Hello Almost_There.

Your IP can monitor your bank account if they choose, but the situation that you describe should not cause any concern if they did because there is no cash benefit to you and because you explained it to them before commencing with your trust deed.

I'm sure our three trust deed experts have clients where similar situations exist without causing any problems...

Dear Almost There,

As you are obviously aware your IP will approx. every six months review your income and expenditure. This is normally done through a standard form and your income vouched by copy payslips. Whilst they may not specifically request bank statements they do have the right to ask for copies. That said, if you can clearly demonstrate that these large payments in to your account are purely in relation to expenses, which i'm presuming you can with copy expenses claim sheets, then it should not be a problem. As you say you are not benefiting from these transactions it is purely a reimbursement of funds spent on your employers behalf. If you are using your credit card for your expenses only then, in theory you should not be paying interest as presumably the credit card is repaid in full when your expenses are paid on a month by month basis.

I would always suggest that you disclose these arrangements to your Trustee to avoid any uneccessary/wrongful suspition on his/her part if they should somehow find out about it at a later date.

Your trustee is only really interested in your diposable income in order to determine your ability to pay a contribution towards your Trust Deed.

Hi Julie,

You are correct that all funds are paid in full (its part of the terms of the corporate card) and that I can produce receipts for all of this. I had just intented to wait for the review to produce all of this documentation, mainly because I have just done a review recently and I didnt want the hassle of having to go through all of this again so soon. But, by the same token, I didnt know if my IP monitors my bank account without my knowledge and obviously , as you say, didnt want it to look suspicious.

Thanks for the advice, I really apprciate you taking the time to answer. I guess I should draft up all the paperwork and send it in.