Hi Ac863,

From what you have told us, between you and your wife your total household debt:

£34,000 in your name only
£6,000 in your wife’s name only
£19,000 in joint names

= £59,000

If you are in a position to repay your full liability amount of £53,000 then interest will be added along with the costs of the Trustee. This is added at 8% per annum. If we add for example 16% interest as the TD could be completed in around 24 months that would take you close to £60,000 and then with fees of the Trustee on top of that I can understand why a figure of £70,000 has been mentioned to bring your Trust Deed to a close.

You should check the paperwork from the start of your Trust Deed as this will confirm the fee in which your Trustee will charge. As Kevin previously advised the Trustee will have a fixed fee and then a % of the funds which the Trustee ingathers for creditors.

Let us know how you get on once you have a written breakdown.