may I also add that i do not own my own home, have no other assests at all. Thankyou

yet another thing i forgot to pension!
I have just recently cancelled my private work pension and as i was in it for less than 2 years i am entitled to my contributions back, however this will likely take 3-4 months there fore my trust deed will be set up by then.

I am looking at recieving approx ?ú900- ?ú1000, will i have to surrender all this cash to my trust deed?

thankyou again.

Hi K

Moneytalkscotland have been mentioned before and are not an IP firm. It is likely that they will refer you to an IP firm. Beware of up front fees etc.

Re your questions, if your household income increased by whatever means, then the Trustee could/would reassess the level of contribution. This would also apply if you were to do overtime and save from the income.

The car position would need to be discussed with your Trustee as he/she would query where you got the funds to buy the car.

The question of paying off a Trust Deed early has come up before and would need to be discussed with the Trustee on the basis that the funds were from a third party and not from savings etc.

The Trust Deed should be complete 1-3 months after the 42nd month. On discharge, the Trustee has no right to look at future income/winnings etc. However they may look at the pension repayment as an asset and look for a portion of the sum.

Mark

Hi Mark & xxkxxk,

What is xxkxxk decided not to take repayment of the amount in the pension?

If it were left there would it be an asset excluded from a Trust Deed?

Hello xxkxxk, welcome to the forum.

Based on a monthly contribution of ?ú180 and with debts totalling ?ú13,500 I believe that you would be in a position to sign a Trust Deed. I also believe however that you should be able to do a trust deed over a period of 36 months rather than 42 months.

If you and your husband were to get back together, I presume that your husband would contribute towards the household expenditure which in turn would reduce your outgoings, so yes it is likely that your contribution would increase, however this would be assessed at the time by the trustee.

If your new car was valued over ?ú1,000 i.e. ?ú4,000 you would need to pay the sum of ?ú3,000 towards your Trust Deed. In your current position as your car is only worth ?ú400 no payment would be required.

There would be nothing to prevent your parents making a lump sum payment and as long as your creditors didnÔÇÖt object your trust deed could be brought to a close early. The funds would require to be paid to your Trust Deed and the trustee would subsequently pay a dividend to your creditors. Please note however it would ultimately be up to the discretion of your trustee as to how this situation was dealt with.

The firm that I work for would normally allow you to retain a percentage of any overtime received. It would be up to you what you did with the remainder of the overtime.

Your trustee would probably look for a proportion of your pension payment to be paid towards your Trust Deed.

My firm aim to bring a Trust Deed to a close within 6-8 weeks of the relevant date. If you win the lottery, once you have received your discharge from the Trust Deed, you will be able to retain your winnings!

As with most cases, please make sure that you get everything in writing before you sign any documents.

Hope this helps!

Julie

Hi, thankyou fro your reply. Having been reading through alot of posts on this forum for the past 3 hours! I have decided that a trust deed is not for me.

Although at present paying ?ú180 for 42 months then having any debt written off seems fantastic, i dont think that ?ú13500 in debt is enough to make me live the next 3 and half years of being scared to earn any extra money for my son, or take him on holiday, i think in teh meantime i am going to sit down and have an even better look at my incomings and outgoings, see if there is anywhere i can budget, Also I can earn an Extra ?ú400 per month by doing an additional 12 hour shift each week in week, which i may be able to use to hopefully begin paying this better.

Although paying the minimum amount on credit cards is going to take around 13 years to clear, im hoping if i begin paying things better, and improving my credit score then i may in a years time be able to get a loan to pay teh credit cards off and finally have a set date ie 4 or 5 years in which to be debt clear as oppsed to teh never ending credit card debts!

Thankyou again, and this forum has give me fantastic advice.

Hello xxkxxk,

A Trust Deed certainly isn't for everyone and should also be treated as a last resort.

I'm glad that the forum has helped you to make a decision that you feel is right for you.