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Nel
Regular Contributor

21 Posts

Posted - 30 October 2017 :  19:22:31  Show Profile  Reply with Quote
Hi

Wonder if anyone can help. I have been offered a new job which I have accepted but this will mean that from December I will have an increased salary and will be in a position to pay more to my trust deed.
I am due to make my final payment in March but wondered given that I will be earning more money will this be grounds to increase the length of the trust deed?

Thanks
Nel

Nel

Commando1
Regular Contributor

20 Posts

Posted - 30 October 2017 :  19:29:54  Show Profile  Reply with Quote
I think youíll just pay a higher amount monthly until March. Thatís what happened to me when I moved to a higher paid job. The trust deed should not be extended.
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Nel
Regular Contributor

21 Posts

Posted - 30 October 2017 :  19:33:07  Show Profile  Reply with Quote
Thanks - I hope so - it really feels like the end is in sight now. It's not a significant increase. Thanks again

Nel
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TDA (Debt Adviser)
Trust Deed Expert



12512 Posts

Posted - 31 October 2017 :  08:39:34  Show Profile  Reply with Quote
Hi Nel,

One reason for an extension might be if you failed to disclose an increase in salary resulting in money remaining due at the end of the expected term of your trust deed.

If you do disclose it (which it sounds like you intend to) I can't see how this development would result in an extension.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



3567 Posts

Posted - 31 October 2017 :  09:32:51  Show Profile  Reply with Quote
The length of your trust Deed shouldn't be extended as long as you advise your trustee of the change promptly so that your contributions can be amended for the period up until March.

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David Tannock
Trust Deed Expert



2100 Posts

Posted - 31 October 2017 :  09:55:37  Show Profile  Reply with Quote
Hi Nel,

Congratulations on the new job offer and the increase in salary. Iím sure that this will come in handy.

As others have said as long as you notify your Trustee about the change in income and circumstances then they can review this and decide if your payment needs increased for the remaining term of your Trust Deed i.e. December, January, February and March.

How have you found the whole Trust Deed process Nel?

David is no longer posting in the Trust-Deed.co.uk forum.
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Nel
Regular Contributor

21 Posts

Posted - 31 October 2017 :  12:50:28  Show Profile  Reply with Quote
Hi

Great thank you. Yeah I would disclose this as previously with my 6 monthly reviews I've had to provide bank statements and wouldn't want anything getting in the way of this not being a completed process.
Thanks again for your help.

Nel
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Nel
Regular Contributor

21 Posts

Posted - 03 November 2017 :  13:21:21  Show Profile  Reply with Quote
Hi
Sorry David just noticed your question at the end there.

It's been a process of very mixed emotions for me to be honest. At the beginning I was ashamed and embarrassed that I'd let things get the far and I wasn't in a situation where I wasn't paying my creditors it was just that I was moving money about every month to just make minimum payments etc and the whole thing was becoming too much. It initially took a bit of getting used to but advisor at Carrington Dean was really good and encouraged me to still use the credit union to save some money for Christmas etc and get into patterns of 'good' money management. I have kids and didn't want my bad decisions to affect them - so now I budget to the point where I think I've become a bit obsessive. I do things the old fashioned way - weekly money in an envelope and plan for school clothes, birthdays etc and dontou know what it really works for me. I still have only told a handful of people - I'm sure some of my friends wonder why I don't have a credit card or the contactless bank card but they've never directly asked me.
I do still feel guilty about owing money but I've 100% learned a huge lesson and would never have another credit card ever. Next big thing for me is telling my parents as my trust deed is nearly over and I need to borrow the money to secure the equity in my property - it's £500 and needs to be paid to CD before the end of my trust deed. I've deliberately left it to the end to tell them because I didn't want them to worry. Hopefully after March il be signed off (or whatever the correct terminology is) and il pay them back over 2 months as I've got used to paying that money out ever month anyway.
Sorry for the novel response - bet you're sorry you asked!
Thanks

Nel
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TDA (Debt Adviser)
Trust Deed Expert



12512 Posts

Posted - 03 November 2017 :  13:48:00  Show Profile  Reply with Quote
That's great Nel - thanks for sharing your experience. Reading information like this from people who've "been there" often encourages others to take that really hard first step of asking for advice and help.

It's also great to hear that you've taken some positives in respect of money management. The credit union idea seems an especially good one.

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David Tannock
Trust Deed Expert



2100 Posts

Posted - 03 November 2017 :  14:35:28  Show Profile  Reply with Quote
Hi Nel,

Thanks for coming back onto the forum to share your experience.

Donít worry about the novel response. As TDA has said posts like this really do help other people who may be experiencing some financially difficulties to find the courage to ask for help. I always think the more people can share the better.

Have you spoke with your Trustee to ask if itís possible to extend your Trust Deed payments by a couple of months to pay over the £500 protection payment for your property rather than ask your parents and have to explain everything? It may be possible and something you want to double check with your Trustee.

David is no longer posting in the Trust-Deed.co.uk forum.
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Nel
Regular Contributor

21 Posts

Posted - 03 November 2017 :  14:54:12  Show Profile  Reply with Quote
Hi
It was always my understanding that the money had to be paid by someone else because it couldn't be seen as coming from you - maybe I've not understood that. I really want it to be finished in March as I think you have an 'end' date in mind and I've just kept focussing on that all through this. Also hopefully in a year or so il be able to maybe apply for a fix term mortgage rather than the variable rate I'm on now - which given what's happening with interest rates etc is probably the safest option.
Although I've not posted very often on here I'm definitely a lurker and the advice given is great - you all do a fab job!

Nel
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