Hi David Tannock, for the life of me I cannot remember. I've asked Apex but they haven't answered me.

Don't worry about the single creditor adding interest elainet1981. It's imaginary... they can put what they want on paper but it doesn't mean that it's owed.

In most cases interest will not accrue once a trust deed is up and running.

Things change a little if circumstances improve during a trust deed so much that the debts can be repaid in full and interest paid. That's not unfair really, a borrower agrees to pay interest when they borrow money and presumably expected that they would pay it. If it turns out that they can afford to pay it then the creditors might benefit from that.

Thanks TDA, I was worried as the interest they have been adding is ridiculous amount. I'm sure the equity will not be enough to clear everything but hope it goes someway to paying what I owe.

Hi elainet1981

Interest will normally be at 8% which can fairly mount up over a period of time. As you say, if there is insufficient equity, then the contributions would continue as agreed.

Mark

Hi Mark, so I will be charged interest at 8%?

RSM Tenon always advissed me I wouldn't be charged interest.

In most instances you wouldn't be elainet1981.

It's just in the comparatively rare cases where something changes so that 100% of the debts plus interest plus fees becomes affordable.

Ok thanks TDA, I was getting a bit confused there. I've haven't suddenly had a win on the lottery so hopefully don't fall under the category of rare cases!

Often it's a windfall that will lead to this scenario elainet1981.

A common example would be a substantial inheritance.

I have received neither of these TDA!