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Topic starter
13/07/2011 11:36 pm
Yesterday was 5 weeks from being published and with no objections received will now go for protected status. I was so relieved yesterday when I heard. While talking to my trustee I mentioned that I hadn't received any documentation showing the proposal sent to creditors or any info on the fees. She apologised and said I should have been sent them at the same time as creditors, and that copies would be sent. True to her word, they arrived today.
Initially I looked at going with another company, but didn't feel right. They were up front about their fees which were in the region of £4000. When I approached someone else for advice and told them that, they laughed and said that was a ridiculous amount. I went with RSM Tenon in the end, who have been helpful.
When I read the fee note today I actually felt sick. My fees, are as follows -
Trustee's remuneration 3530
Vat 706
Outlays
AIB registration fee 36
AIB supervision fee 250
Edinburgh Gazette notice 57.30
Statement of Affairs fee 960
Bordereau Insurance 24
Registers of Scotland 30
TOTAL £5593.30
My TD is £220/month for 36 month, total of £7920.00
My creditors will receive a total of £2326.70 from a £22K debt
I feel like crap now, it's all done and obviously by not objecting they have therefore agreed this, but I can't help but feel I've unwittingly cheated them.
As for the fees, I understand the cost of the outlays, but what on earth is the £960 statement of affairs fee for? Sureley as part of setting up my TD that should be included in the trustees remuneration, which lets face it, is quite a tidy sum.
Saabrina
14/07/2011 9:10 am
Hi saabrina.
RSM Tenon (in common with the other companies that post here) have told us that their fees typically range between £2500 and £4500. A figure of £3530 fits right in the middle of that range.
As your trust deed has become protected it does appear that your creditors considered the fees and outlays described to be reasonable.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
14/07/2011 10:36 am
Hi Guys,
I was speaking to a friend yesterday who works in debt recovery and I had put a similar point across to him regarding the fees. He basically told me that in most cases rejecting a trust deed would ultimately lead to sequestration and if this was the case then the debtors would probably end up with even less. Hence the reason they are happy to oblige in most cases.
SkintAlly
14/07/2011 12:16 pm
i have to say i dont care about fees. companies all charge fees lenders included.some though more than others.... you have to feel comfortable that you are being taken care of with your company and let them do the work hence the fees.. i cannot wait to be in your position as feel like carrying a dead weight around with me!!!
