Trust Deed Forum - Income/expenditure
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Income/expenditure
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Peter123
Contributor

8 Posts

Posted - 12 May 2019 :  07:41:30  Show Profile  Reply with Quote
Hi all.
Can someone confirm what sort of things count as expenditure when proceeding with a trust deed please?
I understand the usual - rent, gas electricity etc but looking for advice in regards to virgin tv bill, spotify, mobile, gym, smoking etc.
Thanks in advance,
Peter

David Tannock
Trust Deed Expert



2197 Posts

Posted - 13 May 2019 :  08:51:42  Show Profile  Reply with Quote
Hi Peter123,

You actually receive quite a lot of categories for your expenditure. This is broken down into 5 main categories:

Essential Expenditure:

This covers things like rent, council tax, utilities, insurances, tv licence, car finance, childcare costs / child maintenance etc.

Food / Housekeeping:

This covers food, shopping, smoking, alcohol, clothing, baby items/nappies etc.

Mobile/Home Phone:

As it states mobiles and home phone.

Travel:

Public transport costs, car fuel, car insurance, car tax, car maintenance, breakdown cover etc.

Other:

Home maintenance, health, haircuts, sky/virgin, school/work meals, hobbies, kids clubs, Christmas/Birthdays, pets etc.

A good experienced and knowledgeable expert should work through a very thorough budget with you to see what you can afford to pay per month. Any payment needs to be affordable but also importantly sustainable over the next couple of years.

How much debt do you have and have you reached out to some for advice and help yet? I think itís always useful to speak with a couple of advisors from difference companies as things can vary slightly from firm to firm.

Also do you have any assets i.e. a house or a car?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

Welcome14
Advanced Contributor

52 Posts

Posted - 13 May 2019 :  10:09:35  Show Profile  Reply with Quote
Hi Peter, I have a template, If you want me to send it to you ?
Go to Top of Page

SunnyM
Advanced Contributor

58 Posts

Posted - 14 May 2019 :  20:27:34  Show Profile  Reply with Quote
Peter could you send it to me as well.
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 15 May 2019 :  09:50:24  Show Profile  Reply with Quote
The figures that are used to assess whether someone's expenditure allowances are reasonable aren't available to the public.

Many working within the advice sector believe this to be an unfair situation, but they agree not to share them as part of being given access to them.

Sufficient allowances should be given to enable people to live reasonably during the trust deed. There's no point in pretending that these allowances are particularly generous; personal spending will be restricted during a trust deed to ensure that creditors receive a fair return.

This is the trade-off I suppose. Live on a workable but restricted budget for four years and, in return, potentially get a large amount of debt written off at the end of it.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Peter123
Contributor

8 Posts

Posted - 15 May 2019 :  16:27:24  Show Profile  Reply with Quote
quote:
[i]Originally posted by Welcome14[/i]
[br]Hi Peter, I have a template, If you want me to send it to you ?


Yes please
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 15 May 2019 :  16:43:37  Show Profile  Reply with Quote
Hi Welcome14.

Does your template provide guidance on acceptable expenditure figures?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Peter123
Contributor

8 Posts

Posted - 31 May 2019 :  07:53:19  Show Profile  Reply with Quote
Hi all. Thank you for your help so far.
In regards to main bills like rent, gas, electric etc, these are all in my wifes name. Do u need any proof from her in regards to how much her mortgage payments are and rent and gas payments. My wife is aware of trust deed application but has stressed to me that she wants little involvement as possible. Thanks in advance
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13031 Posts

Posted - 31 May 2019 :  09:33:06  Show Profile  Reply with Quote
Hi Peter123.

Do you give money to your wife to cover your share of these bills?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

David Tannock
Trust Deed Expert



2197 Posts

Posted - 31 May 2019 :  09:35:10  Show Profile  Reply with Quote
Hi Peter123,

How do you work your budget and household bills with your wife?

Itís common for one person to pay most of the bills and the other person transfer a set amount each month over. If itís something like that then itís fine as on your bank statements you can see an amount for bills.

A good expert advisor will be able to keep you right with all of that and find a way which works for you and your wife so she has little involvement.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3767 Posts

Posted - 31 May 2019 :  10:14:56  Show Profile  Reply with Quote
As long as whatever arrangement you have is fair then it is fine just to prove your own contribution to the household bills. I think a Trustee would be likely to want a reasonable justification as to how how you arrive at the figure though, especially if it seems particularly high.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.