Final Year of Trust...
 
Notifications
Clear all

Final Year of Trust Deed

2 Posts
2 Users
0 Reactions
909 Views
(@readyeddie78)
New Member
Joined: 2 years ago
Posts: 1
Topic starter  

Hi there.ย  I'd like some advice please.ย  I am in my final year of my Trust Deed, having just had my last annual review in May.ย  The last payment of the TD is due to be taken in May 2024, so I don't expect to have another annual review.

For the past couple of years, I have received an annual bonus from my employer, and I have spoken with the Trust Deed people each year and arranged to send a significant percentage of this bonus over to the TD.ย  This tends to be paid in March of each year.

My question is, if I get paid a bonus in 2024 (and it is an "if", as it is not guaranteed), and I do not declare it to the TD people, are they likely to check?ย  Is there a chance that I may be able to keep my full bonus in March, and that they will not ask about it before the TD ends in May?ย ย 

I'd like to be able to keep the full amount of any bonus I get, but I'm a little concerned about the risk and want to understand it more.

Thanks

Eddie.


   
Quote
Topic Tags
Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 16 years ago
Posts: 4253
 

Hi Eddie, thanks for posting.

As you probably suspect, you have a legal obligation to make your Trustee aware of any windfall that comes within 4 years of your Trust Deed being signed.ย  This would include your bonus.

Given that you have had regular bonuses previously I think it is highly likely that they will check for another next year.ย  In any case, most Trustees will do another review at the end of the 4th year as a matter of course, just in case there is anything like this that has not been declared.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
ReplyQuote
Share: