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Wage increase

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(@tulip)
New Member
Joined: 1 month ago
Posts: 1
Topic starter  

Hi,new here,need some advice.  I have a trust deed in place,this is year 2. I am on Living wage. My increase is from £10.90 to £12.00. Obviously, my rent,travel expenses etc have increased to. Should I still inform my trustee of the increase?

 

Thanks


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4246
 

Hi Tulip, welcome to the forum.  Probably safest to let your Trustee know of the increase, but be sure to mention the increased costs at the same time.  Likely no difference to your contributions as a result but at least you won't be worrying that they will look for a backdated increase when your next annual review comes around.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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 nm89
(@nm89)
Active Member
Joined: 9 months ago
Posts: 13
 

Hi Tulip, your contribution is the balance of your income less your expenditure. Definitely let the Trustee know about the new income, but also about the new rent etc... They should be conducting an annual review of income and expenditure in any case, but to keep things running smoothly, it's always beneficial to make up front declarations and request an ad-hoc review where your circumstances vary between reviews.


   
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(@gracelynn)
New Member
Joined: 4 days ago
Posts: 2
 

Yes, you should inform your trustee about the increase in your wage, as well as any changes in your expenses. Transparency is important in managing a trust deed, and your trustee needs to be aware of your financial situation to ensure that your repayment plan remains viable and fair. Keeping them informed allows them to adjust your repayment plan accordingly, taking into account both your increased income and expenses.


   
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