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Jimmi
Just Joined

1 Posts

Posted - 24 September 2019 :  21:45:07  Show Profile  Reply with Quote
This forum is really a godsend and I always read it with interest.

I am 18 months into a trust deed, and it has been a great 18 months free from creditors chasing me. However, my problem now is that when my income expenditure was done, it didn't take into account my wages included overtime. This hasn't been an issue until now that I can no longer claim overtime.

The upshot is that my wages are now 200 less than when my payments were set meaning things are going to be very tight and I am going to have to make cuts in my budget.

What happens when i go to my trustee advising that my wages are less than they set out at the start of the trust deed?

TDA (Debt Adviser)
Trust Deed Expert



13102 Posts

Posted - 25 September 2019 :  09:19:38  Show Profile  Reply with Quote
Welcome to the forum Jimmi. Thank you for your kind words about the site.

I think it's sensible to contact your trustee and ask that your contribution gets reviewed. There's quite a long period of your trust deed left to run and it's essential that your budget remains manageable.

This isn't an unusual scenario. Over a minimum term of four years most people will experience changes in their income and/or expenditure.




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Paul McDougall
Trust Deed Expert



18 Posts

Posted - 25 September 2019 :  12:33:07  Show Profile  Reply with Quote
Hi there Jimmi

Being upfront with your trustee is always the best route. Your trustee will provide advice and support to you outlining your options

I always advise clients that there is a difference with wanting to pay and being unable to pay.

As TDA advises, this happens all the time in practice and your trustee will work out whether to reduce your contribution and to monitor it over a period of time.

All the best

p

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

Edited by - Paul McDougall on 25 September 2019 13:21:23
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