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Scottish Trust Deed Forum
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Topic starter
12/03/2021 8:31 am
Good morning, I am currently in a Trust Deed, I have not had a wage rise for a number of years and my employer has just reached a new agreement, this is to be backdated to June 2020, at end of this month I will move onto a new pay scale and will be given a one off back dated payment from June 2020, of course I will update the trust with my wage increase, my question is do I need to make the trust deed aware of my one off payment and will they take this amount from me? Thank you.
12/03/2021 9:05 am
Welcome to the trust deed forum Carl79.
You are required to notify your trustee of any extra income you receive. Failing to do so will store up problems for later.
Your monthly payment is based upon an affordability calculation (income minus bills and reasonable expenses) so if your income increases (in the future or backdated) then there's a significant possibility that your trustee will need to collect in this money to help repay your creditors.
You might want to have a think about whether any of your bills have increased. This information could be disclosed to your trustee at the same time and might help to offset any extra amount they need to collect in.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
