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Scottish Trust Deed Forum
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Topic starter
23/04/2014 7:39 pm
Hi,
I completed my trust deed August 2013 and got my from 5 in December. I recently receive a final total of costs from my trustee saying that my debtors will only receive under £2000 when I paid back £13800. Is it always the case for the legal costs to be so expensive? Also I have just viewed my experian credit report which is still showing 4 defaults/unsatisfied accounts and on 2 I missed the payments recently on these accounts which all became protected in Feb 2009. Not sure why that is? Will this take some time to be brought up to date as I am unsure if my trustee has settled the accounts? Would love to start getting my credit rating back on track but I'm unsure where to start.
23/04/2014 7:45 pm
Hi mshazmac.
Those fees do seem high to be honest, but I don't know what you and your creditors agreed to at the start or whether any extra work became involved.
If you think your creditors are reporting incorrect information I'm afraid you'll need to start contacting them one by one. Your former trustee had/has no role or responsibility in terms of your credit file.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
23/04/2014 8:05 pm
In February 2009 we had agreed 27p in the £ but now creditors are only receiving 3.87p so although I owed a total of over £33k my creditors will only receive £1284!! If I had been aware of the charges by the trustee I think I would have tried looked around for another company. Thank you for your reply I will start to contact my creditors individually to try and correct my credit report.
Thanks again
23/04/2014 9:37 pm
That seems to be a huge amount of fees/costs, mshazmac. Is there a particular reason that they are so high?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
23/04/2014 9:58 pm
It did take me longer to pay it off. I started February 2009 and completed August 2013. Cost of admin was £636 but professional fees were £11960 at conclusion which left £1284 for creditors. I feel as if the creditors and myself have been ripped off. I owed just over £33,000 when I got into difficulty and opted to sign up for a trust deed but it seems a ridiculous amount of fees when really they haven't done anything during that time except sending me 6 monthly reviews. How can they get away with this?
Thanks
23/04/2014 10:16 pm
Hi.
Your creditors are able to request that the fees are audited if they choose to.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
