You don’t need to pay any setup fees upfront for your Trust Deed but there are costs involved in running a Trust Deed, such as:
1. A fixed administration fee.
2. A percentage fee based on the amount you’re paying back.
At the moment all Insolvency Practitioners charge fees and there’s no free service, however, Insolvency Practitioner fees are included in the monthly amount that you agree to pay back.
These Scottish Trust Deed fees are agreed by your creditors and put simply, they are absorbed by the creditors as they are writing off a proportion of your debt. The purpose of the Trust Deed is to allow you an opportunity to get out of debt, and reduce the amount you pay each month towards debt payments. You can also find out more about how your monthly Trust Deed payment is calculated.