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Scottish Trust Deed Forum
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Topic starter
23/01/2012 2:35 pm
Hello all,
My details went into the gazette a couple of weeks ago so almost halfway thru the dreaded wait!
Here's my question;
I may be starting a new job soon, and the new job may be more money than what I'm on just now. Since I gave my expenditure to my IP a few weeks ago, some of my expenditure has went up slightly like £10 more for my heating bill and other bits & bobs.
I am due to pay £200 a month to my TD. If I go for a job with more money and I have a surplus of £300 a month, is it possible to renegotiate my allowances to justify keeping my payments at £200 per month? Sounds like I want my cake and eat it but realistically £200 is what I can afford wither I have a surplus of £200 or £300 at the end of the month.
Is it possible to ask my IP to keep the payments at £200 even though my salary has gone up? Can it be justified through my basic allowances? They aren't too high at the moment and at the time of processing the TD I really should have upped the allowances as I'm now aware of this fact.
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I was also informed that I may "owe money" at the end of the 36 months? i.e. if I get more wages than what was originally said, is this the case that come the end of the 36 months my IP might say that I have a gap and my TD needs to be extended after the original 36 months to repay what I owe?
Any help would be appreciated.
Thanks
Paul [/size=3] [/size=6]
23/01/2012 2:49 pm
Hi Paisley1.
By signing a trust deed you have appointed your Trustee to supervise an arrangement in which you pay what you can reasonably afford towards your debts each month. That's the basis upon which a creditor will allow it to become a protected trust deed.
If your salary has increased you'll want to inform them. The danger of not doing so is that it is discovered when your review is done and you have to make up the extra (this may be where the "owing money" comment comes from, I'm not sure what else it would refer to).
If your salary increases by more than your cost of living you can probably expect to see your trust deed payment increase. A trust deed only writes off what you cannot afford to repay.
It isn't a one-way street though. If, at the same time, you can supply confirmation that a certain expense (or expenses) have increased as well I'd hope that this would be factored against the income rise.
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