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Scottish Trust Deed Forum
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Topic starter
09/09/2010 11:19 am
Hi All,
I would like to ask the experts for a bit of advice on how a possible change of circumstances will affect my trust deed, as I have been offered a new job with a different company. I have made 10 payments to my trust deed so far without issue.
My current job comes with a company car, and as the new one doesnÔÇÖt the difference will be reflected in a salary increase, together with an additional salary to reflect a more senior role. This means a gross increase of approx ?ú10K per year, (although my expenses will rise due to having to fund travel myself). Long term this appears to be the best option for me.
The role will be more challenging, and represents a risk with having to go through probation etc.
Do I need to inform my trustee straight away, or is it sufficient to wait until the review period?
Would any improvement in salary be taken by the trust deed, or would it be likely to be a proportion?
Thanks in advance.
09/09/2010 11:40 am
Hello mcbz9 and congratulations on your job offer.
As there would be a number of changes to your income and expenditure I think you should discuss this with your Trust Deed company as soon as you can.
Increased income will lead to an increased Trust Deed payment though this will be offset somewhat if a car is required. I'm sure allowance will be made for increased travel costs if essential for your work.
Overall your expenditure will continue to be assessed to enable you to live reasonably, with the surplus income left over and above this being paid into the Trust Deed.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
09/09/2010 12:09 pm
Thanks - I will discuss it with the trustee when its all confirmed. (Don't want to jump the gun yet). I just dont want to be working a lot harder for it to be swallowed up by a big increase in the monthly payment.
09/09/2010 12:12 pm
Hi mcbz9,
If your circumstances materially improve overall it's likely that it will need to be paid into the Trust Deed.
It will however leave you in a much better position when the Trust Deed has come to an end.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
