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Topic starter
13/05/2011 11:28 pm
Hi all,
I have been in my TD for 2 years and have been relatively positive about the future considering I only have 12 months of the TD to go.
The problem is I have recently been asked to submit an annual review to my Trustee. I know this is nothing out of the ordinary, I have noticed a lot of other people on here getting reviews, however this is my first.
Since starting the TD I have started a new job and received a £1,000 annual pay rise since I signed the TD (going from £15k to £16k), however this has been absorbed in increased rent, council tax, travel etc.
The only reason my rent has increased is due to having to move out of my parent's home as they had planned to move south (which they decided not to) and I had to move into my own place which I used my extra income to fund. My TD letters still get posted to my parents home and tonight they informed me I had received a letter from my Trustee.
My Trustee wants me to send in copies of two pay slips and a bank statement. I'm absolutely petrified as I'm terrified I'm going to end up in jail/ end up paying into this TD for several more years because of this pay rise.
I'm now a year into a great relationship, and I really don't want my partner to find out about the TD as I'm truly ashamed of the situation I got into when I was at university.
I have every intention of being honest with my Trustee - however I'm concerned over what repercussions could result from this review. Sorry to sound melodramatic - I'm a tad stressed and now can't sleep.
13/05/2011 11:40 pm
Tell them the truth mate. Tell them you moved, and although you're making a little more, it's been swallowed up by extra expenses. It's the best way.
When I moved in with my girlfriend (now my fiance - met just after my deed started) she earned about double I did, but my finances stayed the same as I moved out of my parents house, and I still kept my own account, she took care of most of the expenses and agreed I would pay what I was paying my parents for rent and whatever I could here and there. Things have changed since, but I've let my Trustee know everything as it happened, even taking a few months off when our wee girl was born and money was really tight, adding the missed stuff to the end of the deed in the next few months, few extra payments.
I'm rambling, but basically, as long as you're bank statements show what's going on, even if your partner's income is shown (you didn't say, but assuming it is) and everything is above board, nothing should happen. Even put a note on the review explaining it all, I did on mine to show the loan coming out of our account is my missus'.
14/05/2011 7:32 am
Hi balamb
I think you are worrying too much. Best idea is to fill in the update showing the increase in income AND expenditure.
I'm sure it will be fine.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/05/2011 10:44 am
Thank you Mark.
I think it was the initial shock. However this seems to be standard procedure.
I'll take your advice and do that.
Thanks for replying.
