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Topic starter
22/01/2013 3:07 pm
I need some advise pls, I have acquired more debt since joining the TD in July 2012. Had to takeout some payday loans to make ends meets sometimes. Now its out of hand. Can I add the new debts to my TD? What are the consequences if any? Also just got a new job, will be earning about £300 extra monthly. Am I required to notify my TD? Thanks in advance
22/01/2013 3:11 pm
Hi sigario
Unfortunately the only debts that can be added are those which existed as at the date you signed the Trust Deed. New debts cannot be added.
If your income has increased, then the Trustee will most likely carry out a review and possibly increase the contribution. I think it is unlikely they will take account of the sums due to the new creditors.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/01/2013 3:16 pm
Thanks Mark. Much appreciated. One quick question though, Is it possible to manage the new debt using a DMP?
22/01/2013 3:20 pm
Hi sigario
I dont see why not, although please use the free sector firms.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
22/01/2013 3:27 pm
Thanks again Mark
22/01/2013 5:56 pm
Hi sigario.
The issue is whether you'll have any spare income to fund a DMP. Your trustee is highly unlikely to make any allowance for this on debts accrued since your trust deed started.
You may need to offer a token payment (£1 per month?) to each creditor pending the end of your trust deed and hope that they'll work with you.
I think they might work with you. It doesn't look great for them that they've lent more money to someone that is currently insolvent. They're meant to confirm affordability before lending.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/01/2013 6:47 pm
Thanks for your advise Trust Deed Assistant
