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Scottish Trust Deed Forum
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Topic starter
18/08/2011 5:16 pm
Hi,
I wonder if i request some advice from you?
When i set up my trust deed it was agreed with all parties a reasonable living allowance from my monthly income, Does each amount have to be spent entirely on what it was budgeted for? for example they agreed so much for food, so much for mobile phone etc or if you dont spend that amount on that certain item can you spend it on something else as long as you keep up the monthly repayment?
Im a little worried as i had to chop and change the amounts i was spending on certain things each month, A little worried that my trustee will think im trying to pull the wool over there eyes
but its not the case at all. In fact im actually going to increase the monthly payments to them, and have always declared any bonuses etc.
If this is the case will i be able to add the amount at the end of the trust deed?
Hope this makes sense to you.
Your advice is greatly appreciated
paul moore
18/08/2011 5:24 pm
Hi again pm152.
Your expenditure allowances broadly fall into two categories.
The first would be the larger regular commitments like your mortgage/rent, council tax, utility bills and so on. These expenses are pretty much treated "as they are" so if they went up or down adjustments might be needed.
The second are the more discretionary types of spending like food and clothing for example. These will vary from month to month a little and the allowances therefore inevitably include a degree of estimation. For example, if you cut back your food spend one month because you needed to buy a business suit nobody is going to worry.
The same might be true for petrol. Your allowance might include an amount that you need for commuting. If you have a month where you spend a week at home on holiday and your expense goes down a little nobody is going to go chasing those few pounds.
I hope that goes some way to answering your question?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
18/08/2011 5:48 pm
Hi,
Yes thats a bit more reassuring now, thanks
Was wondering like if one month i didnt buy new clothes for instance and instead bought some dvds or cds would that be okay do you think? or would i have to inform them i didnt use all the money for clothes?
cheers
paul moore
18/08/2011 6:03 pm
That's really not going to be an issue for you pm152.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
