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5 Posts

Posted - 11 April 2021 :  18:12:09  Show Profile  Reply with Quote
Iím almost 2 years into my trust deed, and made every payment.
I was appointed a new trustee and new company about 8 months ago. Iím self employed (beauty industry).
My first problem is ....
When I entered into the trust deed myself and my hubby were both employed. Itís my trust deed not his but I know they take all household income into consideration.
We have a son who is very disabled so In sept last year my hubby gave up his work to be his carer. I still continued to work but I never notified my trustee about this change.
I just continued to pay. Our income did go down but this is subsidised by DLA, carers allowance and a universal credit top up so we are doing ok and I can still afford the payments.
Then lockdown 2021 happened and I couldnít work. Again I didnít notify my trustee about this as my income was subsidised by a local authority grant (Strategic framework) and I could still afford to make my payments.
My question is ....
Iíve just had a current status form to fill out which I have and told them everything from above. So thatís in the post now Iím worked up and worried Iím going to be in trouble for not notifying them of the above and Also I got the 2k grant for my business and I didnít tell them. Although it was all spent on rent ect to keep my business premises.
Any advice ??
By the way this is the first form Iíve been asked to fill out in almost 2 years from them.

Il get it right one day #129318;#127996;#8205;#9792;#65039;

TDA (Debt Adviser)
Trust Deed Expert

13734 Posts

Posted - 11 April 2021 :  21:08:00  Show Profile  Reply with Quote
Hi Hopeful007.

I don't think you'll be in trouble for finding a way to navigate through such a difficult financial period where your family finances have worsened while keeping up with your trust deed payments.

I also really don't think you'll be in any trouble for using a business grant to pay business expenses.

Hopefully this will all work out just fine.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert

3983 Posts

Posted - 12 April 2021 :  17:18:57  Show Profile  Reply with Quote
Hi Hopeful007

I think TDA is right. Whilst you should certainly have kept your trustee informed at the time your circumstances changed, it shouldn't cause any major problems. It may be different if your situation had improved but if you have been paying despite less money coming in then I am sure you will be fine.

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