumstances and there may also be other options open to you. If in doubt you can always speak to a money manager at your local CAS office.

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