Morning Question

Sorry to hear about your situation.

In assessing the income and expenditure, the trustee is required to use the common financial statement where trigger figures are provided and determined by the composition of your family. The level of contribution is assessed the same way for a sequestration (bankruptcy). The issue arises when an individual completes overtime that may increase their level of contribution.

When your child is born and if that child lives with you then you will be allocated an allowance for a child under the age of 14 and that may reduce the level of your contribution.

You can ask for a review of your case from the Accountant in Bankruptcy or for a detailed response from Carrington Dean.

Hope this helps.

p

Hi

It should have been made clear to you at the time you signed the Trust Deed that you are required to pay as much as is reasonably affordable. If your income rises sharply then I am afriad that you can expect your Trust Deed contributions to do the same.

Having said that, increases in your cost of living should also be factored in. I would recommend you first get a breakdown of how your Trustee has calculated your new contribution level and check that the figures for your expenditure are all realistic. It may be that you could get them to amend their figures to some degree and bring your payments back down a bit.

If you go bankrupt then the 4-year contribution period starts again, with your payments in to the bankruptcy calculated the same way as for your Trust Deed. So if you are already more than half way through your Trust Deed then it is probably not be a good idea to go bankrupt instead and put yourself back to square one. In any case you would need your Trustee to agree to terminate the Trust Deed first.

I would urge you to try and work through the figures with your trustee first and hopefully a solution can be found that you can live with until you get to the end of your Trust Deed.

Well we are in same position as yourself with the same company , our review hasn’t been done properly we haven’t had a chance to do any expenditure and we are well below the expenditure guidelines with my partners overtime which isn’t every week and last 3 years the trust deed was with Wilson andrews financial wellness and since carrington dean or creditfix took over 33 months it’s been a shambles to say the least. My husbands mental health isn’t too good because of it all. I have put a formal
Complaint into them as they are bombarding us with txts, emails saying all sorts, he’s missed payments which he hasn’t , he’s owe a huge amount of money and you have 24 hours to pay this kind of stuff
The last 3 years have always been on roughly the same amount of monthly income and we were within the expenditure guidelines , but since carrington dean have came along it’s our way or nothing kind of thing and no paperwork filled in from ourselves . Surely we must have legal rights regarding this type of harrassement ? It’s like having creditors chasing you all over again , even the emails say this is the 3rd chaser blah blah

Try marking a formal complaint like us and demand to get a expenditure filled out etc that’s what we have pushed for and they had access to my husbands account so they know what we are paying and how much we are spending as it’s all there and there review even said we had £1700 coming in and £1760 being paid out so that shows we don’t have extra . The problem is too many departments and you wait ages to get through then get cut off or another staff member tells you different information

Hope it works out ok for you but it’s so stressful.