Hi 4654ae16.

Firstly, congratulations on your win.

I'm not 100% sure whether this would count as a trust deed windfall. After all, the win only came having risked your money to achieve it.

Having said that, it does place you in an improved financial position and therefore able to repay a little more to your creditors potentially.

One for the views of our trust deed firm representatives (Mark, Kevin and Shona) I think...

Would it be best not to pay it into a bank account then and just use it as I need it? Or buy a laptop or something with it

We can only advise you to be open and upfront with your Trustee 4654ae16, though of course you are the only person who can decide how you will actually proceed.

It might be worth waiting to get an opinion here of whether a casino win of this sort would be treated as a windfall though. It might turn out to be a non-issue for you.

I might get a ticking off for this but does your TD company need to knwo about it? Especially with christmas approaching.....

There will not be any tickings-off tinsoldier!

There are issues that arise from time to time on the forum where people will need to exercise their own judgment, discretion and conscience when deciding what to do.

When such issues arise we try to provide background information, such as potential risks and consequences, that people might (or might not) decide to take into account.

Hi all

It depends on the terms of the individual Trust Deed. However generally its called acquirenda ( assets acquired after the start, but before the end) and should be notified to the Trustee.

Mark

Would the trustee be likely to take this money from me or just look for a slight increase in contributions?

Again, you can notify your trustee but your win could be something like £500.....as far as they know.

An amount paid into your bank account will only show up as the amount you choose to pay in....just saying.

get it spent!

Hi 4654ae16.

If your Trustee agreed with Mark that such a win is acquirenda it seems likely they would want the full amount to be paid over.

Just to balance tinsoldiers comment (and this is done for the purpose of balance only... I'm not pushing a personal view necessarily) I think you need to weigh up the potential consequences of not disclosing the win and giving your Trustee the opportunity to decide what should happen next.

We also need to bear in mind here that trust deeds are voluntary. Anyone who signs one is making a conscious choice to agree to the terms of it. We'd be rightfully cross if creditors ignored their side of the bargain, and we therefore probably need to be conscious that some readers of this forum would expect that someone who voluntarily agrees to sign a trust deed should stick to theirs.

However, as always, any individual must make their own choices. This forum exists to provide information to help people to make their own decisions, rather than to judge anyone for making the decisions that they choose to make.

Thanks for the advice folks much appreciated

I think I'd be more concerned about the fact that you are gambling your money at the casino whilst in a trust deed - bit of a risky business I'd have thought, given that you must be on a tight budget?
I'd agree with Mark though - any winnings should be notified to your trustee and they would tell you how much of it they would require to be paid over. This is after all what you signed up to. Probably not a lot of point in risking your money in the first place if you are likely to have to hand it over if you win!

hmmm, in your first post you said that you had "recently won £1200 at casino" Have you or haven't you?

I've just started a TD and as much as it would pain me, I would declare it to my IP. I just wouldn't risk getting found out and possibly ruining the success of the TD. IMO, the possible consequences are just not worth it. But that's just me.

OK... I think a post has been deleted (which an author is free to do).

The principle is established though, during a trust deed windfalls generally have to be paid over. Failing to do so is unfair on creditors and could have serious consequences for the person in a trust deed.

If in doubt whether something is a windfall or not, the best thing to do would be to run it by the Trustee.