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Scottish Trust Deed Forum
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Topic starter
04/08/2016 10:48 am
Hi Forum,
On my previous posts entitled Vehicle Tax Code, the senior manager for my Trustee advised me that I only needed to pay 50% of my Bonus. Because of the concern that I was going to be held for a further 2 years and in trying to sort out the mess that a Minion put me through its just dawned on me what the Senior manager advised me.
I have been paying 100% of my Bonus received over the term i.e.for 3.8 years........ all be it I only received 3 Bonus payments from my employee's.Amount Total just short of £4k which I have paid all over the years.
What is the ruling for Bonus payments? All or just 50%?
BrianW
04/08/2016 11:00 am
Any Trust Deeds signed after 1 April 2015 fall under new rules where 100% of bonus payments have to be paid across.
For trust deeds signed prior to that there was more leeway and it would be based on whatever was agreed with your trustee at the start. Do you have a copy of the original paperwork showing what was agreed in this regard?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
04/08/2016 11:14 am
IIRC ( and it WAS 2008 after all!) all I was told regarding bonuses etc during the TD was "you must tell us". There wasn't an agreed percentage etc.
05/08/2016 2:31 pm
I think most good firms would put this kind of detail in writing before a Trust Deed is signed - it is certainly what we would do.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
06/08/2016 1:23 pm
Hi Kevin,
When first taking out the trust deed 2012 was so happy did not lose house and was able get life back on track due to the Credit card debits that we were trying to keep while trying to keep my wifes business afloat it became just to much for me stress stress stress while trying to keep my sales job.
So when all was signed off I was more relieved that the calls stopped and I must state that I buried my head back in the sand by not actually reading my documents fully as was so embarrassed about situation....I know pure dope.
I have read through all docs and I am great full that my Trustee did write in a 50 % only bonus structure.It seems that the RM'S I have dealt with i.e. 7 since start did not pick it up.
Called and spoke again to senior manager who kindly advised that he would deal with this as it seems that I have now over paid. Will keep you updated.
BrianW
06/08/2016 2:44 pm
Good news Feedom!
