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Does A Trust Deed Have Fees? – Advice

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Does A Trust Deed Have Fees? – Advice

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Will I Need To Pay Any Protected Trust Deed Fees?

Setting up a Trust Deed does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement. All costs are deducted from your monthly payments as you go along and will be clearly stated in your proposal. 

 

Once your monthy contribution has been stated in your proposal, it will not change. It will stay the same regardless of any Trust Deed Fixed Administration Fee or Permanent Trust Deed Fee.

 

The Trust Deed cost stated below are included in your monthly contribution.

The fees are as follows:

  • Trust Deed Fixed Administration Fee

  • Permanent Trust Deed Fee

  • Outlays

Trust Deeds are solely available to residents of Scotland. If you are a resident of England, Wales or Northern Ireland, visit our sister site IVA4Me.co.uk for information about IVA fees.

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What Is A Trustee Fixed Administration Fee

The Trust Deed Fixed Administration fee is typically £2,500 for four year Protected Trust Deeds. This fee covers the cost of the Trustee setting up the Trust Deed Proposal and liaising with your creditors.

 

The fee is paid out of the agreed monthly contribution you will make as part of the agreement. You will not ever be expected to pay this upfront or at he end of the Protected Trust Deed Period.

What Are Permanent Trustee Fees?

To calculate this fee, the Trustee will take 20% of the total assets and contributions included in your arrangement and deduct that from you monthly repayment.

 

This fee covers the administration and monitoring of your Protected Trust Deed. Your trustee will be expected to make monthly payments to your creditors to begin clearing your debt as well as being available to provide you with advice. You may need to seek advice should you be struggling to make your monthly payments and need help, if your income changes or if you receive some kind of windfall of money.

What Are Trustee Outlays?

Trustee Outlays are any other charge that the Trust Deed Trustee accrues as part of the administering of your Trust Deed. 

These can include:

  • Entering cases on to the Register of Insolvencies
  • Entering cases on to the Register of Scotland
  • Bordereau Insurance
  • Accountant in Bankruptcy registration fee
  • Accountant in Bankruptcy supervision fees
  • Software fees

Trust Deed Information and Guides

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Only available to residents of Scotland, a Trust Deed is a legally binding, formal debt solution. It is designed for people who are struggling with debts of £5,000 or over.

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Whether a Trust Deed is right for you or not will largely depend on your personal situation e.g. debt level, number of creditors, affordability etc.

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Does A Trust Deed Have Fees?

Setting up a Trust Deed does incur some costs; however, you will not be expected to pay anything up front at the beginning of the arrangement and there will be no surprise costs at the end of the arrangement.

How Does A Trust Deed Work?

How Does A Trust Deed Work?

A Trust Deed is a debt solution where you agree with your creditors to pay all or part of your debts. This agreement is set up and managed by a Trustee, who will receive an agreed monthly payment from you and will divide it amongst your creditors.

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How Do I Apply For A Trust Deed?

Signing up to a debt solution is a significant event in your life, so it is important to gather as much information as possible, so you can make an informed decision.

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Like things in life, Trust Deeds carry with with them benefits and things to consider. Take a look at our article to find out whether a Trust Deed is right for you.

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Trust Deeds – Which Debts Can Be Included?

Many kinds of debts can be included in a Trust Deed. They are limited to unsecured debts but by solving your unsecured debt problems, you may find paying any secured debt much easier.

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What Is The Purpose of a Trust Deed?

The main purpose of a Trust Deed is to take all of your unsecured debt, calculate how much of it can be paid within a 4 year period at an affordable rate and write off the remaining balance. Leaving you debt free.

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