Hello again pamela26,

You can certainly save money from the budget that you are working to if you wish.
In fact, if it's affordable for you, this is a really good idea as it will provide you with some cover if/when something goes wrong.

You can also take on new credit if you wish. If you do decide to do this please be aware that no provision for repayments on the new debts will be made in future reviews of your Trust Deed payments.

This (taking on new credit while in a Trust Deed) could obviously cause real difficulties if not handled very carefully.

hi tda, i am intrigued as my td advisor doesnt help - I email him and he never replies... if I decided to take on credit then do I have to tell my td advisor of this...I would rather be upfront or should I not notify him...
I am very glad I have found this site.. lol

My understanding is that you must advise your trustee if your applying for credit.....

Hi all

There is no credit restriction in a Trust Deed unlike sequestration and therefore there is no requirement to notify. I would advise that this be avoided however for the period of the Trust Deed.

Also savings is a good point. If your IP has fully reviewed your income and expenditure and agreed your contribution then what is left is your own, whether this is saved up or not.

Hope this helps/clarifies matters.

Mark

Hi Pamela126

Like Mark I would agree that you should avoid taking out any additional borrowings whilst in the Trust Deed.

Once your contribution has been agreed, and if you have money left over, it always best to try and keep some money aside for the unexpected!

Julie

thank you all for your helpful information... I will keep this in mind. 🙂