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Reasons Not To Pay Set Up Fees With Trust Deeds

There are many reasons why a person should not pay set up fees when entering into a Trust Deed. Being afraid can make a person desperate and vulnerable.  Having little control over debt can make a person seem appealing to businesses that give unethical service.  In a worried state of mind, a person may fall prey to the poor practices.  One of these unethical items is paying set up fees.

It is unfair to mislead a person to believe that a majority of Trust Deed companies are bad.  It is a fact that many organizations are dedicated to providing help to a person with a high amount of debt.  A good way to tell the difference between a solid company and one that should be avoided is whether or not set up fees are imposed.

Why Will This Help A Person Choose The Best Company?
A person should not pay someone to enter into this agreement.  There are no need for fees. Charging a person more money from the start is a direct negative against the premise of the agreement. This is why it is crucial to select a company that does not charge fees in the beginning of the process.  It may be helpful to be aware of certain tactics that are practiced by unethical companies.  Comprehending these items will help a person save time and money.

1.  Charge For A Survey
When a person owns property, it will be necessary to complete a valuation survey.  This should not cost anything.  However, unethical companies will try to charge fees to cover the survey.

 

2.  Hiding Fees In Small Print
Very few companies will be up front about charges, unless a customer asks.  Usually fees get hidden in the fine print of an agreement. Unethical practices are clauses that help a company get richer at the expense of clients.  In other words, the first few payments are actually being made to the company instead of going toward debt payoff.

 

3.  Fees Are Not Commonplace
Some Trust Deed companies will tell customers that fees are necessary for service. However, this is not the case.  These companies tell customers that it is necessary to go further into debt in order to solve financial problems.  It is never necessary to obtain fees for services that should be given for free.  This is the only ethical treatment that should be tolerated.

4.  Double Glazing
When a person is experiencing financial trouble, it will bring a great deal of stress, especially when being bothered from creditors.  An unethical company may send a pressuring salesman to a person's home in order to sell a Trust Deed agreement that has numerous hidden fees.

5.  Never Try Other Alternatives First
Certain unethical companies will try to persuade customers to try a debt management program before applying for  Trust Deed.  These companies may claim that this will give great help. However, this is not true.  In actuality, these management plans allow a company to charge fees and take a percentage from each month of the plan participation.

 

6.  Charge For Edinburgh Gazette Ad
It is well known that anyone who enters into a Trust Deed will have personal information placed into the Edinburgh Gazette. This is done because it displays the contract to creditors and opens the opportunity to questions.  An individual is not responsible to pay for this advertisement. 

7.  Booking Fees
When a person rings a company for advice or to arrange a consultation with an adviser, it may be told that a booking fee is necessary.  No one should have to pay for initial advice.  This information should come free.  A person should ever hand a person a debit or credit card number over the phone. It is wise to choose a new company when this occurs.  It is a sign that poor treatment will be dealt through the entire process.

These companies want nothing more than to have a person sign the paperwork. None of the advice that is being given is impartial either.  These people have something to sell, which means that it will cost a customer a lot of money. This will only contribute to already accrued debt.

The above ideas should not lead a person to believe that Trust Deeds come with no fees.  However, the charges that are imposed are only necessary to maintain the administration of personal accounts.  They are legitimate costs for services that are performed and will be out in the open from the beginning.  They tend to fall late in the process and rarely delay the Trust Deed from being paid.

Any company that attempts to gain money from a person before an agreement is set up, will only bring headaches. This type of company engaged in unethical activity.

 

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