Trust Deed Forum - Wage decrease
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Billyboy1
Frequent Contributor

48 Posts

Posted - 15 May 2020 :  12:40:47  Show Profile  Reply with Quote
Hi everyone just looking for some information here please,if someone was already in a protected trust deed and payiny 200 per month into it,and your net monthly wage falls by 260 per month,does your payment fall significantly to readjust and take longer than the 48months that was agreed at the start of your trust deed,thanks in advance.

Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 15 May 2020 :  12:51:38  Show Profile  Reply with Quote
Hi Billyboy1
Your only obligation is to pay in what you can afford, so if your income falls significantly then you should let your trustee know and they should adjust your contribution accordingly.
The term shouldn't be extended if the reduced contributions are due to a change of circumstances beyond your control.

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Billyboy1
Frequent Contributor

48 Posts

Posted - 15 May 2020 :  13:28:51  Show Profile  Reply with Quote
Hi kevin thanks for qick response, yes out of my control could soon be coming off continental shifts on to a 3 shift pattern demand in my department has changed so doesn't need to work 24/7 .but when it does change we are still getting our normal wage for 3 months and phased into the lower wage,but yes out of my control here,and could happen in the next few months,cheer kevin.
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