Looking for some advice
I have an arrears in my trust deed which has just been extended to cover this. (21months extra )
I have asked for the paperwork to see where the arrears has came from and was looking for some advice as I can't talk to my ip till Monday.
It has an expected monthly income, and actual income. The difference is the arrears.
My concern is that some months I received expenses from my work which I had to pay out first hand borrowing from a family member, when checking the figures the expenses have been taken into the monthly income as I had received them in my wages therefore making me over the expected income.
Should this be taken into my income, or is this an oversight/error on behalf of the trust deed.
Just looking for advice, as the TD should be complete now.
Hello inthered.
I cannot see why legitimate work expenses that you have paid out for would be viewed as income.
You may wish to ask your trustee what verification they'll need to be able to make an adjustment.
Thanks for getting back to me
It was on my payslip as expenses and paid in with my wages.
Will contact them first thing on Monday.
A 21 month extension just for arrears? Must be some amount of arrears. Why has it been allowed to build up to such a level? Have you had regular reviews?
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
Hi plasticdaft,
Reviews could have been better, as near the end of the TD what we thought were reviews every 6 months were only copies of communication, agreements between the TD and creditors. Just getting a breakdown of arrears took over a year. All payslips have been handed over with nothing hidden. Now I'm past the 3 years the TD payments have increased, which makes us worse off than we were at the beginning. I honestly believed we were paying the TD to advise us, but now, albeit to late, have found out differently. Biggest disappointment for me is that I won't be the first person this has happened to, and as professionals in their trade you would think they would advise more through customers experiences.
Hi inthered and welcome,
When you speak of arrears, have you actually missed any of your agreement monthly payments?
I'm thinking that you haven't missed any payments but that your IP firm have reviewed your income and expenditure and assessed an increase in monthly payments could have taken place but didn't and now they are saying you have arrears due to this.
Has your income increased over the period of your Trust Deed? Are the basing their calculations on only your expenses?
I would speak with them for clarification and even ask for a meeting to discuss the figures and decision making behind the arrears.
David is not currently posting in the Trust-Deed.co.uk forum
If they are including expenses that you have claimed as income then they must also take into account the money you had to lay out in the first place on the other side of the equation.
If they are not doing this then I would hope that a chat with your trustee might resolve the issue to a large extent.
I have contacted them today and Iam awaiting a phone call back so hopefully get some clarification.
I have had increase in my wages but the ip has been aware of this feel like we are much worst off now as they have also increased my wife's payment by 75% even though her income has not increased.
Will await there phone call
Thanks for all advice.
Forgot to mention I told my relationship manager at the time I would be getting a lot of work expenses as my new role involved a lot of travel she said it would be find and not causes any problems she has now left ๐