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Scottish Trust Deed Forum
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Topic starter
25/08/2013 1:27 pm
The AIB have issued a further update on the proposed changes which will come into effect on 30 November 2013 and advise as follows:
ÔÇó A minimum debt level of £5000
ÔÇó Trust Deed and Contribution Period extended to 48 Months
ÔÇó Removal of the requirement to advertise the trust deed in the
Edinburgh Gazette ÔÇô Notice now published on the Register of
Insolvencies
ÔÇó Exclusion of pre trust deed fees and outlays
ÔÇó Introduction of fixed administration fee augmented by additional
fees based on a percentage of total assets and contributions
realised
ÔÇó Introduction of electronic delivery of notices and forms
I'm not entirely sure how the feeing part will work as they advised at the last meeting that they would/could not set the fees or percentages as this would be at the creditors discretion.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
26/08/2013 9:40 am
Hi Mark,
The Insolvency Exchange (TIX) changed their criteria for Trust Deed proposals to meet back in July which will effectively set what fee we can charge in a Trust Deed. In addition they reduced the overall total cost of a Trust Deed which was interesting. I checked with IVA Watch Portfolio who took over from Grant Thornton and their criteria remains the same as Grant Thornton's for the time being...
It's interesting times ahead with the changes and it's really going to come down to the creditors to set the fees which firms are able to charge. I wonder if this will stop the crazy fees that we read about on the forum from time to time.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
26/08/2013 9:48 am
Hi David
I did wonder if this related to to the changes. From memory it was only for Lloyds and highlighted fees for 3,4 & 5 year trust deeds.
I'm going to do a wee bit of digging and see if there anything definite.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
26/08/2013 11:05 am
Trust deed firms going to be fairly busy between now and November then....
Topic starter
26/08/2013 11:13 am
Hi tinsoldier
You could be right. It's strange to think that 24 hours between 30 November and 1st December can make such a difference with identical cases.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
