There are two costs that you need to be aware of when implementing a Trust Deed - Instruction fees and Trustees costs.
1. Instruction Fee
In order to undertake a Protected Trust Deed, you will need to employ the services of an Insolvency Practitioner
. It is common to be introduced to a suitable Insolvency Practitioner by a Debt Management Company who may charge an Instruction or Drafting fee.
Beat My Debt does not charge its clients an instruction or drafting fee.
Where to start
• Choose the solution – Use the “Which way should I turn” form to get your FREE DEBT REPORT
• Ask the experts – use the Beat My Debt Forum
• Call us now – speak to one of our advisors in confidence to see if a trust deed is right for you.
Take the first step to beating your debt NOW – Call us free on 0800 077 6180
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2. Trustee’s Costs
Over and above any drafting fee, your Trustee (Insolvency Practitioner) is able to charge additional costs involved with managing your Trust Deed. These costs will vary depending on the size of your debt and the amount they you are able to repay to your creditors.
However, it is important to realise that you will not have to personally pay extra to cover the Trustee’s costs. They will be taken out of the money realised from your agreed monthly payments and the sale of any of your assets. The Trustee's costs and will be deducted prior to any payment being made to creditors.