You are quite right trust deed assistant - all of this talk of 90% fees was obviously confusing me, I need a lie down! It may be that the proposals are quite close to NR's criteria and a little negotiation may be all that is required.

Hi
Sorry to hijack this conversation but I was interested in your comments about trustee fees, would you say that trustee fees of ?ú7248 is excessive for a TD??

Hi trixie,

It's certainly higher than average but, in more complex cases, might be justifiable.

I wouldnt consider my case complex but thanks for the info I was just curious!

Hi all

NR are excellent to deal with in Trust Deeds by following their ( quite straightforward) criteria. I have concerns at any firm who firstly try and maximise fees with no justification to the level indicated and secondly are not aware of what the criteria is with all creditors, not just NR.

My own firm, Kevin's & Julie' and a large number of other firms work with the creditors to find a balance. Personally I have dealt NR 20 times plus in recent months and have had no issues whatsoever.

I hope it works out for you.

Mark

If a fee of just over ?ú7000 is above average, then this fuels my suspicion that the fees attached to my own trust deed are positively astronomical.

Prior to entering into my trust deed, I had approximately ?ú54,000 of debt (all of which was unsecured). My monthly contribution is ?ú700, so by the end of the trust deed I will have paid a total of ?ú25,200 (not including ad-hoc payments from bonuses etc).

The trust deed is pretty straightforward in that I don't have a mortgage (so don't have to worry about releasing equity etc) and the only asset is my car, which is worth less than ?ú1000.

The dividend payable to my creditors is 26p in the pound, so on that basis they should receive ?ú14,040 (26% of ?ú54,000). This leaves a balance of ?ú11,160 - does all of that go to the trustee?

Hi imcville,

In some circumstances the expected dividend for creditors may change so I think it's hard to pinpoint the exact amount that you are being charged from the information provided.

It's also worth considering that creditors have the opportunity to object to the proposed fees prior to a Trust Deed becoming protected. It would seem that your creditors believed the proposed fees were fair.

Ultimately it is you that is paying for the fees and you could ask for a breakdown of the fees and costs involved in your case if you wanted to confirm the position.