Hi catiscot

Very generally the creditors approve the trustee's fees on an annual basis which are paid from the contribution payments/assets of the Trust Deed.

If there are no assets or contributions, then the Trust Deed would not be an option as you need to make a proposal to creditors.

Mark

Thanks, for this. For expediency I said no assets in my post but I should have said little in assets, as I do have a mortgage although the equity is likely to be small. Does this improve my situation any.

Hi catiscot

Again it is difficult to provide a full response.

The key points are level of debt, level of contribution/surplus you think you could afford and level of any assets (car, equity) etc.

The above would allow a review to see which option best suited.

Mark

If there is little/no equity and no other assets then the trust deed would be based solely on your monthly contribution payments.

The amount that you can afford to pay each month would have to be enough to cover the trustee's fees and give a reasonable return to your creditors too. As Mark says, it depends upon how much debt you have and how much you can afford principally as to whether a trust deed is likely to be suitable for you.