Sorry can't help am just being nosy did they tell you why it was being extended?

They said in the letter It was due to increased income and a half pay,met made one month when I had to get my car repaired.

Iam a bit confused myself as i have actually dropped my income in the last year lol

Hi Clairy0407 and welcome.

What was the original agreement you entered into with your Trustee?

I'm not sure I understand why they are extending your Trust Deed by two years. Have you had a substantial increase in your income from when you first entered into the Trust Deed till now?

Your situation wil be reviewed on a 6 monthly basis until you are discharged from your Trust Deed.

Hi Chris
What do u meant the original agreement?

My salary was variable as I worked in a tactical manner until about 18 months ago when I went onto maternity leave and my payment dropped in line with this. The only other thing is could my expenses be taken into account as I had to claim parking and petrol which was paid in with my monthly wage it was paid under expenses in my pay slip.

Thanks

At the outset of a Trust Deed a proposal is made to your creditors in that you would pay for example £200 x 36 months totalling £7,200. Providing you have made your agreed payments every month then a Trust Deed is normally discharged and closed after you have paid 36 payments.

if you have missed payments or not made the agreed payment per month then your Trust Deed has to be extended to ingather the sum that creditors agreed to i.e. the £7,200. I suspect this is why your a Trust Deed has been extended.

Oh yes I see what u mean I will need to dig out the paper work.

Is this still the case even if your income has decreased you need to pay the original amount set out?

Thanks

If your Trust Deed can be extended within a reasonable timescale to collect what was originally agreed then yes.

Give your case manager a call to clarify the reason things are being extended as it sounds to me like your a little unsure.

A member of the Wilson Andrews team normally pops onto the forum from time to time and may clear this up for you.

If you think that they have made a mistake then you should make this clear to them and back it up with proof. Eg evidence of expenses which may be incorrectly being treated as income.

Reviews need only be annual, though this varies between different firms I guess.

Dear Clairy0407

I am sorry if we've not made it clear why we are extending your Protected Trust Deed. As you say, as well as explaining the reasons over the phone we do write with a full explanation ÔÇô although it sounds like we haven't been as clear as we should have been.

To echo the advice from other posters one reason a Protected Trust Deed would be extended is if payments have been missed You mention a partial payment made in one month, although this alone doesn't explain a two year extension.

Other reasons for extensions are if your income has increased or if we are realising the value of an asset. From what you say it does sound like we are under the impression that your income has increased. However, we aren't infallible, and if we have made a mistake then we will just need some evidence such as payslips, evidence of expenses and so on and we can put things straight.

If you could please drop me an email with your reference then I can investigate for you. You can find our email address in the ÔÇ£contact usÔÇØ section of the Wilson Andrews website, please mark it for my attention in the subject field.

I hope this helps.

Thanks Wilson Andrews for getting in touch with me

Well done for trying to clear this up.

Paul

It's common for the arrangements to be extended in some cases. This may be because some payments have been missed, and additional asset has been discovered, or because the client has even asked for an extension to make up arrears or say pay the equity in their property with the contribution funds once they have made 36 payments. The Trustee would not increase the duration of the arrangement without a reason to do so. Transparency between client and Trustee always important to make these things successful, as you can see that seems to now be the case here.