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ddp712
Starting Member

2 Posts

Posted - 11 Sep 2015 :  12:23:38  Show Profile  Reply with Quote
Morning

I wonder if someone can help me,

I am currently in the middle of my trust deed with a company called Wilson Andrews,

Everything seems to be going ok but I have questioned them over the phone and by letter regarding there fees. They never give me a straight forward answer I told them that the fees were never explained properly before I entered in to it all that was said was they take a %.

When I ask on the phone they just say its agreed with my debtor's but my argument was are you sure its not the amount they are going to receive is agreed rather than your fees? It looks like I'm nearly paying as much in fees as I am back to the debit.

I also asked if you can just pay the remaining balance off if say my Mum or someone was going to pay it off for me and they gave me a long winded story of its not as easy as that we would have to calculate it up and the interest etc but still not had anything back.

I have told them that I do feel I have been miss sold it and that I should of spoke to a few different companies before I entered it with them

Any advise would be great or if anyone else has had deals with this company please let me know.

Thanks

Debt Management Advisor
Debt Management Expert



366 Posts

Posted - 14 Sep 2015 :  09:20:20  Show Profile  Reply with Quote
Hello ddp712.

Information about the proposed fees will have been on the documentation that you completed (and agreed to) at the start. There's no reason why a copy of this cannot be provided to you if you request it. The same details will have then gone to your creditors.

You have no general right to the trust deed being settled early. On newer trust deeds it's usually not possible at all. If this is what you want to happen it's really for you to make an offer in writing to your trustee of what could be paid, when, and by who.

If your trustee is minded to support this settlement they will then run it by your creditors for their consent or otherwise. You'll want to understand whether this will mean an early discharge, or whether it will mean your discharge remains scheduled for the same point in the future but you don't need to carry on making the monthly payments.

The only way you're guaranteed to be able to bring the arrangement to an early end is if you can come up with a sum of money totalling the sum of:
1 - Your total debts at the start of the trust deed.
2 - Interest on those debts.
3 - Your trustee's fees.

This amount is likely to be substantially higher than your debts at the point your trust deed began.


I am a CertDR qualified Debt Advisor. I advise on all of the available UK debt solutions. For advice on all of your options please click here:
   
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Steven Hewitt
Starting Member

1 Posts

Posted - 14 Sep 2015 :  11:02:53  Show Profile  Reply with Quote
Dear ddp712,

My name is Steven and I‘«÷m part of the team at Wilson Andrews.

As Debt Management Advisor has already mentioned, details of the fees for your Trust Deed are in your original signed agreement.

Fees are also highlighted in the annual reports we produce and send to you and your creditors.

We only charge you a fee if your Trust Deed becomes ‘«£protected‘«ō, i.e. it is accepted by your lenders. All the fees are paid out of ‘«Ű not in addition to - your regular affordable monthly payments.

Once your Trust Deed becomes protected, the fees you will pay are:
1) A fixed fee
2) A percentage of realisations (the money sent to your creditors)
3) Costs/expenses

The fees are set out in detail here, together with a ‘«£worked example‘«ō of what they mean in practice: debtadvisorycentre.co.uk/fees/

As you would expect, each case is individual and we‘«÷d like to discuss your Trust Deed with you (and the options available if you want to settle your Trust Deed early). Please email your details to us, via the ‘«ˇcontact us‘«÷ section on the Wilson Andrews website and one of the team will be in touch.

We look forward to hearing from you soon.



Regards

Steven Hewitt
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ddp712
Starting Member

2 Posts

Posted - 14 Sep 2015 :  13:06:03  Show Profile  Reply with Quote
Thanks for the replies.

Maybe its just me that feels this way, Everything may have been documented when it came through the post but at the time I was so low and depressed with the debt that you guys made everything sound perfect on the phone sent out the documents the parts I had to sign stickered or highlight so I just signed and sent back. This is obviously my own fault for not reading but over the phone it sounded so great that I would be able to get myself out of debt get my life back on track its not until now that I have read the yearly statement and that's where the fees really came to light.
Every time I ask over the phone what your charges are nobody gives me and answer I also saw that your charges go up with every letter you guys send out?

"You have no general right to the trust deed being settled early. On newer trust deeds it's usually not possible at all. If this is what you want to happen it's really for you to make an offer in writing to your trustee of what could be paid, when, and by who"
This is why I ask about your fees so lets say over the next 2 years I was going to pay back 5k now it looks like ?ķ2500 maybe for Wilson Andrews if I made an offer to the creditors to pay back ?ķ2000 now and it be settled Wilson Andrews would reject it as they would want there fee's (even though Wilson Andrews have had money for the past 18 months)
I feel the company is in it for there money not to help people like me as I first thought!





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Debt Management Advisor
Debt Management Expert



366 Posts

Posted - 15 Sep 2015 :  09:33:44  Show Profile  Reply with Quote
Hi again ddp712.

Obviously I cannot speak for the firm concerned - we're unconnected.

However I think it's fair to say that they, like any other firm in any other industry, provide a product/service in return for payment.

The option here really is to put your best settlement offer forwards to your trustee and see where this takes you. I do hope that it works out for you.

I am a CertDR qualified Debt Advisor. I advise on all of the available UK debt solutions. For advice on all of your options please click here:
   
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