You wont get away with spending £100 a month on gym membership and supplements!! A fairly strict budget will be set up for you to stick to,just be honest with your trustee when setting things up with regards to what you spend your money on.

Paul

Hello Paul, thank you for the reply, i know i got myself into this mess and i have to get myself out of it but the prospect of living with nothing is not appealing, i have been living abroad for about 8 years and decided to return and sort the mess out but it makes me consider going away again

Hi steve12.

The idea is to balance:

1 - Make sure you have enough money to live reasonably so that you have a chance to complete your trust deed.

2 - Make sure your creditors perceive that you are doing your reasonable best to repay what you can.

There will be allowances for the big things like housing, utilities, food and transport.

There should also be allowances for things like clothing, emergencies and contingencies, and a modest amount for social activities is generally acceptable as well.

You can read a bit more about this subject at:

http://www.trust-deed.co.uk/trustdeedexpenditureguidelines.php

In terms of budgets for things like food, clothing, emergencies, social etc nobody is going to check precisely how much money you are spending on things every month.

So would putting £100 for gym and supplements down on your expenditure record be considered acceptable by your creditors? Probably not.
But would you have some money available to spend as you choose in accordance with your priorities? Yes.

One other thing to consider is that agreeing the payment takes place before you sign a trust deed. There is nothing to stop you looking into this option further and then making a decision about whether you can live to the type of budget required or not.

I wasn't judging at all Steve and TDA is right that its a balance between repaying what you can and still having a life(but one you can afford).

Its a brave decision trying to sort your finances out and you could do worse than talking over a potential budget with one of the trust deed providers,you aren't tied to anything until you sign the paperwork and by then you will know what sort of budget you will have to adhere to.

Paul