Our fees if you decide to go ahead with a suitable solution

Trustee's Fee

The Trustee's fee is a fixed percentage of your contributions in to the Trust Deed, typically 20%. In addition a fixed fee is also charged for the initial work done on achieving protected status of your Trust Deed. ​

The overall level of the fee varies according to your individual circumstances and the fees will not be charged until your Trust Deed is signed. The fees are agreed with your creditors and the Trustee will be paid before any money is available to them. 

Fixed Fee

There is a fixed fee for the advice stage and preparation of the Trust Deed and all other necessary documents. The fees charged are based on the standard charges of this company and are in line with our competitors. ​ 

PROTECTED STATUS

If it is unlikely that your debts will be paid off in full, your lenders will be effectively bearing the costs of the trustee's fees and therefore they may seek to alter the amount we propose to charge for administration. 

ASSET REALISATIONS

If you are proposing to introduce any assets, for example home equity by a remortgage or an extension of the term, the Trustee will check that this is done in accordance with the terms.

ADMINISTERING THE TRUST DEED

Following your Trust Deed being granted protection, it is the Trustee's role to ensure the terms of the Deed are followed for its entire duration with monies being collected and then distributed to your creditors.

CREDITORS

The Trustee will check that the claims of your creditors are correct and will then arrange to make regular repayments to your creditors during the course of the Trust Deed.

All our fees are included in every one of your monthly payments. We will explain the fees and expenses we propose to charge in a letter to you, however any changes will be negotiated with your lenders when annual reports are generated after the signing of the Trust Deed.

If your Trust Deed does not achieve “Protected" status we will continue to take monthly contributions to cover the set up costs of the Trust Deed and the Trustee will then decide what route your agreement should take.

The Trustee's fees will be deducted from the contributions you pay into the Trust Deed. The Trustee will also deduct any outlays that are incurred during the administration of your Trust Deed. The outlays payable will be estimated in the Trust Deed document itself but the final amount of these outlays may vary from this estimate. 

Once you enter into a Trust Deed it is important to keep up the proposed payments. If you fail to do so, the Protected Trust Deed may fail, and result in your sequestration or you may be handed back to your creditors without discharge from your debt.

Your initial payments will be used to pay the Trustee's fees and expenses incurred before any payments will be made to your creditors. If the Trust Deed fails you will remain liable for payment of any outstanding Trustee's fees and the balances of your debts, which are likely to have gone further into arrears.