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Topic starter
12/07/2019 8:14 pm
Hi All,
I was hoping someone would be able to advise me on a matter relating to an existing trust deed I have. I signed the trust deed last July and noted a clause in it stating "50% of Any additional income, bonuses or overtime must be paid into the trust deed" which I agreed with and signed.
Everything was fine until I got a bonus, I declared this and was asked to pay 100% of it in. I queried this and eventually after I pointed out the signed agreement stating 50% they allowed me to keep 50% and I heard no more about it. Until now. I have received my annual review and have been asked to provide 3 month payslips and bank statements, and also to complete my Current status report with expenditure and income etc - now this is when I noticed they have changed the clause at the end of this to say:
"100% of any additional income, bonus or overtime must be paid into the trust deed"
I feel that the initial agreement of 50% is the one I signed and therefore the terms of that agreement should remain? I cant help but feel they are trying to move the goal posts to accommodate perhaps a mistake on their side in the first instance. Does anyone know where I stand legally? Can I refuse to sign this and state the original agreement should stand? Any help much appreciated.
(I am in Scotland )
Thanks
13/07/2019 7:13 am
Hi la001 I myself is in a trust deed iam on my 3rd month,I worked overtime last week but phoned my firm about doing it to keep myself right,any overtime bonus etc must be paid into your trust deed,what I did was ask to get my hours back that I did and told my manager that I can't work overtime for the next 4 years.as for Change of your terms of trust deed you will have to wait till one of the experts get back to you,but overtime iam affraid goes to your trust deed,so basically it's not worth doing it,hope that helps a bit,good luck.
15/07/2019 9:20 am
Welcome to the forum La001.
This should have been set up, from the start, with a requirement to pay over all extra income earned (rather than 50%). You've benefited from what appears to have been an error during the first year of your trust deed.
I'm afraid I cannot comment on the legalities of your trustee now trying to change this aspect of your agreement. You'd need to ask a solicitor if you want a legal opinion about this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
15/07/2019 12:17 pm
It's an interesting question, La001, but I would also suggest that you need to seek independent legal advice. Certainly the legislation states that your trustee must comply with the Common Financial Tool guidelines, which state that all available income must be paid across, including overtime.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
16/07/2019 2:42 pm
Hi La001 and welcome to the forum.
I can understand the confusion and your hesitation to sign the form regarding the 100% of the bonuses and overtime.
The legislation is clear about all of the surplus income of a debtor needs to be paid over into the Trust Deed for the benefit of creditors. If a client does overtime or receives a bonus then the full amount can be taken into the Trust Deed.
It’s something which you will need to raise with your Trustee and probably best to do this in writing. If you do please let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
25/07/2019 6:20 pm
Hi All,
Thank you for your responses. I will let you know how I get on with my trustee.
Thanks
26/07/2019 4:51 pm
Please do La001.
It will be interesting to hear how this plays out.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
