Hi Shark01
Your trust deed is based on affordability, if you now have more disposable income, then I would guess that your trustee will expect that to be paid over.
Having said that, can you not pick up a cheap TV and start paying the licence yourself? An allowance for paying TV licence is allowed within your trust deed. If it wasn't included at the start because you didn't need to pay it yourself, I would guess that your trustee will be ok with you paying it from the saving in rent but may want the rest paid over to them.
I wouldn't imagine that £150 per month saving on your rent which is then spent on entertaining yourself would go down well with your trustee

I owned my home at the start if my TD but it was clear that I would have to surrender it as it had a huge loan secured on it that the TD wouldn't cover until the house was repossessed. I talked to my trustee about this at the start of my TD and they agreed an allowance of £600 a month for rent. I subsequently found a flat to rent for £520 a month but the trustee didn't look for the £80 difference. Not as much as an extra £150 a month but you never know if your trustee will want all, part or none of that till you run it by them.

Welcome to the forum shark01.

You should report the change in your circumstances to your trustee. Failing to do so could store up bother for you later.

What will they do?

They have some discretion, but in general terms your payment will be based upon an affordability calculation using your income and expenditure.

Thanks for your quick replies everyone.

I just had one more question to raise on that.

My total dept is £10500 + trustee fee is £1000 = £11500

I've paid £632 in over 4 payments already = £10868

£10868 divided by the remaining 44 payments us £247.

I currently pay £158pm, so worst case scenario am I right in thinking that the most my trustee can raise my monthly payment by is £89? The difference.

I hope that made sense! Thanks!

I'm afraid not shark01.

I strongly suspect that the fees will be more than £1000. Probably quite a lot more. I'd suggest that you check back on your paperwork.

If your circumstances improve sufficiently the most you could end up paying is the total of:

1 - Your debts at the start.
2 - Interest on the debts (either 8% or contractual).
3 - The fees and costs associated with your trust deed.

Hi shark01,

As others have said your Trust Deed payment should be based on affordability and if your circumstances have changed then your contribution can be changed accordingly.

I note that you say your new accommodation is £150 cheaper per month. Is this the rent payment or all together the costs of running the house is £150 cheaper?

You may have additional travel costs, your gas and electricity may vary, your council tax could be different etc. All of these things should be reviewed with you to see if you actually have any spare money left over with which to increase your contribution by.

The best thing to do is to try and contact your Trustee (I note from your other post that your having some difficulties doing this) so you could email or send them a letter to make them aware. When you do get to speak with someone about your case you should work through a thorough income and expenditure to see what you can afford to pay.