Welcome to the forum Quester.

Why would you turn down a better paid job?

Hi Quester,

Could you clarify why you feel you will have to refuse a better paying job?

If you are still subject to the Trust Deed then you could be asked to increase your payments should your income increase but this will only be for the remaining period of the Trust Deed and any increase should be done on a fair and reasonable basis.

Once your Trust Deed is completed you will then have the benefit of a better paying job and the extra income that this provides.

Have you checked with your Trustee to see how many payments/balance you have remaining?

This new job would be nearly 3 times what I make now but it would mean being away from home a lot so it would have to be worthwhile. So if I were to lose all the extra money I earned then it would be pointless. I have about 12 months left on my TD and I could potentially make enough to pay off 100% of my original debt. I am waiting on a response from my Trustee on this but have not asked them how much I have still to pay. Would they be likely to agree on a settlement figure? The job is a contract position and so it is difficult to know exactly how much I will be earning.

Are you currently paying off the equity obligation Quester?

By that I mean the initial three years of payments have been completed?

Yes, I have completed the initial three years and I am now paying off the equity obligation. I had a letter stating that the TD was extended in order to realise a specific amount in relation to the equity and therefore assumed that any income increase would not affect the amount I would have to pay. Now I'm not so sure.

If the contributios are paid and the only matter remaining is the equity, then this should have no effect on the better paid job. It only means that the equity can be dealt with quicker if you wish to increase payment.

Mark

Thanks Mark. That is a relief. I'm still waiting on feedback from my Trustee on this. I haven't received anything from them saying that the contribution part has ended though. Thanks to Trust Deed Assistant and David Tannock for your feedback also. I will post the outcome when I find out.

Oh yes. Just one final question related to the above. I will need to buy a car to get me to and from work. Will I still be required to keep it under £3000? It's a question of reliability rather than personal preference.

I'd run that one by your trustee Quester.

If you're able to increase the rate of repayment of your equity responsibility (thanks to the new job) your trustee may well have an open mind about your vehicle needs.

The belts and braces approach would to to keep it under the £3k limit, but TDA is correct, probably best to run this past the trustee. ( the idea I mean, rather than running the car past him!!!)

Mark