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Adam
Regular Contributor

18 Posts

Posted - 28 June 2019 :  13:41:07  Show Profile  Reply with Quote
Can you tell me how it works when my td is extended
Am I under the same terms as the td before the extension
Like over time and coming into monies all must go to the td
Do I pay what they say the short fall is or do I still make the same payment for the next 12 months
I am being told I have a 6000 short fall but my monthly payment is 285
Thanks

TDA (Debt Adviser)
Trust Deed Expert



12987 Posts

Posted - 28 June 2019 :  14:59:59  Show Profile  Reply with Quote
Hi Adam,

You'd need to check the details of your own trust deed (these agreements can vary) but it seems likely that little will change in the terms during the extension period.

For specific guidance about how this will work for you it will be best to contact your trustee directly.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Adam
Regular Contributor

18 Posts

Posted - 28 June 2019 :  15:11:12  Show Profile  Reply with Quote
Thank you for your quick reply
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Kevin Mapstone
Trust Deed Expert



3753 Posts

Posted - 01 July 2019 :  10:12:34  Show Profile  Reply with Quote
The legislation makes a distinction between assets and income contributions. Assets that you did not own at the start of the Trust Deed but were acquired by you afterwards are specifically subject to a 4-year time period only from the date the Trust Deed is signed, ie if you received an inheritance 4 years and 1 day after the Trust Deed was signed then it does not need to be passed to your Trustee for the benefit of creditors.

The income contribution period, however, can be extended if there has been a period of non-payment during the 4 years. So overtime etc is income which may need to be gathered in if your contributions have been extended.

This does give rise to a bit of a grey area though. If you receive a lump sum, say for example from a pension, then a Trustee could potentially still argue that this is income, not an asset, and that it needs to be paid in to the Trust Deed as such.

Is the shortfall of 6000 due to missed payments? If so, what was the reason that you missed those payments?

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Adam
Regular Contributor

18 Posts

Posted - 01 July 2019 :  11:53:32  Show Profile  Reply with Quote
Hi Kevin
The short fall comes from me not contacting the td when I started back work although the amount 6000 wouldn't total the extra that they say I have to pay
I never missed any payments on my td only the extra that they say i owe might i add that i was never contacted either until after 3 years which is why the amount is so big ( I assume)
Thanks
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Kevin Mapstone
Trust Deed Expert



3753 Posts

Posted - 03 July 2019 :  15:21:23  Show Profile  Reply with Quote
I would ask for a breakdown of how they are calculating the 6000 figure if I were you, Adam. Worth checking.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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Adam
Regular Contributor

18 Posts

Posted - 03 July 2019 :  15:43:32  Show Profile  Reply with Quote
Hi Kevin
Thanks for the advice I will do that
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