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lizr
Just Joined

2 Posts

Posted - 25 September 2020 :  20:20:56  Show Profile  Reply with Quote
Hi I enquired about setting up my trust deed beginning of april. In between times I worked overtime and received this in my may wage. My trust deed didn't become protected until mid june and I made my first contribution on 1st July. I've been approached about a review so I'm not too sure what will happen in regards to me making extra money due to overtime in may. I obviously understand any additional income made since my trust deed became protected will go towards my contributions

TDA (Debt Adviser)
Trust Deed Expert



13520 Posts

Posted - 27 September 2020 :  13:22:05  Show Profile  Reply with Quote
Welcome to the forum lizr.

Iím not 100% certain about this, but I think the key date will be when you signed the trust deed rather than when it became protected.

If thatís correct then additional income after the signing date may be of interest to your trustee.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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lizr
Just Joined

2 Posts

Posted - 28 September 2020 :  12:10:28  Show Profile  Reply with Quote
Thanks for this. I just thought that because there was a possibility the trust deed would not be protected therefore theres a bit of ambiguity there. As I said I didnt receive confirmation until mid june the trust deed was was protected and going ahead
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TDA (Debt Adviser)
Trust Deed Expert



13520 Posts

Posted - 28 September 2020 :  13:45:48  Show Profile  Reply with Quote
Maybe check with your trustee to see what they say lizr?

The more I think about it the more I think this will come down to the signing date because that's when you became committed to the proposals you offered to your creditors. I'm not certain though and it's your trustee's viewpoint that's important here.

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Kevin Mapstone
Trust Deed Expert



3885 Posts

Posted - 28 September 2020 :  13:54:08  Show Profile  Reply with Quote
Hi lizr. As Trust Deed Assistant says, it is the signing of your Trust Deed which is the relevant date here and is the date from which any spare income you have should be paid over.

It shouldn't affect your ongoing Trust Deed payment if this was a one-off, but your trustee may insist that the extra that you earned in May be paid over to them - unless perhaps there is a good reason you needed the extra money?

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