Does A Trust Deed Have Fees? – Advice
Does A Trust Deed Have Fees?
With A Trust Deed You Could Write Off Your Unaffordable Debt
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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
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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
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.
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.
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.