Hi @dcam

Before you signed up for your Trust Deed your Trustee would have worked out a budget with you taking into account the household dynamics, your income and what you need for essential spending.  This would have resulted in what you could afford to pay towards your Trust Deed Debts. There would be an amount set aside for contingencies/savings, christmas, birthdays etc.  I would look at your Trust Deed proposal and this will set out what you are allocated budget wise for your expenditure. You will be expected to stick to this as much as is reasonabily possible.  However I always advocate if you are unsure of anything  contact your Trustee in the first instance and go over your concerns so that you know what is expected of you going forward.  You will complete an Annual Review each year which will ensure that the payments you are making towards your Trust Deed are in line with your budget.  If of course you have a change in circumstances then you can approach your Trustee and ask for an earlier review.

Bank statements are mainly just so that the trustee can check the amount you are paying for your main bills by direct debit.  Your trustee is unlikely to be adding up how much you spend on other things such as shopping etc. 

Savings is a bit less straightforward.  It is necessary to save a certain amount to cover payments that are fairly infrequent and you are normally allowed to put a small amount aside to cover unexpected costs.  I would say modest holidays are reasonable if you have children and as long as you can afford to pay for them from the budget you have agreed with your trustee.

Posted by: @dcam

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Hi all, 

I came on here recently and have been looking through the forum I’ve came across some horror stories that make me slightly anxious. My trust deed is about a week out from its 5 week protected status so not quite there yet. 

I have 3 kids who constantly need stuff for whatever reason. I now have a bit of money I can possibly save for a rainy day as such “Christmas, birthdays” also. I have a couple of questions,

Can I save and take my children in holiday? Or if I start saving money will the trustee want to take it or will they want to raise my payments? I pay £289 for 4 years which is more than manageable. I of course went to try save money through the year if anything this situation was a wake up I don’t want to end up in the same mess again. 

Bank statements are they going to go full on and critique my statements. As you can imagine one month you may spend more on food and the next maybe a little less nursery feed go up and down depending on how many days in the month there is etc etc.

I’m with Harper McDermott btw if anyone has an experience they can share. 

 

cheers

 

 

I was with harper mcdermott and found then fantastic. I also had small children with varying spending habits and family holidays and they never questioned any of this when I did my annual income and expenditure reports. The support and advice they gave all the way through the 4yrs was fantastic, always on hand to answer any questions.

I am now 6 years out and the TD has dropped off my crefit report. It was honestly by far the best decision for me and those early days before it was protected of worry seem like a lifetime ago now. 

Good luck in whichever you choose.