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Topic starter
14/04/2014 6:50 pm
My work is paying me a lump sum for 6 months worth of work...when my review comes up I'll have an unusually high wage for this month, even though it's my normal wage just being paid at start of work instead of monthly...Will this be a problem and will they take the lump sum? At the end of the day it's the same amount of money over the year, it's just that it's being paid in a lump sum? I really can't afford to pay any more to trust deed and the lump sum is to last me for 6 months.
Protected 2014...due to finish 2018...early finish after selling house!
14/04/2014 6:54 pm
Hi FF36.
You'll just need to run this all by your trustee.
If you can document the situation as you describe it I shouldn't think there will be any issue at all.
I guess it might be possible that you'll be asked to pay over a sum equivalent to six of your monthly trust deed payments.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
14/04/2014 6:56 pm
Oh I never thought of paying 6 months of the trust deed...could that make trust deed end 6 months earlier?
Protected 2014...due to finish 2018...early finish after selling house!
14/04/2014 9:27 pm
Presumably you wouldn't be in a position to pay anything for five months after you receive this advance pay lump sum?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
14/04/2014 9:58 pm
Well if I pd the 6 months at once then no, but if things stay the same it would be fine because it's the same amount...but maybe they would think I wouldn't be very good at budgeting and would want it all at the same time. I'm actually very good at budgeting, especially now.
Protected 2014...due to finish 2018...early finish after selling house!
14/04/2014 10:28 pm
I'm not sure how they'll see it FF36.
Just thought this was a possibility.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
15/04/2014 8:48 am
Hi FF36
I don't really see the 6 months up front payment being an issue as long as it's explained to the trustee.
It's a wee bit similar to trying to calculate contribution levels for self employed people as income will fluctuate over a period, except your will be front ended. It would also be unreasonable I think to seek/agree 6 months payment and then look for more for the same period.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
15/04/2014 9:13 am
Hi FF36,
I don't think there will be an issue if you want to use your lump sum income to pay 6 months payments up front or if you wish to continue with payments on a monthly basis as normal as long as your Trustee understands the position correctly.
I guess looking at it from an case workers point of view, I think in the situation that you describe where you are going to receive an upfront lump sum payment for your income for the next 6 months if you were prepared to use this money to cover 6 months of your Trust Deed payments I'd happily ingather and agree to this. I think there could always be a risk that in those 6 months you could mismanage your budget and then need to request a payment break or even miss payments because of that. I'd prefer to have money in the bank so to speak.
Every case worker/Trustee is different though and it's only something that your own Trustee can advise you on.
Let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
16/04/2014 1:10 pm
And if they do agree to a lump sum payment up front - make sure you get it all in writing!
