if you proceed with an insolvency solution through YEG Insolvency Ltd, fees will apply. However, these fees are part of the overall solution and are not requested as separate payments.
Any fees associated with a Trust Deed will be clearly outlined in our Letter of Engagement and provided to you in writing. These fees, along with any outlays incurred during the administration of your Trust Deed, are covered by the funds generated from your income contributions and/or assets. Importantly, they are exempt from VAT, meaning they are included in the payments you make toward your solution.
Below is an overview of the fees and outlays that may arise during the administration of a Trust Deed:
- Fixed Fee
A fixed fee is charged for the setup and administration of your Trust Deed, typically ranging from £2,500 to £3,000 for the standard four-year term. - Additional Fee
An additional fee, calculated as a percentage of the total assets and contributions realised in the Trust Deed, is typically set at 20%. - Outlays
Outlays incurred after the Trust Deed is signed are also covered as part of the solution. These may include:- Statutory advertising of your Trust Deed
- Trustee insurance bonds
- Property and personal searches
- Property valuations (if applicable)
As highlighted above, all fees and outlays are deducted from the payments you make to the Trust Deed and take priority over the repayment of your debts. These costs reflect the work involved in managing your Trust Deed over its typical four-year duration.
