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Scottish Trust Deed Forum
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Topic starter
15/08/2013 6:52 pm
Hi there, i paid my last payment for my deed in Dec'12 but as yet it has not been signed off. I spoke to the Trustee's Rep who intimated that they had invested the money in a high interest account and that the money wasn't released until 31.07.13. Also, the Trustee's fees are over £4000 for discharging my deed when i fact my original projection of fees was only £6500. To date, i have paid £15000 in fees and my pay back is £0.93 in the pound. I feel i have been shafted left, right & centre with this mob.
I have the letter to sign off the deed but feel that i dont want to sign it.
How do i stand if i dont agree with the fees and who do make a complaint to regarding the trustee's fees.
15/08/2013 6:56 pm
Hi ianr100.
If you're concerned about the fees you could ask for a schedule of them to be provided to you. You'll then be able to see specifically what has been charged for what.
If you then remain concerned you could question your trustee about them.
If you're still concerned you could ask the AIB to audit them.
Please remember that if the fees are reduced the money saved will be used to pay a larger dividend to your creditors. This isn't limited to the amount that you owed at the start of the trust deed, it could also include some interest on those debts if the money to fund that existed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/08/2013 7:03 pm
Hi, the debts were consolidated at the onset and no interest has been accrued. These are only trustees fees, nothing else, disgusting i acknowledge. I know that any extra collected will go to creditors and that's what i want, to be able to fully refund.
However, if i fail to sign the form snt out by the trustee, how do i stand with the creditors, will interest be added on?
The AIB are a waste of time, only audit accounts whether the fees are £100 a minute, they only make sure the columns add up.
Who are the higher authority for complaints?
15/08/2013 8:08 pm
You could also make a complaint to the professional body of which your trustee is a member.
Interest may be added if there's sufficient contributions made after the trust deed fees and costs are deducted from "the pot". That's a calculation your trustee would make, not the creditors.
Not sure about the form you mention, perhaps one of our experts could confirm...
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
