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(@smac34)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

Hi Everyone

I have been a regular visitor to this forum for about 12 months now although this is my first post.
Firstly I would like to thank all the experts and regular contributors for helping my wife and I make the decision to enter into a trust deed 9 months ago.
The relief was fantastic and we look forward to getting our life and finances back on track.
My trust deed has been going well so far and I have found the company my wife and I chose to be very helpful and relatively easy to deal with....hopefully this will continue.
I was hoping someone could help me with a question I have.
A family member has just handed us a personal cheque which is for my wife and I and our 3 kids to "do something" with.
It's not a fortune but I know our trustee would look for the majority of this if not all of it if we cashed the cheque into our account.
My family do not know the situation my wife and I are in and I would prefer to keep it that way if possible.
Someone else suggested cashing the cheque somewhere like the cheque centre.....is this possible and would this be cheating?
I did have a conversation with my trust deed firm at the very start and they hinted that if anyone was giving any money to us then cash would be best as they would not need to know about it.
I look forward to some advice.

Thanks


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum smac34.

I think all of the professionals here would have to advise disclosure and transparency on this subject.

Other members may offer more creative thoughts.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@plasticdaft)
Noble Member
Joined: 16 years ago
Posts: 1594
 

I assume the cheque is for your 3 kids who dont have bank accounts therefore the cheque must go through your account before the funds are withdrawm and split between the 3 kids!!

Paul

Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.


   
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(@smac34)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

To be honest plasticdaft any spare money I have always goes on things for the kids anyway.
I understand that in theory my trustee is entitled to this but it's a bit awkward as I would hate the family member to give money to my family and for the kids not to see any of it.
You are right plasticdaft they are all under the age of 7 so they have no bank accounts of their own.
I certainly wouldn't spend the money....I would keep it for the kids!
Although I wouldn't want to....I suppose I could come clean with my family if there were no alternatives.


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

If it was a trust deed I was dealing with and it could be demonstrated that it was a gift from a third party on the condition that it was to be used for a treat or similar, then I would say go and enjoy it.

A trustee should not be in a position to lay claim to these kind of beneficial gifts if given in the right circumstances.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi smac34 and welcome.

It's positive to hear another story from someone who has entered into a Trust Deed and it's so far worked as it should for them.

I would always advise transparency regarding anything financial to do with your Trust Deed.

I would tend to agree with Mark. If a family member wishes to treat you and the kids to something and it can be evidenced i.e. source of funds, what the money is spent on etc then I see no problem. Life for many people can still be difficult under a Trust Deed so any opportunity that a family member wants to provide to ease that stress must be looked upon in the correct manner especially when children are involved.

Unfortunately some decisions can come down to the individual opinion of your Trustee.

David is not currently posting in the Trust-Deed.co.uk forum


   
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(@smac34)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

Thanks for your comments, I will maybe call my trustee and ask what their thoughts are on this.
I would much rather do things the right way and work with my trustee as I have done throughout the trust deed so far.
However, if on this occassion they suggest they would take all of the funds, if I was to cash the cheque elsewhere would this show up anywhere that would highlight that I have recieved these funds or would the money "in theory" go under the radar?
It would at least allow me to think about explaining my situation to my family should this situation happen again.


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Probably best using the belts and braces approach, although I fail to see how the Trustee could challenge this on the basis that it is 3rd party funds.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Hello smac34.

It sounds like you have really generous and considerate relatives. They'd probably hate to think that they had inadvertently put you in a difficult position?

It's a personal call for you, but it does sound as though if they knew about your dilemma they'd still find a way to help out without things becoming quite so tricky?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@nemo1)
Estimable Member
Joined: 13 years ago
Posts: 161
 

I have a similar problem...
My parents want to pay for us to go on holiday abroad with them. They know we have no spare money but don't know the extent of our problem..!! My mum is wanting to transfer the money (which will be approx ยฃ1500) into my bank account, to then go and pay for the holiday. But obviously that transaction will be picked up in the review! And I don't want to have to get my parents to write a letter to my Trustee confirming the reason for the money- as then I'd have to tell them about the trust deed. Secondly, if you are in a trust deed, are you even allowed to go abroad??!


   
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(@nemo1)
Estimable Member
Joined: 13 years ago
Posts: 161
 

PS, sorry to hi-jack your post!


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

You can go abroad Nemo1.

Two possible options for you:

1 - Run it by your trustee. Presumably your parents wouldn't give you the money unless it was to go on this holiday? In those circumstances your trustee might conclude that there's no loss to your creditors if you receive and spend the money in that way.

2 - Subtly persuade your parents to book (and pay for) the holiday for you.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@smac34)
Active Member
Joined: 12 years ago
Posts: 5
Topic starter  

You are right TDA.....it is fantastic to have relatives that are kind enough to give you a few quid.....it would be easier if it was in 2 years time for me right enough....as I am sure Nemo1 would agree, if you dont want your family to know the extent of your debt problems it is a delicate situation.
I have asked about cashing the cheque elsewhere (cheque centre) and it is possible....for a small fee of course.
I will call my trustee to see what their view is on this and hopefully they will understand the situation and be fair with me.....just in case...has anyone out there ever cashed a cheque somewhere like the cheque centre?


   
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(@happy2)
Active Member
Joined: 12 years ago
Posts: 10
 

We had to tell family, so not to give us money as gifts. Our IP would take everything, money from family or friends was not allowed and we had to declare everything. I hope your IP is more understanding good luck


   
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(@wikikee)
Estimable Member
Joined: 15 years ago
Posts: 172
 

Whilst I wouldn't advocate dishonesty do IPs normally ask for a full years bank statements when carrying out a review. If so this would be another example of how my Trustees did sweet fa unless told to do so. For the record though I didn't get any gifts so thankfully wasn't put in this position. That said, as the monies are not being given to you but your children, can you not open a bank account in their names (is that possible) and once cheque has cleared put it in their accounts, that way you've at least got confirmation that it's been set aside for them?


   
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