Trust Deed advice — finding the right trust deed company
Many of us like to get recommendations from friends and family when we’re buying goods or services. Sometimes we visit forums and ask for recommendations. However, when it comes to finding the right Trust Deed Company to give you thoroughly reliable Trust Deed advice it can be like searching for a needle in a haystack. You daren’t mention it to family because of all the questions and disapproval that would follow, and even if you did mention it chances are they wouldn’t have a clue where you could get Trust Deed advice from. You don’t want to confide in your work colleagues, especially if you are in a position of fiscal responsibility or in the public services, in case it risks your job. If you go onto a forum, very few people know how to give advice on Trust Deeds properly, but go ahead and offer — usually incorrect — Trust Deed advice anyway. On the rare chance that someone does know where you could get good Trust Deed advice, the person they recommend usually ends up being miles away from you.
It all tremendously frustrating and can leave you feeling there’s no way for you to get the Trust Deed advice you need. However, it is possible to find the right Trust Deed advice to help you — and it starts with Insolvency Practitioners.
Insolvency Practitioners are professionals — usually solicitors or accountants — who are highly trained in insolvency law and responsible for supervising and managing a Trust Deed as well as offering Trust Deed advice. Unfortunately not everyone who claims to be an Insolvency Practitioner is and may actually make matters worse for you instead of better. So how can you get the best Trust Deed advice? What should you be looking out for?
The Insolvency Practitioner should be licensed
Whoever you get Trust Deed advice from should be fully licensed by a recognised professional body. Specifically they must hold a current practicing certificate, have passed the Joint Insolvency Examination and satisfied the ICAS Insolvency Permit Committee that they have the required knowledge and experience in insolvency practice to hold an insolvency permit. There are some rogue companies out there offering Trust Deed advice and managing Trust Deeds who are not licensed and this is illegal; it contravenes the Insolvency Act 1986 and the Bankruptcy 1985 (Scotland) Act (as amended by the 1993 Act and the secondary legislation). Anyone acting as a supervisor or trustee of Trust Deeds or offering Trust Deed advice to should demonstrate they adhere to certain standards, devote a proportion of time to their continued professional development, and ensure they stay up to date with legislation.
How long they have been practicing?
While a newly licensed practitioner is technically competent to give you Trust Deed advice, it could be on the basis of book knowledge alone rather than in combination with extensive experience. The only exception to this is if they have previously shadowed a licensed Insolvency Practitioner for some time (two weeks of work experience does not count!). While all newly licensed practitioners do have to start somewhere, it’s not nice to be someone’s guinea pig when your future life and finances are on the line.
What is their attitude like?
It should go without saying the person you go to for Trust Deed Advice should make you feel comfortable. You shouldn’t feel you are being given a telling off by a headmaster. The Insolvency Practitioner should talk you as an equal and take care to ensure you understand all the issues involved. If they try to blind you with jargon — either through laziness or because they think it makes them sound important — go somewhere else.
Depth of knowledge
Even though we previously mentioned how important experience is, being book smart is equally as important. All the experience in the world doesn’t count for much if the law has changed and the Insolvency Practitioner has not yet managed to catch up on the developments and assess how the changes will affect his current and prospective clients.
Recommendations for their trust deed advice
If possible, ask the Insolvency Practitioner to put you into contact with a couple of clients who have either been given Trust Deed advice by them to or whose Trust Deeds they act as a Trustee for. If it is the latter, ask to speak to someone who is some way through their Trust Deed, as an Insolvency Practitioner may be on their best behaviour for the first few months, but then lapse later on during the Trust Deed term. An individual with a new Trust Deed could be brimming with relief at being saved from sequestration and may have wonderful things to say about their Insolvency Practitioner. Two years on you may find them less than complimentary if all has not gone well.
Your friends and family may have your best interests at heart, but when it comes to the best in-depth Trust Deed advice you are better off seeking a professionals help straight away. If you need to find out about those licensed Trust Deed companies in your area that can give you expert Trust Deed advice or act as your trustee for a Trust Deed, call our Trust Deed Advisors now on 0800 042 2027.