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christina0211
Just Joined

2 Posts

Posted - 06 May 2020 :  13:09:03  Show Profile  Reply with Quote
Hi,

I'm due to get a bonus at the end of this month on top of my normal wage. My trust deed is 50% of the bonus how is this calculated is it 50% of my Bonus after tax and minus my normal monthly wage ?

TDA (Debt Adviser)
Trust Deed Expert



13361 Posts

Posted - 06 May 2020 :  16:50:15  Show Profile  Reply with Quote
Welcome to the forum christina0211.

It's generally the case that your full disposable income has to be paid into a trust deed. All other things being equal, this would mean that you didn't personally benefit from the bonus being paid because it would go to your trustee to help repay your creditors.

You're clearly of a different impression in terms of your trust deed, so I can only really advise you to contact your trustee for advice about what will happen next.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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christina0211
Just Joined

2 Posts

Posted - 07 May 2020 :  09:16:40  Show Profile  Reply with Quote
Thank you i have contacted them and to send my payslip at the end of the month but when i had my meeting and signed up it was discussed its is 50% of my bonus. So just going to need to wait and see what the outcome is I'm hoping it is what i believe it to be.
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Kevin Mapstone
Trust Deed Expert



3851 Posts

Posted - 07 May 2020 :  09:27:57  Show Profile  Reply with Quote
Might be worth looking out the original paperwork to see if they confirmed that in writing for you. That kind of arrangement used to be common but, as TDA says, it changed a few years ago and the full amount of any bonus should ordinarily be paid over these days. has your Trust Deed been in a place for a long time?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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