Welcome to the forum Kirstymcniven.

Your trustee will contact you if there's a review due. The only exception to this really would be if something significant changed with your financial circumstances, in which case you'd want to contact them pretty quickly.

There's no issue with modest savings from your allowances. In fact, it's entirely sensible to do this to cover more expensive times of year and also irregular costs, such as car servicing for example.

It only normally becomes an issue if someone is banking a lot of money, in which case a trustee might start to wonder whether their client can afford to pay more to their creditors.

Thanks very much for your help that's cleared things up for me. I will just wait for them to contact me for s review then. Since this is my first review I'm not really sure what to expect? I'm pretty nervous about it for some reason is there anything I should be worried about or is it pretty straight forward ?

Thanks

hi Kirsty, welcome to the forum! I think the requirements for a review will vary from company to company, but as an example, at my first annual review I was asked to complete an updated income/expenditure form in case anything had changed, and to send my last 2 payslips and my most recent bank statement as proof of the numbers on the form. I also got asked to send proof of my mortgage payment as it had changed when I cleared some arrears on it.

I know it's easier to say than do, but try not to worry too much about the review - I remember being really nervous too when I got the request and while I waited for the reply (mine was all done by post). Even though I up front about everything, I was really afraid it would all collapse somehow - but it didn't. And the next year was fine too.

The best thing is to be upfront with your Trustee about any changes, or any unexpected costs. They can usually come to an agreement about changing your payment, or even missing a payment in an emergency, then making up the missed payment at the end of your deed.

Good luck with your deed - I'm 3 years into mine, and have 21 months to go. It hasn't always been easy, but it's definitely been worth it.

That's a great post from JJDecay.

I know it's all new right now, but I don't think you've anything in particular to be concerned about when your review takes place.

Thanks for the advice it's much appreciated. Since signing the trust deed a great weight has been lifted off my shoulders and although it's daunting sometimes it was absolutely the best decision to make. I've been reading some of the discussions here and it's a fantastic forum. Now I know what to expect I'm not as worried now.

Thank you

Hi Kirsty,

I always think it's a good idea for someone in a Trust Deed to try and save when they can to deal with any unforeseen expenses.

Your actually allowed to have a "contingency allowance" under the legislation which 10% of your disposable income up to a maximum of £20 per month.

If you are able to save a little here and there I can't see your Trustee having a problem with this. The only issue could be if your able to save large sums per month and accumulate savings running into thousands.

Don't worry too much about the review either, this should be fairly straight forward.

Some reassuring words from JJDecay. Thanks for taking the time to post and support.