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Scottish Trust Deed Forum
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Topic starter
15/05/2012 1:21 pm
I have a PTD and currently pay £270 per month. My TD was to last for 60 months and to date I have paid 39 months.
I've struggled to pay my TD for a while now and in December 2011 I contacted my trustee for advice as the constant money worries and stress was starting to affect my health and both my personal and work life.
In January my case handler contacted me to advise that if I could continue to pay my contributions till August 2012 they would discharge me from my TD then - 18 months early. I agreed to this despite knowing that paying the agreed level every month was becoming increasingly difficult. This was compounded by the fact that my landlord gave me notice for an increase in rent (£55 extra per month) and my gas and electricity bills also increased following the cold winter.
At this time I spoke to my employer and explained my situation and advised that I was going to have to look for another job with a higher salary, fortunately they agreed to give me a salary increase in exchange for taking on additional responsibilities out with my normal department.
Following my salary increase (and the recent change in tax code), I am now left with £60-£70 extra per month instead of the £12 I used to be left with after all my outgoings were paid. I have not declared my wage increase to my trustee yet. I will do so soon but I am worried that they will now not discharge me early and want me to pay the further 18 months.
Any advice on this would be greatly appreciated.
Thanks in advance.
15/05/2012 1:28 pm
Hi pinkgirldancing.
It's difficult to give you a definitive answer as:
1 - We don't know the details of your income and expenditure budget.
2 - Your trustee has some discretion.
In principle however your trust deed payment shouldn't be set at a level that you cannot afford if you are sticking to reasonable expenditure levels. Therefore, if your costs have increased by the same amount (or more) than this salary increase you will hopefully have nothing to worry about.
It's probably best to let your trust deed firm know about the salary increase soon so that it doesn't become an issue later.
Did you get the information about the possible early discharge in writing?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
15/05/2012 1:35 pm
In November 2011 my income was £1280 and my expenditure was £1268 and from April 2012 my income is £1481 and expenditure is £1432 - previously I was having to borrow money from various peolle in order to get by each month. I also now have council tax arrears which I was intending paying off when the TD finished in August.
The infomation regarding early discharge was given over the phone, hould I have requested this in writing?
15/05/2012 1:59 pm
Hopefully that will not be a problem pinkgirldancing and they'll abide by what was said on the phone.
If it were me though I'd much rather have confirmation of this in writing as it is a little bit out of the ordinary.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
15/05/2012 2:02 pm
Thank you TDA - I'll contact them soon.
My case handler prefers to talk on the phone, I prefer to deal with them via email / letters.
I'll contact them now.
Thanks again.
