I don’t like the sound of declaring myself bankrupt and would much rather prefer entering into a trust deed agreement but I’m concerned about the set-up costs? I have large personal debts and couldn’t afford to pay to start a debt management programme.

There are no initial setup or additional hidden costs in a trust deed. 

The Trustee’s fee’s and outlays for administering your trust deed are met from the contributions you pay in on a monthly basis or/and from the assets which may have to be realised in your Trust Deed.  The Trustee is paid prior to making a distribution to your creditors.  The Trustee’s fees are broken down into three categories, fixed fee, percentage of realisations and costs and expenses associated with the Trust Deed.