Too Good to be True ??????

atmywitsend_4

HI

Basically my story is this, we are 98k in debt and on tuesday this week we will be signing a Trust Deed (your equivalent of IVA) i think. We had our IP come round and gave them all the relevent debt paperwork and details of income. The thing is, hubby is in the army and his paystatement shows a net figure after taking off rent, council tax, life?accident insureance and 175 quid to another account. They have seen these pay statments yet still use the net figure and then work out our needs by taking off the rent etc from the net figure (does this make sense??). Soooo my dilemma is, we are basically going to have about 500 quid a month more than they think. This is reviewed every 6 months, should I point it out now?/ will they realise their mistake ?? and will they make us pay more because of their error into the TD??
Thanks in advance

danielleindebt

unsure but im sure someone will be able to help.

MortgageMamma

I've no idea - do you have the option of being able to voluntarily increase your payments on a trust deed?

System

Ive told payplan that my married quarters charges (rent) is deducted at source it should be as simple as that.

oscar52

Surely the fact your rent etc is deducted at source is evident on the payslips etc?

My opinion (whether people consider it right or wrong) is that it is UP to the IP to determine how much you can pay - you have given them all the information. The extra money wont help reduce your debt any quicker than the 6 years.

If it was me (and again not going into a moral debate) I would keep quiet, they are the experts and it is up to them to interpret the information.

frugalpam

atmywitsend wrote: »

HI

Basically my story is this, we are 98k in debt and on tuesday this week we will be signing a Trust Deed (your equivalent of IVA) i think. We had our IP come round and gave them all the relevent debt paperwork and details of income. The thing is, hubby is in the army and his paystatement shows a net figure after taking off rent, council tax, life?accident insureance and 175 quid to another account. They have seen these pay statments yet still use the net figure and then work out our needs by taking off the rent etc from the net figure (does this make sense??). Soooo my dilemma is, we are basically going to have about 500 quid a month more than they think. This is reviewed every 6 months, should I point it out now?/ will they realise their mistake ?? and will they make us pay more because of their error into the TD??
Thanks in advance

Hard to advise you. If I was in that situation, I'd be worrying myself that the TD people would one day find out. If you hadn't declared that the net figure was the amount after deduction of rent etc, they might start being really difficult with you.

Just my opinion,
Pam

Toto

I'm usually all for honesty, but in this case, seeing as you have been honest given them all the paperwork etc. If they decide your payment should be X amount, who are you to argue? It's not as if you've hidden anything is it? If they do discover their mistake then they will adjust the payments accordingly. Paying extra won't reduce your term on the debt, so I would personally sit tight (toto waiting to dodge flaming missiles now)

frugalpam

Toto wrote: »

I'm usually all for honesty, but in this case, seeing as you have been honest given them all the paperwork etc. If they decide your payment should be X amount, who are you to argue? It's not as if you've hidden anything is it? If they do discover their mistake then they will adjust the payments accordingly. Paying extra won't reduce your term on the debt, so I would personally sit tight (toto waiting to dodge flaming missiles now)

I don't think there'll be a need to dodge flaming missiles Atmywitsend just wanted some opinions so that they could make their own mind up. There's probably going to be different points of view on it all.

Pam

spud30

Hi Atmy,

I think I would be inclined to stay quiet, and save the extra money.

If the IP actually saw the documents, and didnt look at them properly, it's not your fault.

Make sure you keep the name of the IP that visited, in case the matter is questioned down the line.

atmywitsend_4

Thank you all for your replies.

Yes the rent etc is taken at source and shows on pay statements that the IP has seen. Also someone mentioned it wont make the debt any quicker than the 6 years, the TD will only last for 3 years although my credit rating is shot for 6.

Still out on this one but thanks again guys x

gizfizz

you're probably best off leaving it as it is then saving the extra in a high interest savings account or isa if you can in case they decide you do need to pay more? if you've been clear and honest with them and they've worked it out wrong its their fault not yours!