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Bonuses

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(@gillian)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

I may get one of these in the next couple of months from work. Nothing massive mind you, I'll be lucky if it's between £500 and £1000 but it would be nice. I know I have to give this to my trustee but how would I do this? Do I just ring up, tell them how much it is and arrange a bank transfer? I'm in the last year of my trust deed so have never had to worry about it thus far.

I'd be massively happy if my trustee said 'don't worry about it, just keep it and have a nice holiday'[:p]. I know, not likely. It would be good if I could keep some. I'd like to start uni this year and it'd go towards my fees.

Nothing left to discharge - everything's done and dusted!


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi Gillian

Best put it in writing and advise that you would like their response in writing ( in a nice way)

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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(@gillian)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

Thanks Mark. I'll drop them a note once I know what the figure is - won't know that till end of March.

Nothing left to discharge - everything's done and dusted!


   
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Julie Heaton
(@julie-heaton)
Estimable Member
Joined: 16 years ago
Posts: 246
 

Hi Gillian

Hopefully they will let you keep a proportion of it. Please let us know how you get on.

Julie

Julie is not currently posting in the Trust-Deed.co.uk forum.


   
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(@imcville)
Estimable Member
Joined: 16 years ago
Posts: 100
 

I'll be in the same boat as you in a couple of weeks Gillian!

From past experience, I've always been able to retain at least part of my annual bonus - last year I kept 50% and the year before that I kept all of it. The latter though I think was in lieu of the fact that I didn't receive a salary increase.

Fingers crossed it will be a similar story for you.


   
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(@gillian)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

I got told how much my bonus was and then called my contact at my trustees office. She said she'd let the trustee know and it would be up to him how much I could keep - if any. She called back and I'm getting to keep half of it!!!!!![:D][:D][:D] I'm really pleased cause I thought I'd be told to hand it all over. It's not a big bonus but at least if I get one next year, I know it'll be about double what I'm allowed to spend this year. Lol.

Ten payments to go if I've estimated it correctly. Can't wait.[;)]

Nothing left to discharge - everything's done and dusted!


   
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Julie Heaton
(@julie-heaton)
Estimable Member
Joined: 16 years ago
Posts: 246
 

That's great news Gillian!

Thanks for letting us know.

Julie is not currently posting in the Trust-Deed.co.uk forum.


   
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(@kamikaze-bob)
Trusted Member
Joined: 14 years ago
Posts: 50
 

Congrats. When I started my deed, it was written into mine that I had to surrender part of my bonus or any overtime I did, think it was half after tax, but I never had to use it as my work started screwing folk out their bonuses and then I left there to work somewhere else, and never had any overtime or bonuses since.


   
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(@imcville)
Estimable Member
Joined: 16 years ago
Posts: 100
 

Ditto Gillian - got word of my bonus on Tuesday, contacted Trustee and they confirmed I can keep half, as per last year. No change to my monthly payment either, as I didn't receive a huge salary rise.

That was the final "unknown" as far as my TD is concerned - now it's just 3 more payments left and I'm out!


   
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(@imcville)
Estimable Member
Joined: 16 years ago
Posts: 100
 

Well, bonus paid today - 50% to my trustee and the other 50% paid out towards my impending nuptuals. It barely touched the sides!

Still, it was nice to actually see some money in my bank account for a change, albeit briefly! 🙂


   
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(@gillian)
Reputable Member
Joined: 14 years ago
Posts: 355
Topic starter  

I don't get mine till next month. The way I'm looking at it is that at least I'll be able to keep all of mine this time next year. I think that you should treat yourself a little. Good luck on the impending nuptials.

Nothing left to discharge - everything's done and dusted!


   
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(@chris-chalmers)
New Member
Joined: 14 years ago
Posts: 2
 

I Have just returned from Afghanistan and get some of my tax money back while i have been away as a bonus is this the same or will i have to give up the full bonus


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

Welcome to the forum Chris.

I think you'll need to raise this with your Trustee. What happens with bonus and other extra payments received varies from company to company and from case to case.

Given the reason for you receiving this extra money I really hope you're able to keep at least some of it.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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(@chris-chalmers)
New Member
Joined: 14 years ago
Posts: 2
 

Thank you for the quick reply i am dealing with wilson andrews and just emailed them so i am hoping with fingers crossed that i get some of it i have had good luck to date anyway cheers


   
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Mark McFadyen
(@mark-mcfadyen)
Famed Member
Joined: 16 years ago
Posts: 4798
 

Hi Chris

I think that this highlights the need to have things clarified at the start, before signing.

I think this is one of the issues that need to be addressed at the start, the same for equity, cars, overtime etc. This way there is no doubt or confusion later on.

Mark

Mark is not posting regularly in the Trust-deed.co.uk forum.


   
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