Hi nells99.

I wouldn't rush to cancel the policy. As well as losing the benefit of the cover you may also find that your trust deed firm considers this to be a reduction in your expenditure and therefore conclude that your trust deed payment should increase.

I think you need to discuss this issue and the bonus with your trustee as soon as possible. I think you'll find that they're not keen for you to cancel the life insurance (though I'll not speculate as to why here).

I presume from your comment about an increased trust deed payment due to your bonus that some or all of this bonus has been spent already?

It's interesting to note Mark's comment about impartiality earlier in the thread. £62 per month could have represented £2232 more returned to creditors over a three year trust deed. As I said previously though, in the right circumstances having proper life insurance cover is of course very important.

how much of the £62 a month was going to the td firm??

Old cynic that I am!!

Paul

A financial adviser friend of mine tells me that a life insurance policy at £62 per month might typically attract an upfront payment to the seller (from the life insurer) of around £1250.

Let's remember though that there may well be a value to people from getting good advice about life insurance ahead of a trust deed.

Still dodgy ground having it sold via the same advisor thats telling you to sign up for a trust deed.

Suggesting you may want to look into life insurance would be a much safer way to go.

Paul

Hi pamjo

I discovered the forum a few hours after I signed the trust deed , as I had a gut feeling that what I did was not for me and I could have managed! Instinct told me not to sign on the dotted line and part with £300 in cash! However I am where I am now and just hope the next year will fly by

Elaine

TDA
When signing the trust deed I explained to the adviisor about the bonus 's I may receive . What he advise me to do was increase my wages per month to cover the £1500. However I do not have what he said in writing. I await the reply from the TD as they are going To speak to the insolvency practioners as they said I didn't declare it. I handed in my payslip as part of my yearly accounts summary, therefore wasn't hiding it. I explained to the advisor what I had been told And that it was the advisor at the time that increased my monthly salary to cover the bonus. Anyway I realise now how foolish I was to rush in and so regret not finding this forum beforehand . As for the life policy it looks as though I will need to keep paying that as you say TDA they will only increase my monthly payments!!