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 Bankruptcy Discharge Advise Please..
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12 Posts

Posted - 18 February 2021 :  12:44:26  Show Profile  Reply with Quote
Good Afternoon.
I have recently been discharged from my bankruptcy (sequestration) after one year,
I am currently paying 150 to my trustee. I believe i have to keep paying this for a total of 4 years.
I have a chance of a new job which will increase my salary from 20,000 a year to 25,000 a year but i was wondering if this is going to be worth my while?
Will i have to give the additional money i would make to my trustee?
Thanks in advance.

TDA (Debt Adviser)
Trust Deed Expert

13654 Posts

Posted - 18 February 2021 :  12:54:00  Show Profile  Reply with Quote
Hi Peter123.

The short answer is that your payment is based upon affordability, so a significant increase in income is likely to result in an increased monthly payment (unless bills and reasonable expenses have increased by a similar amount of course).

Perhaps there's a longer-term aspect to this situation as well? You might not initially benefit much from an increased income, but continued career progression now could be something that has enormous benefit to you in future years once your bankruptcy payments have come to an end.

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