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Scottish Trust Deed Forum
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Topic starter
24/09/2019 9:45 pm
This forum is really a godsend and I always read it with interest.
I am 18 months into a trust deed, and it has been a great 18 months free from creditors chasing me. However, my problem now is that when my income expenditure was done, it didn't take into account my wages included overtime. This hasn't been an issue until now that I can no longer claim overtime.
The upshot is that my wages are now £200 less than when my payments were set meaning things are going to be very tight and I am going to have to make cuts in my budget.
What happens when i go to my trustee advising that my wages are less than they set out at the start of the trust deed?
25/09/2019 9:19 am
Welcome to the forum Jimmi. Thank you for your kind words about the site.
I think it's sensible to contact your trustee and ask that your contribution gets reviewed. There's quite a long period of your trust deed left to run and it's essential that your budget remains manageable.
This isn't an unusual scenario. Over a minimum term of four years most people will experience changes in their income and/or expenditure.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
25/09/2019 12:33 pm
Hi there Jimmi
Being upfront with your trustee is always the best route. Your trustee will provide advice and support to you outlining your options
I always advise clients that there is a difference with wanting to pay and being unable to pay.
As TDA advises, this happens all the time in practice and your trustee will work out whether to reduce your contribution and to monitor it over a period of time.
All the best
p
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