I am aware that interest is added to the debt and understand that, but this seems extreme to me.

Tony

Hi tonyd.

It would seems that there are some pretty hefty fees itemised there.

£13,000 in fees for a TD that, without the windfall, would have returned less than £8k to the creditors??

£11,500 for the sale of a house??

Surely neither of those can be either correct or legal!?

I can assure you jinty that those figures are what is on the trustee's abstract of receipts & payments which I was sent in November of last year although I have no doubt that the trustee's fees will have increased by now!!

Tony

I know it's of not help to you Tony but it appears to me that there are several Companies out there who are able to manipulate the way the figures work to suit themselves. I am in a similar situation to you - although luckily no-where near so bad financially - you have my utmost sympathy. I just wish I had found this forum long before I signed up to my Trust Deed and used a reputable Trustee instead of the one I am stuck with.

To force the sale of a property by taking legal action is certainly an expensive business, and a time-consuming one too. However, even if they can justify the level of fees there is still a bit of a black hole there - are they saying that the interest adds up to £20k+?

it looks something like that Kevin.
I have to admit that until TDA said something about interest needing to be paid I was unaware that this happened. Up until that point I had roughly calculated that there would be about £20,000 excess hence my original question about it being returned to myself

Sorry just a point to mention regarding the 8% interest. I also had to pay this to my creditors due to a windfall, however, I owed one particular creditor £28k - who returned the £4600 interest to the Trustee saying that they did not wish to keep it. Maybe something worth checking?

Creditors often will agree to waive their right to interest if they are being repaid in full in my experience. It'd be up to your trustee to ask the question for you tonyd.

quote:

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Originally posted by Kevin Mapstone

Creditors often will agree to waive their right to interest if they are being repaid in full in my experience. It'd be up to your trustee to ask the question for you tonyd.

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I'd hate to see their fee for asking the questions [:0]

I will call or e-mail them tomorrow to ask the question. Should I also ask them to send me a breakdown of the fees?

Tony

Hi tonyd.

If it were me I'd want to see them.

It's a perfectly reasonable request to make, not least when you're paying them in full yourself (rather than them effectively being a cost to the creditors as they more often are).

Ok so have just sent them an e-mail asking them if they have or are going to ask the creditors about waiving the interest and also for a breakdown of fees charged during the trust deed..

I also have to correct a mistake I have made... I entered the trust deed in November 2005 not 2006. Maybe Kevin this extra year of interest explains some of the black hole?

Awaiting their reply.

Tony

No reply yet.

I have calmed down a little regarding the fees as I do understand a lot of extra work would have been involved however, with such fees you would expect a certain level of service. Information on how things are going, phone calls/ e-mails returned or acknowledged. Maybe a little quicker dealing with things to. Will be eight years since I signed up come December!

You're certainly entitled to decent service in respect of that amount paid in fees in my opinion tonyd.

To reiterate the point I made earlier, some of the fees that you itemised look really heavy to me.