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rossjam
Just Joined
1 Posts |
 Posted - 10 July 2012 : 18:58:51
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| Hi. Ive been in a trust deed since june 2011. during the last 3-4 months of the 2011 i recieved some salary bonus for hitting some sales targets. i used some money to pay for car maintainance, tax, mot. I then had an operation for a respiritory condition in December and in March i used the remainder of the bonus to purchase a holiday for me and my family a)to help the respiratory system but also B) to de-stress from pressure of work managing the houshold. i have just had a request to review my situation and have outlined my earnings in the P60 and also wage slips to the trustee declaring those payments. what is the situation regards the bonus payment and spending of it. Also it may arise that i am fortunate to earn more salary bonus in 2012. i need broken windows replaced and floors fixed and general DIY to the propertty to prevent it from becoming a ruin. will i be able to spend that money on these needs. |
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Trust Deed Assistant
Trust Deed Expert
6762 Posts |
Posted - 10 July 2012 : 19:34:33
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Welcome to the forum rossjam.
It's normal that some, or all, of a bonus needs to be paid into a trust deed to help repay the creditors.
We encourage people to get written confirmation on how this will work before signing; if you haven't you're really in the hands of your trustee now.
I feel it's likely that your trustee may consider that there is a sum due from the bonus you have received. |
*** Qualified Debt Adviser & Trust Deed Forum Administrator ***   |
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Shona Maxwell
Trust Deed Expert
643 Posts |
Posted - 10 July 2012 : 22:11:51
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| I would advise you to keep as many receipts as possible for the expenditure, so you can prove what the money was spent on. Depending on your trustee, you may be allowed to keep some of the bonus. We usually allow you to keep half of any bonus etc. |
Shona no longer works for Henderson Loggie. To contact Rob Hardie from the same firm:   |
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Bottomlesspurse
Regular Contributor
22 Posts |
Posted - 11 July 2012 : 18:10:39
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| I had to hand over all of my bonuses throughout the period of my trust deed. Hope you get on ok rossjam. |
onwards and upwards!
Blogging at Fair, Fat, Fifty . . .Frak! blogspot |
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Trust Deed Assistant
Trust Deed Expert
6762 Posts |
Posted - 11 July 2012 : 22:18:20
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That's a shame, lots of trust deed firms (including the four represented in the forum by Chris, Shona, Kevin and Mark) will give consideration to their clients keeping a percentage of extra earned income.
That can be good news for all parties as an incentive exists that can benefit the creditors and the client.
It's really something that needs sorting out before a trust deed is signed and with written confirmation to avoid later confusion.
Hopefully a useful suggestion for readers considering starting the process. |
*** Qualified Debt Adviser & Trust Deed Forum Administrator *** |
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Salary Bonus payment