Trust Deed Complaints: You Should Know This Finance Information

Trust Deed Complaints: You Should Know This Finance Information 

According to the Financial Ombudsman Service (FOS), debt advice Scotland companies have had just a handful of complaints. When complaints about debt advice Scotland services are filed, FOS defines them as "debt adjusting" complaints. This quarter the debt adjusting category received a mere 101 complaints. Trust deed and debt advice Scotland complaints are liable to account for only a tiny portion of these complaints. To place this number in perspective have a look at the complaints made about other sections:

-30301 PPI complaints


-4032 credit card complaints
-3421 current account complaints
-1566 overdraft and loan complaints

The stats however might not be truly representative. Although the advice that prompts a debtor to take on a trust deed to manage their debts falls into FOS regulation, once a trust deed has been signed the appropriate body for outstanding complaints will be the insolvency regulator of the particular Trustee. FOS do regulate and handle complaints relating to debt advice providers because these companies have to have a consumer credit licence.

For many debtors a trust deed is a speedier way to manage debt and, after working with debt management companies, numerous debtors start a trust deed. The FOS news letter expands upon 2 examples of complaints about debt management services. If you are a debt management service or a debtor thinking about making a complaint relating to your debt management service, you may find these examples interesting:

In the first example a complainant said that his debt management company had "failed to get rid of his debts". When FOS looked into the claim it was obvious that the company had not promised to write off his debts, had strived to make arrangements with lenders and had been honest and clear regarding their fees. The complaint was rejected because of the reliable record keeping and impressive practices of the group involved. If the complainant used a different debt management method, perhaps a trust deed, he might have been able to write off some of his debt - a better debt advice service would have advised him of this.

In a second example the FOS complainant claimed she was told her debts would be written off. She patently had not been made aware that the debt management service she was using could not do this. It was shown that the company's brochure falsely suggested that they could write off your debts and FOS validated the complaint. The client's fees were paid back. This is a great illustration of the point that if a debt advice Scotland service seems too good to be true - it almost certainly is.

If your trust deed is not running in the way you expected and you are thinking about submitting a complaint - FOS shouldn't be your first port of call. Attempt to sort out your issue with the trust deed firm involved before going down other roads. If this doesn't work you'll have to speak with the correct professional body. If you have an unresolved problem with a debt advice Scotland company you might well discover that FOS can help you to put things right if you have been mislead.

 Trust-Deed.co.uk is a forum-based website that is full of debt advice Scotland information. Whether you'd like to learn more about debt management solutions with our online guides, talk with other debtors in the same position as you in our forums or consult in confidence to our professional debt advisers, Trust-Deed.co.uk will help.
Source: Trust Deed Complaints: What You Need to Know 
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