Hi Brooklyn

£1500 for outlays?

Ask your Trustee to provide you with his Receipts & Payments statement and a WIP print as at todays date and their estimated fee to close.

Are you paying off the Trust Deed or are there funds to pay the debts in full?

Mark

mark ,
i am paying off the full amount (£27500 or trying to)the outlays is for surveying
of my house etc,I received £34500 in inheritance through my late fathers estate contacted my ip 4 weeks ago and keep getting blanked about final costs the figures i have come up with are from this website(which has explained more than my trust deed did) the ip has given no information what soever.thanks for getting back to me as quick

Hi Brooklyn

Probably best sending recorded delivery letter requesting the info mentioned earlier.

What you need to remember is that interest accrues daily on the debts, so every day costs more to you. If it was me, I'd be at the IP's office Monday morning and wouldn't leave till I got the info.

Mark

PS £1500 for a survey? Did the take your house apart and reassemble it brick by brick.

Mark

Mark,
the outlays that they have charged me for
accountant in bankruptcy registration fee £36
accountant in bankruptcy supervision fee £200
Edinburgh gazette notice £55
bordeau insurance £63
registers of Scotland £30
statement of affairs fee £940
property valuation £120
property search £30
other outlays £50
TOTAL £1524
trustees remuneration
contribution only part £3550
15% of expected equity/ asset £ 180
VAT ON TRUSTEES REMUNERATION £ 653
TOTAL £4383

This is a grand total of £5907

Does this look right to you,I have been in contact with my IP since the 25th july and all they seem interested in is my fathers will.I have cooperated 100% with the IP and the last email i received from them was fri 19th aug stating they are waiting for conformation from my solicitor for all cost and expeniences?They already have a full copy of the will and know how much monies is involved.As a rough ballpark figure how much i will have to pay to complete the trust deed

Hi Brooklyn.

It's a tough one to pin down. Our experts have reported slightly different ways that they might deal with interest; either at the 8% statutory rate or using the original contractual rates of interest. That could lead to two very different totals.

TDA,
Thanks for getting back to me,the issue i have is that i can not get a final cost to complete my trust deed in full,i have been chasing my IP for a month now and still no answer,i cant even get a rough idea of how much i will need to pay,it is getting to the stage were i am ready to just go bankrupt as the stress and pressure of it is getting to much.

Hi Brooklyn.

I can understand why you might be stressed but I think you're going to need to be patient and allow the wheels at your trust deed provider to keep turning for a little while yet.

If they're still working on your case they will not yet know how much "time on the clock" they will have accrued when it comes to time to work out their final billings for fees.

Without a final date they will not yet be able to pin down the interest costs yet either.

They're also going to need to the final details in connection to the will before they can compare what will be paid into the trust deed to what the remaining obligations are.

Do you know when they'll get the final details of the will?

Hi TDA
They have a complete copy of the will and know i have to receive £34500
i have already paid £4500 towards my trust deed ,all i would to know is £39000 going to be enough to pay off a trust deed of £27500

Hi again Brooklyn.

I thought from a previous post that they needed to wait and see how the estate will be affected by the solicitor costs and expenses involved? Have they received that? Are there any taxation implications connected to the inheritance?

Hi TDA
All solicitors fees have been paid and there are no tax issues the IP has been informed all about this i have keep the IP up to date on every stage of the administration of my fathers estate.

Have you been given any information from your trust deed company about the basis upon which they will calculate the interest Brooklyn? Is that information you've asked for?

I've noticed from our experts that they have mentioned different ways of working this out and it may make a big difference to your situation.

Where are the funds from the will at the moment?

Hi TDA
I have asked the trust deed company for a final statement so as i can finish my trust deed ,the only information that i have is from this site, that's were i got the 8% figure for the interest,as for the funds i have received a cheque for £25000 which is in my bank account the IP knows this

the other £9500 is with the Lawyer to be sent to the Trust deed company,

Thanks for that information Brooklyn.

I'd hope that the information you want will reach you shortly; I'm sure that your trust deed provider will be keen that this happens soon as well and I'm sure that they'll want the funds that you're holding to be paid over as part of this pretty quickly.

In terms of providing you with an estimate I'm afraid I'm a little reluctant to do so as there are a number of variable factors. Primarily, one of our experts recently wrote that they may use the contractual rate of interest (as it applied before the trust deed was signed) rather than 8% and these two methods could result in vastly different interest sums.

Please keep some gentle pressure on your trust deed company, and it would be great if you could let us know the outcome as other visitors to the forum in the future will be concerned about similar situations.