Welcome to the trust deed forum ali212006.

I think the basic answer is probably yes. If your income increases without any increase in your expenditure then your trust deed payment should be expected to increase. The purpose of a trust deed is only to write off what you cannot afford to repay.

However, you might have some scope for negotiation. Let's say you have the chance of getting this extra income, but you will not bother if you aren't able to keep any of it. Your creditors would lose out because they will get no extra payments.

However, if you were prepared to do the extra work if you could keep a proportion of the extra income, with the remainder going to your creditors, then everyone wins. Your creditors get paid more than expected and your financial position is more comfortable for the remainder of the trust deed.

I'd suggest contacting your Trustee and seeing if there is a way forward that would be good for everyone.

Thanks, Im hoping I can pay more to my parents as they both can no longer work and have received a drop in household income. I will speak to my Trustee though as advised. Thanks again.

I think a 50/50 split in extra income could be negotiated easily with your trustee. Why would you work extra to get no financial gain??

Ask the question and let us know whats said.

Paul

Hi

I have to agree. Why would you work more if you did not reap any of the reward? Speak to your Trustee, I am sure you can come to some kind of arrangement.

Whilst agreeing with the previous posts it may also be worth emphasising to your Trustee, if appropriate, that as a result of the extra income there also comes added expenditure. My guess is that you will have added costs to the household budget as a result of the extra work - e.g Travel costs, added Food costs etc. I would suggest you highlight potential extra costs when discussing the matter with the Trustee.

I had a 2nd job when I signed up to my TD, and received an extra £270 per month from it, of which I saw about £100. Problem is I had to give up my second job (which I had suggested may happen when I had my initial meetings with trustee) due to medical reasons, and I've now had 16 months added to the life span of my trust deed. I wasn't warned this would happen, in fact I was told not to worry, as if that happened we'd renegotiate my monthly payments.

Just make sure that anything you do agree with your trustee, you get in writing!

Totally agree with Beerdrinker.
PLEASE please please make sure whatever you agree with your trust deed then get it in writing. Never take the response "Don't worry about it, we'll deal with it at the end of the trust deed" Because at the end of the trust deed you realise if I had just dealt with it at the time it would have been so much easier.........

Hi ali212006

After all this good advice, we should at least be entitled to free tickets to see the band!!!

Mark

Yes, free tickets would be braw [^]

Rock on Mark!!!