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Topic starter
06/03/2016 5:50 pm
Hi, it's been a while since I've been on, I am now within a protected trust deed and about to undergo my first annual review. I am not so much concerned with that as the possibility of needing to move house. We will be needing to move in the next 6 months and this will increase our rent as we are in a private let owned by friends so it's approx 100-150 per month cheaper than other similar houses. Being self-employed there is the opportunity of a contract I can obtain that would more than cover this increase, but is acceptable to a trustee? I expect that my increase in wages will mean an increase in monthly trustee payments and that's fine. My query is whether this jump in yearly ska day of e.g £3000, would the trustee want half of that as well as the monthly increase?
Sorry that seems complicated and more than just one question. To add more confusion to the mix, I am expecting a baby in 6 months so my wages will dr#8203;op for approx 3 months also.
Any words of wisdom would be gratefully received.
Drew
06/03/2016 7:42 pm
I think if your net income/expenditure is the same you will be ok; as you say you are gaining extra salary but this is merely covering the increase in rent.
Best to talk it over with you trustee to be on the safe side.
07/03/2016 12:52 am
Tinsoldier is right - the best thing to do is to talk it over with your trustee.
Make sure that you have a clear idea about ALL of your expenditure too.
It's all too easy to remember the mention the obvious things, like an increase in rent, but forget to mention things like an increase in transport costs because you're living further away from work (for example).
Not to mention the extra costs that will come along in the next few months [;)].
Congratulations[:)]
07/03/2016 11:02 am
Hello Drew.
I agree with the good advice that you've already been given.
Keeping your trustee up to date with all changes when they occur makes sense.
It will assist to ensure that your payment remains sustainable and that you do not risk any arrears building up that have to be dealt with later.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
07/03/2016 11:08 am
Thank you all for your advice. I have felt such a relief since the trust deed was protected but typically life complicates things, more and more. I have to say Payplan have been very good with all questions in the past, just don't want to do anything that will make things more complicated than they already are, babies have a way of doing that! Will keep you up to date, I have found this forum invaluable and thank you for it.
Drew
08/03/2016 11:20 am
Hi Drew,
Congratulations on the baby news. The sleepless nights let's not go there! All worth it though.
As others have said just because you receive an increase in income doesn't automatically lead to an increase in your payments.
A thorough income and expenditure should be completed with your Trustee to establish what your payment per month should be. Make sure you include everything.
If your income will reduce for a short time because of the arrival of the baby then your payments should be adjusted accordingly.
Communication with your Trustee is key in scenarios like this.
Let us know how you get on.
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