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Scottish Trust Deed Forum
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Topic starter
23/05/2018 3:41 pm
I am just in the process of setting up a trust deed, having seemed to have gotten the wrong information on some things from the first company I spoke to I am now dealing with a second, more helpful one. But I am just looking for some clarity and what to do with money we don’t spend whilst in a trust deed.
The repayments are less than what we pay now and so we will have money that we may be able to effectively save during the 4 years. Are we allowed to have this? Can we go on holiday with this? How much will we be “checked up on”?
The deed will only be in my name and not my husbands if that makes a difference. Appreciate any information as this is still a grey area to us.
23/05/2018 9:51 pm
Welcome to the forum Wookie17.
You've been given budgets to pay for the things you'll need during your trust deed - the amount you pay into the trust deed is based upon that.
This will probably make it difficult for you to save much, but of course it's sensible to set aside money for irregular spending; car repairs for example.
Modest savings from your allowances wouldn't normally cause you any issues. That's just sensible money management.
If you personally were able to save a lot it might be a signal that your trust deed payment has been set too low and that some correction might be required because you're not paying what you can reasonably afford.
Your husband can, of course, continue to spend his share of the household's disposable income exactly as he wishes.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
24/05/2018 12:59 pm
Hi Wookie17. How does your husband's income compare to yours?
The way this should be done is that your household budget is worked out and then a pro-rata calculation is done based on your relative incomes. So for example if your husband earns more than you do then most of the spare income from your household budget would be attributable to him and can be spent on whatever you wish. Your share is what has to be paid into the Trust Deed.
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