Welcome to the trust deed forum Georgeofthejungle.

How are your trust deed payments set up at the moment?

Is it a regular payment you have set up with a standing order, or is the money collected by your trust deed provider via a direct debit?

Hello,

My payment is taken via direct debit.

I have also missed a couple of reviews/updates.. How will this affect my plan?

Thanks for your help.

Hi again.

It's hard to say what the effect of missed reviews might be. The trust deed provider may wish to do a review before bringing the case to closure and if there was an improvement in your circumstances previously they may seek to collect some additional funds from you after the expected payments are completed. However if there has been no positive change in your circumstances this shouldn't be an issue.

If they're collecting trust deed payments by direct debit you'll either need to confirm with them that they're cancelling the payment, or go to your bank and cancel the direct debit payment yourself at the appropriate time.

Hi, Thanks for the info.

There has been a positive impact on my finances through payrises, however my outgoings have also increased. As a result my disposable income remains as it was.

Also, looking through the forums I have noted I am not allowed to aquire any assets? I have recently purchased a car with money given to me from my parents. I am registered keeper on V5 document and named driver in insurance.. Is this a problem?

I had no idea there was so much red tape with this! I guess I have just been making my monthly payments and ignoring it! [B[}:)]

You'll want to address the increases in your expenditure carefully if and when the time comes Georgeofthejungle, otherwise the possibility of an additional sum being required will be there as a result of the salary increases.

There is nothing to stop you acquiring assets during a protected trust deed, the issue is that the value of any acquired assets may need to be paid over for the benefit of your creditors. If you have become the owner of a new vehicle you might be seen to have acquired an asset, though I'm interested to hear the views of our trust deed experts on this given the circumstances (parental gift).

My view would be that if it can be shown that it was paid for by your parents then it is effectively their car, even though you are the registered keeper on the logbook, so shouldn't be an issue.