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Topic starter
09/06/2010 4:45 pm
Hi All,
I am just starting my trust deed and I have paid ?ú4000 of PPI into my trustee which I totally agree with and this should help keep people happy, I will also have a good few thousand more to give into my trustee with other PPI claims.
If I knew this was all going to happen then I would have not went into a Trust Deed and I would have paid some debts back but never mind.But I am due a bonus payment from my company for 10 years service which will be around ?ú3,000 and also a Christmas bonus of around ?ú2,000, will I have to give this all to my trustee? Surely I need some money to spend for Christmas presents and also maybe a holiday, after all we still have to enjoy our lifes and if I keep paying these bonuses that I get to my trustee I would have paid MORE than my original debt owed and still won't be able to get finance if needed in the future, surely this can't be right?[V]
09/06/2010 5:27 pm
There is an obligation to notify your Trustee of all 'aquirenda' payments and the amount to be paid should be discussed with your Trustee or have been agreed beforehand.
I don't think it is unreasonable for creditors to expect the the money if your income one month increases by ?é?ú5k.
Sometimes I advise people to look at this from the other side. If you were a creditor and owed ?é?ú10,000 from someone in a Trust Deed, how would you view the bonus payments?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
09/06/2010 5:46 pm
Hi Mark,
I agree it is not unreasonable for creditors to expect the money but surely not all of it in one month! I would think I could keep some for myself for something? It looks like next year I will have a very good year financially and also may have a bonus of 20k, what I am saying is that in the coming 3 years I may pay the creditors in FULL because of the potential business coming. Have you ever experienced this type of thing when a client instead of paying the pence in the pound ends up paying it all off?
09/06/2010 6:09 pm
Hi perston,
I think cases where the full debt ends up being repaid are not uncommon.
They often relate to major events such as inheritances for example.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
09/06/2010 6:32 pm
Hi Perston
I have dealt with and am dealing with a few of these. The basics are debts in full plus interest at 8% plus IP's costs and outlays.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
09/06/2010 6:51 pm
Many Thanks for your replies, I don't think I will have all the debt paid off but it may happen, I am working very hard and a lot of hours to achieve this possible bonus next year of 20k, would you think some of it may be kept aside for me and my family, if not do I carry on trying to earn large amounts?
09/06/2010 9:44 pm
Hi Perston
I have dealt with and am dealing with a few of these. The basics are debts in full plus interest at 8% plus IP's costs and outlays.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/06/2010 8:48 am
Hi Perston
I would speak to your trustee in advance of receiving these bonuses. It would be a shame if you were working extra hours and you weren't able to see some benefit from all your hard work! You may be able to come to an arrangement with your trustee to keep a proportion of the money. All trustees treat this differently however so try and get an agreement in writing before you receive the money.
Julie
Julie is not currently posting in the Trust-Deed.co.uk forum.
Topic starter
10/06/2010 2:35 pm
Many Thanks Julie,
I will speak to my trustee, I am just worried that they may say they want all of it, also if they say that would it mean they would keep a close eye on my finances, I have not had a holiday for 8 years with my family and was wanting to maybe use some of the cash for that. My trustee said they take every "windfall" over ?ú500 but I don't know if that was regarding my PPI claims therefore I am scared to ask.
