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Scottish Trust Deed Forum
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Topic starter
28/05/2012 7:09 pm
Not sure if this has been explained to me already by my IP. I have paid 14 or 15 payments to my trust deed totalling just over £3300. My qeustion is this, does my trustee gather all my payments together as lump sum and then pay out the dividend to my creditors and deduct their fees after the final payment. Now I know interest rates are pitiful at the moment but if there is any interest accruing on this repayment pot what happens to this in relation to my creditors/trustee fees, etc. If interest rates were higher this could utimately amount to a decent sum.
28/05/2012 7:16 pm
Hi gresgow
I think the majority of firms pay at the end. We pay regular interim dividends to creditors, as our Ireland office normally manages to get all claims in and agreed within 3-4 months, plus I think this will be one of the changes in the future.
I don't think the interest rate will have a great impact on dividends.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
29/05/2012 1:03 pm
In answer to the question on what happens to the interest, although minimal at the moment, it is included in the funds held in the Trust Deed Account.
We currently pay dividends at the end of the Trust Deed, but like Mark we believe that this will be a future change to the Trust Deed process. In so much as Trustees will have to pay regular dividends after a period of time.
Chris
Chris is not currently posting in the Trust-Deed.co.uk forum.
