If you are weighing up a Wylie and Bisset Trust Deed, you should read this review first. We unearth some interesting aspects of this insolvency service and what real debtors have experienced by using them.
Read Wylie and Bisset Trust Deed reviews and discover more, right here at MoneyNerd!
Who Are Wylie and Bisset?
Wylie and Bisset is a chartered accountancy firm based in Glasgow, Scotland. They offer a wide range of tax planning and accountancy services to individuals and businesses across the UK.
Within their services that also provide insolvency advice and services to companies, creditors and individuals in debt. If you enquire about their personal insolvency services, you will be redirected to another website in the name of WB Debtcare, which is part of the Wylie and Bisset group.
WB Debtcare is an offshoot of Wylie and Bisset and provides the insolvency services for the group with an in=house insolvency practitioner. They offer three types of debt solutions that are only applicable to people living in Scotland with Scottish debts, namely a Debt Arrangement Scheme (DAS), Sequestration (bankruptcy equivalent) and Trust Deeds.
What Is a Wylie and Bisset Trust Deed?
A Wylie and Bisset Trust Deed is one of the most popular debt solutions for people in Scotland with large debt and/or multiple debts that total over £5,000. It involves committing to monthly repayments for typically three or four years.
This means paying a lot back overall, as well as the ongoing fees that Wylie and Bisset and will charge for their help. But it has a huge benefit at the end.
Once the period of repayments is finished, any remaining debts you still owe will be wiped away, meaning you become instantly free from debt. Some people wipe off thousands of pounds at the end of their Trust Deed.
This is similar to a debt solution called an IVA, which is used in England and Wales.
You might be excited by the prospect of a Trust Deed with Wylie and Bisset, but make sure you learn all there is to know about Trust Deeds before signing up!
Read Wylie and Bisset Trust Deed Reviews
This was a review we lifted straight from the WB Debtcare website, so it should be read with caution as there is no way to verify that it is genuine and it cannot be found on independent review sites:
“What a relief, David was the most helpful and experienced, understanding and compassionate consultant we encountered. He explained the process in a language which we could understand […]”
There are less impressive posts about Wylie and Bisset on the respected trust-deed.co.uk forum:
“I have recently finished my job now out of work. My last pay was in July I only got under £200 as my final pay. Wylie Bisset got paid the whole lot and left me with zero pay. […] 3 weeks ago and after several emails since no reply. I have called them twice been told the person dealing with it would call me back which she has not done. I am absolutely sick of this lot and wish I never got involved with them (trust deed) […]”
The concern here is not exactly what happened as it could be that Wylie and Bisset were not made aware in time. But their slow response would not fill us with confidence, especially when the forum user has to support a family of five.
Wylie and Bisset Trust Deed FAQs
Can I trust Wylie and Bisset/DW Debtcare?
Yes, Wylie and Bisset is a respected and legitimate accountancy firm and DW Debtcare has been providing debt solutions in Scotland for over 30 years. You can count on them to provide real services and are certainly not a scam.
Is Wylie and Bisset a middleman company?
Not exactly. They do send you to DW Debtcare but they are part of the same group. Moreover, you will deal with in-house insolvency practitioners so you never deal with another business.
Are Wylie and Bisset Trust Deeds protected?
Yes, they only provide protected Trust Deeds, which means the agreement is legally binding. Your creditors can’t change their mind or ask for more money, but simultaneously, you must stick to the agreed repayments or face legal action.
Will a Wylie and Bisset Trust Deed stop debt calls/letters?
Yes, a Trust Deed prevents your creditors from communicating with you once agreed. Any communications must go through DW Debtcare, leaving you to enjoy a peaceful repayment period.
How much does a Wylie and Bisset Trust Deed cost?
The fees for a Trust Deed with Wylie and Bisset are not publicly advertised. They state that fees are personalised to what each debtor can afford, although there must be a minimum that Wylie and Bisset are prepared to accept. Fees are ongoing and can add up, but this should be outweighed by the potential to write off a lot of your debt at the end of the agreement.
MoneyNerd’s Verdict on Wylie and Bisset Trust Deeds
Due to limited reviews and some concerning reviews, we are not massively impressed with Wylie and Bisset. Moreover, the DW Debtcare website is extremely basic without good information for potential clients.
They are a legitimate company but we would recommend looking elsewhere and speaking with Step Change Scotland first!
Contact Information for Wylie and Bisset
If you want to discuss a Wylie and Bisset Trust Deed, you are better off going straight to WB Debtcare. Their contact number is 0141 566 7039 and their lines are open seven days a week between 8am and 9pm.
You can also contact them via their website using a contact form if you prefer.
Brush Up on Protected Trust Deeds First!
We warn everyone from rushing into the decision to use a Trust Deed. These debt solutions can have serious implications on your credit score and there are many other details you need to learn about.
Start by reading our complete guide on Trust Deeds and see our other posts for more information.