Hi babyd12.

You'll be in a trust deed whether or not the creditors allow it to become protected, so it doesn't seem unusual for payments to commence at the point of signing.

Trust deed firms handle the timing of the first payment in various ways, but I know at least one of the firms that answers questions here in the forum prefers for the first payment to be made at the time of signing.

As an aside... the good part of this is that the sooner you start the payments the sooner you'll finish them.

Hi Babyd12

Firms will treat these differently, however you should be sure that the payment is the 1st payment of the 36 and not an upfront payment.

We normally look for the 1st payment on signing as this allows the final payment of the 36 to be paid approximately 4 weeks before the 3rd anniversary. We then look to use the remaining 4 weeks to close the case.

Mark

Hi Babyd12

Agree paragraph 1 above.

We would normally expect the first payment with 4 weeks of signing (usually to tie in with the next pay day, thus allowing a degree of flexibility for the client to find their feet given the possibility that they have been struggling for a lengthy period.

However it should be recognised that this will increase the length of the Trust Deed by a few weeks, to co-incide with the final payment.

Chris

Thanks for all your speedy replies. Just wanted to make sure this was a done thing. I take it the only way I could start my payments at a later date would be to sign the trust deed later? I'm asking this as my husband is on part time hours the now but moving to new employer starting full time as of next monday but because of their cut off date for wages, of the 7th of the month he will not get a full months pay until the end of September. This meaning at end of july he is only getting a part time wage and at end of August he will only get about 2 weeks pay on full time hours.

Thanks

Hi babyd12.

If the contribution is based upon his new earnings it may be that a delay is advisable. It wouldn't be a great start to a trust deed if you're really struggling for a couple of months.

I'd suggest talking this through with the firm you're working with to get their thoughts as well.

Hi TDA

Yeah it's all based on his new earnings. I'll speak to the company again and see what they say.I think i'm in kind of stuck either way. Finacially I can't really afford it until my husbands new earnings start but I want it to get started so my creditors are aware this is happening.

Thanks

Maybe your initial payments could be slightly less, and increase when your husband's wages increase. That would at least allow you to get the ball rolling.

Hi Shona,

Thanks for that advice, I'll ask my trust deed company if that would be an option.