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James77
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7 Posts

Posted - 20 April 2017 :  12:20:30  Show Profile  Reply with Quote
Hello. I've read a lot about overtime on here but I'm still not understanding it greatly. Obviously the amount in trust deed is based on income. Not sure how over time is worked out.

TDA (Debt Adviser)
Trust Deed Expert



11910 Posts

Posted - 20 April 2017 :  12:48:17  Show Profile  Reply with Quote
Welcome to the forum James77.

This is an area where there have been some changes, so the information presented in older forum threads may no longer be relevant.

The amount that you pay into a trust deed is based upon affordability. Additional income, such as overtime, may well therefore result in an additional contribution becoming due.

Are you looking at this from the perspective of already being in a trust deed, or is it an option that you're weighing up starting?

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Edited by - TDA (Debt Adviser) on 20 April 2017 15:17:37
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James77
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7 Posts

Posted - 20 April 2017 :  15:00:39  Show Profile  Reply with Quote
Thanks for getting back to me. I'm already in one. It confuses me as in a trust deed who ever sets up the trust deed comes to an agreement with those who you have debt with for example how much you pay over the 4 years. So if you're made to pay more because you are able to do overtime who exactly does this extra money go to as you've agreed on a set monthly payment to clear your debt with your loan company's etc
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TDA (Debt Adviser)
Trust Deed Expert



11910 Posts

Posted - 20 April 2017 :  15:21:30  Show Profile  Reply with Quote
Hi James77.

It's not really agreed at a fixed sum of money each month, that's more of an estimate or projection that the creditors can assess at the start.

Payments go up and down as circumstances change.

If you pay more into the trust deed than expected then your creditors would likely receive more from your trust deed than was initially estimated.

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James77
Contributor

7 Posts

Posted - 20 April 2017 :  15:27:04  Show Profile  Reply with Quote
Ok just wondered about this. What if you wanted to work overtime to gain extra money for Christmas or something ?
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TDA (Debt Adviser)
Trust Deed Expert



11910 Posts

Posted - 20 April 2017 :  15:48:40  Show Profile  Reply with Quote
That used to be a relevant option James77.

The powers that be decided this wasn't really fair on people who don't have access to overtime and therefore don't have access to any extra money for the same purposes.

If you have two people who earn exactly the same amount overall, with the exact same household expenditure, why should the one who happens to receive part of his income as overtime pay less into his trust deed than the one who earns a flat salary every month?

That's seems a fair argument in my view, though by removing any incentive to work harder (for example a 50/50 split of any overtime earned) the creditors may ultimately end up being the party that loses out the most.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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James77
Contributor

7 Posts

Posted - 20 April 2017 :  17:19:13  Show Profile  Reply with Quote
Guess I'd be as well trying to get out my trust deed and pay my debts off on my own. It's not really the same as the person who gets overtime chooses to work more hours etc off his or her own back.
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