Trust Deed Forum - Wages Decreasing
Home Home Page

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

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Wages Decreasing
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

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

13293 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.

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

Paul McDougall
Trust Deed Expert

48 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


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
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 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., Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.