Upon entering into a Trust Deed agreement, the only payments you will be required to make are your monthly payments, as set out in the Trust Deed, for the benefit of your creditors. No other payments are required.
You will be charged a flat fee every month for the duration of your Trust Deed (which will usually last for three years). The following is an illustration of a typical client's Trust Deed.
Typical monthly payments (x36 months) £200
Fee element included in monthly payment (x36 months) £150
Trustee disbursements £130
Total repaid by individual (including fees above) £7,200
Total unsecured debt written off at completion £15,800
Please note: this is an illustrative example based on a typical client - a borrower with £23,000 of unsecured debt on a Trust Deed lasting three years, who has no equity in a home. Fees shown are inclusive of VAT where applicable.
Your exact fee will be assessed based on your individual circumstances, and your Trustee will be paid before any money is made available to repay your creditors, though your creditors are bound by the Trust Deed once it becomes 'Protected'.
All fees will be taken out of your agreed monthly payment and they are not a separate additional cost.
The fees you are charged will be determined before the Trust Deed starts, as part of your Trust Deed proposal.
DebtFC do not an charge an Administration Set Up Fee for preparing and collating the information required for your Trust Deed proposal.