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married bliss?!!!

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(@tech-1982)
New Member
Joined: 10 years ago
Posts: 3
Topic starter  

Hi all

I entered a TD last year and have just had my first anniversary. My partner and I are getting married later this year and I am concerned about this having an effect on my other half, I am sure I asked about this when I entered my TD and think I was advised it would not effect him however I cannot remember 100%.

Will this also mean my monthly repayments will be reviewed to include his income?

Also I think family have set up a gift account to send us abroad on a honeymoon, however I have heard holidays are not allowable in a TD? Any help or advice would be greatly appreciated?

My other half is aware of my financial situation however I (for some reason or another) didn't think about this may affect our ability to wed and or go on a holiday?

thank you all in advance


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum Tech 1982.

If there was a genuine change in your circumstances then your payment will be reviewed. So, if you previously lived alone and paid all the household bills, then lived together and shared the bills, you might expect your payment to go up because your expenditure had reduced.

A trust deed doesn't stop you going on holiday.

Where you need to be thoughtful is significant sums of money coming into your possession. That might be seen as a windfall that's due to your trust deed.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi Tech 1982 and welcome to the forum.

Your Trust Deed should not impact on your partner.

In terms of your monthly payments, like TDA has advised if you were running your own household and now you split the bills you will have more of a surplus left over and in turn your Trustee could look for a fair increase in your payments. This is something which you will need to discuss with your Trustee.

Holidays are allowed in a Trust Deed. I think the barrier could be affording this on a tight budget but if someone is able to afford a holiday by making best use of their available funds then it isn't a problem.

When it comes to booking the holiday and paying for it, you need to be careful about receiving a large sum of money as this could potentially be ingathered into your Trust Deed. Well your 50% share of this. The safest thing would be for you not to receive the money and for it to be paid directly to the travel agent by the family.

All in all, you may be asked to increase your payments per month but you can get married and you can go on a honeymoon. Hopefully this puts your mind at ease.

David is not currently posting in the Trust-Deed.co.uk forum


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi Tech1982

That's easily the best topic heading this year!

As mentioned above, any change will probably depend on your existing arrangements. If you maintained all hosehold bills previously and this is likely to change via your partner's contribution to the household, then your Trust Deed contribution is likely to increase.

Third party payments/gifts should have no effect on things, however the forum has certainly taught us to do the belts and braces approach and as mentioned above, the Trustee could have no interest in the funds if these were paid to your partner or if they booked the holiday for you.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@tech-1982)
New Member
Joined: 10 years ago
Posts: 3
Topic starter  

thank you for your advice, this has really helped put my mind at ease and I can look forward to getting married instead of being full of worry that it will have an undue effect on our married life before its began.

My patten and I already lived together when I entered the trust deed therefore my contribution was calculated after deducting my half of the costs to our home, there has been no change to my salary (slight decrease in fact with a change of job) however I am happy I can maintain my contributions as agreed therefore I assume that things should remain unchanged?

Thank you all again


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi Tech1982,

If you are happy that you can maintain your agreed payment then things should remain as they are and unchanged.

Best of luck over the next couple of months with the final wedding plans and enjoy the honeymoon!

David is not currently posting in the Trust-Deed.co.uk forum


   
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