Welcome to the trust deed forum Die_Kapital_Das_Leben.

I think you should talk to your trustee before gifting a significant sum of money to somebody else.

In all honesty, if you can afford to save a significant amount they may determine that you can afford to make a larger contribution to your trust deed. If that's the case it would be better to find out now, rather than discovering that you have a large extra liability after the money has gone.

I'm a bit curious about the two properties that you already own with sizeable equity. What's been agreed with your trustee about how that equity will be dealt with?

Hello,

I'm curious to find out too what the agreement is regarding both of your properties in your Trust Deed.

Have valuations of them both been carried out and it agreed how any equity will be paid over into the Trust Deed?

As for the extra money and savings you are allowed savings (contingency) up to a maximum of £20 per month whilst in a Trust Deed. If the Trustee can see that you can afford to save significantly more than that then they may consider an increase in your payments.

Hi all,

When i say sizeable, i mean like £50 a month thats left after bills and living expenses like food and travel (im just happy to have something/anything left over, im not talking 100s of £s. I should clarify that my trust deed actually runs for almost 5 years as a result of the equity in my properties, and that ive since realised its frozen anyway, so ignore me.

Hi DKDL,

Modest savings shouldn't be an issue. It's a very sensible idea to set aside money from your budget for irregular costs and emergencies.

Thanks for explaining about your equity as well. An extension over the usual 4 year term is a common solution.

Are you saying that your savings account has been frozen? This does happen sometimes when a bank detects that someone has entered an insolvency process, but if you contact your trustee they may well be willing and able to arrange with the account provider for this to be resolved.