The Trustees fees and costs for setting up and administering your Trust Deed will be deducted from the payments you make into your Trust Deed before the balance is paid to your lenders. They are paid out of – not in addition to – your regular affordable monthly payments.
Your Trust Deed payments will be worked out by subtracting all your essential monthly costs (for example, your rent or mortgage, food, utilities and travel costs) from your total monthly earnings to figure out your 'disposable income'. This means you'll only pay as much as you can actually afford towards your Trust Deed.
The payments you make will be shared between your lenders after payment of the Trustee’s fees and costs. You can find out more about the fees here.
The money that goes to your lenders will repay some of what you owe. No matter how your payments are distributed, remember that you'll only be required to make the one, agreed, affordable payment towards your Trust Deed each month. Your Trustee will be responsible for distributing it properly.
If you are able to pay back all of your debt, but just need more time to do this, it's worth looking into a different debt solution. Speak to a debt advisor who will be able to advise on the most suitable solution for you.