Hello bhoys67,

Congratulations on having completed your Trust Deed; it must be a relief after the extremely long and unusual period of time it took to close your case.

The proposed fees are presented to creditors prior to their agreeing (or not) for the Trust Deed to become protected.

In addition creditors do have an option to appeal against the final fees (to an external body) if they consider them to be unreasonable.

As such I wouldn't worry too much about the fee levels involved in your case.

It does raise interesting questions about the distribution of the money paid into Trust Deeds. The latest news article in this site's news section (yesterday) revealed that on average 43% of the funds paid into a Trust Deed end up with the creditors. An example is provided of a creditor appealing against Trustee's fees of ?ú13000; only for the external body to reduce them to ?ú4000.
See:

http://www.trust-deed.co.uk/news/protectedtrustdeedsworkinggroupannouncefindings.php

thanks for the quick response, I know it doesn't directly affect me,

I just don't understand how Invocas can justify only giving my creditors about ?ú1000 from ?ú10000 I had paid to them.......it seems crazy if thats the case that the creditors would agree to that

Were there any particular complexities involved in your case?

Not at all,

I was living with my parents, no savings, no car.....I only had 3 creditors aswell.... I didn't think there could be an easier case for them.

And it still took Invocas just over 7 months to get my file closed!

doesn't make any sense to me

Mmmm... I'm curious to know whether our resident experts would expect to receive that kind of fee for a similar case.

I think that I know the answer.

Hi all

I can easily say I have never had a fee anywhere and I mean anywhere near that figure.

I recently did a presentation to a major creditor and advised them to query fees and get these audited if they are unhappy.

Mark

I did think the fees were a bit odd to be honest...

Also I had never even spoke to one member of staff at Invocas throughout the whole 3 years until the last month to get things finalised. All I had to do was send back my 6 month income/expenditure forms.

It just really annoys me how long it has taken to get everything sorted and my discharge letter, even though my last payment was in January my credit records won't show that the trust deed wasn't closed till now, which is wrong!