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Scottish Trust Deed Forum
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Topic starter
20/09/2012 7:27 pm
Hi everyone 🙂
Something is worrying me... My husband is in a trust deed, just started this month. We sent all relevant information - payslips etc, and these showed that he gets a "bonus" of £100 per month.. But it is actually just part of the normal wages- he basically gets it every month as long as he shows up for work everyday- which he does. All the employees of the firm get it. We spoke to our advisor at Wilson Andrews , explaining that every 4th payslip there would be this bonus on it. She said it is being counted as just normal wages as its not really a proper company bonus. And as long as he doesn't receive anymore than the income figure written on the trust deed, then he won't ever have to pay anymore into the TD.
The worry is, that when it comes to his first review that these bonuses will be seen as - a bonus- and will b made to pay half of each one he has received.
I apologise if this makes no sense!!
20/09/2012 9:13 pm
Hi Nemo1.
You could ask for a copy of the "income and expenditure" record that the payment has been based on.
Check the income figure to confirm that the bonus has already been factored in.
Assuming that it has there should be no issue.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
20/09/2012 9:29 pm
Hi Nemo1
Ask your advisor at WA to put it in writing that they are not looking at your husbands 'bonus' as a typical bonus with regard to the extra contributions.
Get everything in writing, word of mouth can be denied later.
Topic starter
20/09/2012 9:31 pm
Hi,
I have a copy of the income and expenditure- I made copies of everything! And the income figure on it includes the monthly bonus. So it should be ok??
Topic starter
20/09/2012 9:34 pm
It doesn't specifically mention the monthly bonus, but the figure of income on the form is £1550 per month... And his actual monthly income is £1500. So even though the bonus isn't ACTUALLY mentioned, it's obv been included in the income figure ? It would seem?
20/09/2012 9:40 pm
There's a bit of calculation involved when people are paid weekly!
Take 39 times the usual weekly pay.
Add 13 times the weekly pay in bonus week.
Divide the total by 12 and you'll have a calendar month figure.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
20/09/2012 9:41 pm
Unless the trust deed is paid every four weeks rather than calendar monthly?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
20/09/2012 11:14 pm
Ok... This figure comes in at £1516?? And the income stated is £1550? So surely this means as long as he doesn't makes over the £1550 then it should all b fine?!
21/09/2012 10:44 am
It does look that way Nemo1.
It looks like the income may be slightly overstated as well. You may want to refer to this when a review becomes due.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
26/09/2012 1:38 pm
Hi Nemo1,
The best thing to do would be to ask your husband to give us a call, so we can put your mind at rest.
When calculating ÔÇÿIncome and Expenditure' we usually do take into consideration average earnings. Given that your husband's is a regular bonus, then I would imagine this will be the case.
Without knowing your case directly I am unable to say if this is 100% correct, but given the information you have provided it certainly sounds like the it.
As I say if you can ask your husband to give us a call we will go through his income and let you know exactly what can be earned on a monthly basis.
I hope this helps.
Thank you
Ian Williams - a member of the team at Wilson Andrews
Topic starter
27/09/2012 9:18 pm
I have emailed our relationship manager re this so will hopefully hear back soon.
Thank you everyone.
27/09/2012 9:45 pm
I hope that works out Nemo1.
Let us know! I think it will be fine.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
