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Scottish Trust Deed Forum
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Topic starter
13/01/2014 2:10 pm
Hi,
After an injury in 2012 My husband had to go into a trust deed. At the time i was a stay at home mum with no income so had to go down the route of bankruptcy. One as discharged last year and My hubby has 20 months left of his trust deed. Thing is i'm now getting itchy feet and want to back to work now that the kids are at school. Will the trust deed company take all my income even though I'm not in the trust deed. I'm only looking to get something part time so if I earn say £500 a month and say I'm going to contribute £200 to household will they "up" my hubby's payments by £200? We are currently paying interest only on the mortgage. What if we increase the mortgage payment by £250 and I pay that, should his payments stay the same? We have already paid the trustee off so the house is ours as currently in negative equity.
Any help is appreciated but I don't want to work, juggle the kids for us to not be any better off for it at the end of the month.
Thanks
13/01/2014 2:14 pm
Hi Trustdeedbetty
Firstly the award for the best username of 2014.
If you gain employment, then the income and expenditure will need to be reassessed as you will contribute to the ongoing household expenses. It's not a case of increasing the payments by £200 as such as you will have your own costs and expenses to take account of.
If you gain employment, then this income will require to be included in the next current status report, however this gives you the opportunity to include your own costs ie travel, work lunches etc etc.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
13/01/2014 3:09 pm
Ok, so with my commuting petrol, work money, possible rise in car insurance and a capital and interest mortgage there might not be much else to take, for arguments sake maybe £100 left over.
Also I owe my grandparent £3000 could I then start making payments back to her off my salary? I appreciate your help.
13/01/2014 3:31 pm
Hi Trustdeedbetty
I suppose if you are not party to the Trust Deed then you are allowed your own expenses, although as mentioned you would require to be seen to contribute to the normal household expenses.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
13/01/2014 3:47 pm
Yeah it makes more sense. On a part time wage it would be eaten up quickly. My husband earns 4x what I would earn so I could never contribute equally. Thanks for your help. 🙂
13/01/2014 4:26 pm
No problem. Glad to help.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
