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Terrestrial1
Contributor

10 Posts

Posted - 07 February 2019 :  11:07:31  Show Profile  Reply with Quote
Hi all. Just a question about annual reviews, as I have my first one with CF due this month. I need to do it the manual way as my bank isn't supported by their system.

In the last 3 months my wage has been slightly what my TD listed as my monthly income (in December this was a significant increase due to increased work hours) and I stupidly didn't inform my trustee as it didn't even cross my mind, and for a number of months in the year my income was lower than what my trustee knows it to be. December had increased spending on things like winter heating bills, Christmas presents etc so everything correlated. i.e income slightly higher but expenditure slightly higher too.

I suspect that my monthly payment will go up, which is fine and I welcome the fact. My question is, if they decide that there has been a material change over the last 3 months will this add 'arrears' to my TD that I will be expected to pay back? I have little knowledge on the whole process

Sharon Toal
Trust Deed Expert



321 Posts

Posted - 07 February 2019 :  11:11:36  Show Profile  Reply with Quote

Terrestrial

It depends on the trustee, however I expect the trustee would agree increase going forward rather than seeking recovery of arrears.

Also bear in mind that your expenditure may have also increased over the year. For example, council tax , rent and energy cost increases so it may balance itself out.




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Swandog
Advanced Contributor

134 Posts

Posted - 07 February 2019 :  14:05:30  Show Profile  Reply with Quote
Hi Terrestrial1,

Try not to worry too much or over think things. Situations like this are a lot more common that you might think.

The good think is that you have acknowledged you earned more money and are happy to bring this to the attention of the Trustee to review.

Itís always hard trying to strike a balance when peopleís income can fluctuate from month to month. The easiest thing to do is try and take an average over a 3, 6 or 9 month period. That way this will allow for fluctuations up and down and therefore a payment can remain consistent and the same. Obviously if income goes up or down more than anticipated you should discuss this with the Trustee.

I donít think it will add arrears to the Trust Deed as you have explained that your bills have been more in this period. If your income has gone up then going forward you could expect your payment to increase.

Complete the I&E review and discuss it with your Trustee and take it from there.
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