Hi ktm

If there is nothing in it then it shouldn't be an issue.

I think savings is something you need to run past the trustee. In my opinion, once the income and expenditure has been assessed and there is no change to circumstances then you should be free to do as you wish with anything you save up. It would be unfair if there were 2 identical cases and one chose to eat cheap beans and saved the difference and the other didn't. Yet Cheap beans man was punished and the savings paid to the Trust Deed.

In all my years on here the above may just be the worst example ever to prove a point!

Mark

Hello ktm02.

I don't suppose that there is any need to tell your trustee about a savings account that hasn't had any savings in it since the start of your trust deed.

Saving a modest amount from your allowances each month shouldn't cause you a problem, though we have heard from our experts that different firms take slightly different views on this. Check with your trust deed provider if you wish to be certain.

Your trustee has every right to look into any savings accounts that you have if they feel that there is justification to do so. That doesn't apply once you have been discharged.

Mark

Did you happen to watch `Blazing Saddles` recently??

Ah! remember it well, sitting round the campfire moment. Nearly choked on my drink in the cinema.

Can't believe it was 1974. The only thing funnier was probably my dress sense in that year!!

Mark

Can't wait for the first person to choose CHEAP BEANS MAN as a forum name!
ASDA WHOOPS would do too.

Hello.

Hi Ktm02,

Well done on almost reaching the end of your Trust Deed.

Having followed the forum for some time as an observer I know that there are different opinions on ÔÇ£savingsÔÇØ and would always advise it's best to speak with your own Trustee for a decision.

My view is similar to Marks in that once an income and expenditure is completed and providing regular current status reports have been completed and nothing has changed, if someone wants to eat cheap beans to put money by for a rainy day then this would be fine. It's the same as making an allowance for an MOT/service for your car. An allowance is made each month for this but unless the individual is able to accumulate this to prepare for a costly MOT repair then it would be difficult to pay upon repair. I know as my car has recently cost me a small fortune to repair and I didn't budget for this!

The majority of individuals who enter a Trust Deed, DAS or Sequestration have normally relied on credit for unforeseen expenses that crop up from time to time. Now they don't have access to this, some sort of savings may be required for these situations.

Welcome Cheap Beans Man-just saw your post!

Soooo... who has cheapest beans this week?