Hello and welcome to the forum.

There is no set answer to this one I'm afraid - it'd be up to your trustee. Having said that, a trustee would usually allow you to keep some of the extra money in order to make it worth your while doing the extra work.

Hi,

we have an arrangement with our IP whereby we keep 1/3 of any earnings over a set amount, with the remainder being paid to them.

Thank you for your information
If I work extra shifts sometimes I may earn up to ?ú1000 a month extra take home I spoke to my IP and she says they would take over ?ú800 from me which personally does not give me any incentive to do it , The agent who set us up with our IP told us that we would get a set amount then the Trustee will take 50% of the rest but now our Trustee is saying something different so I believe we were told the wrong information by the agent just to get a client what would be my options

Hello 100506,

Did your Trustee discuss how additional payments received would work before you started the Trust Deed?

The trustee never said anything about extra income but The Agent told me that if I made ?ú260 that I could keep that but anything over that amount they would require up to 50% of it. this was before I signed the trust deed ,but now the IP says that if I make ?ú1000 clear after tax she would want over ?ú800 which is totally different from what the agent told me, I told the IP what the agent told us and the reply was they shouldn't have told me that. I feel that the agent told us anything just to get there cut but now ive signed the trust deed there is nothing I can do ,

I'm interested to hear from Kevin or Mark whether this is something that would normally be explicitly discussed with someone prior to them signing a Trust Deed?

This is an interesting point. As mentioned, there is no point earning extra money if this is all taken by the IP.

It is all about balance, if the overtime is not worked, no one benefits, however if something reasonable is agreed, then everyone benefits.

Mark

Where do you think that balance should be Mark?

Is there a standard figure used by good Trust Deed firms?

What is the best way to approach my trustee regarding the edtra income

Hi TDA

There does not appear to be a set figure. I always liked the 50/50 rule. But the bottom line is it should be agreed between both at a figure both are happy with.

Mark

How to I approach my IP about this I mentioned it to her the other day that there is a possibility of some extra shifts over the next few months and the reply I got was it was me who was in debt and my creditors come first and they wouldn't agree to me getting 50%

I have just contacted my trustee regarding the percentage she would require the figure they would require is 80% of my earnings I mentioned again that the agent said 50% she said No its 80% and also even I earn a ?ú150 a month extra she would want ?ú112 of it , the Agent told me I could earn up to ?ú260 a month extra without having to pay any money ,

Update:

100506 has now informed the administrative team that the company who told him that he could keep much of his additional income in a trust deed, and the company who are handling his trust deed and not allowing him to keep more than 20% of his additional income, are actually part of the same group of companies. This is interesting as he can now make his point/complaint to the Group rather than the individual companies who were previously pointing the finger at each other.

He is concerned that the trust deed was signed on 18th May so as yet isn't a protected trust deed.
Kevin/Mark - should he be concerned that his complaints might have a negative impact on whether his trust deed becomes a protected trust deed?

100506 also wants readers of this forum to avoid the problems that he has had; and it certainly doesn't seem right that he should make a decision based in good faith upon what one company said and then in reality the situation with a connected company turns out to be very different.

As Mark and Kevin have mentioned many times on the forum it's very important to dig into the detail and get things in writing before signing a Trust Deed (though it's entirely understandable that 100506 would assume that the information given to him by a related company was correct).

Hi both

I don't think the protection of the TD is an issue at all here as this will be decided by the creditors and not the Trustee or the eh! associated company!

TDA and Kevin are totally correct and as I always say. GET IT IN WRITING BEFORE SIGNING ANYTHING!

Mark