Costs and Commitments
You have no initial cost for the work involved in drawing up the Trust Deed documentation. The Trustees fees and expenses are agreed with your creditors. They agree to a reduction in their overall income from the Trust Deeds Trust Fund in exchange for the Trustees administration and pay him from the contributions you make.
This means you have NOTHING TO PAY UP FRONT.
In establishing a Trust Deed you are entering into a contract to repay your debts, most likely at a reduced rate. In doing so you must agree to:
- Co-operate with the Trustee;
- Pay the monthly contribution as agreed;
- Take no further credit;
- Inform your Trustee if you receive any unexpected windfalls of money which are in excess of £200;
- Advise your Trustee of any change in financial circumstances, and;
- Inform your Trustee of any change of address