Notifications
Clear all
Topic starter
09/08/2013 10:13 am
Well it truly pays to get things agreed well in advance.
Last month I did very well in work and received a higher than expected monthly bonus. Thanks to the information and advice on this site I agreed in writing prior to signing the TD with RMS that should I get a "belter" of a bonus I would only need to give 50% of the additional bonus funds across (I think this is standard for RMS regardless). An email conformation of the funds required with a quick bank transfer later and it's all taken care of....
So while I did earn more than expected I didn't need to give it all back, instead I got to keep half the money and get to treat the wife and kids to a cheap weekend away...!
The moral of the story... Get everything agreed in writing with your TD practitioner before signing so that when things like this happen you know there is going to be no hidden surprises!
Half way already!
09/08/2013 10:20 am
Hi colski
That last sentence reads like one of mine!
It is always wise to agree these things in advance, that way there are no nasty surprises.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
09/08/2013 10:21 am
Hi colski,
Well done on the hard work and achieving bonus!
As you said it really does pay to get everything in writing that way there are no surprises later on down the line.
40%-50% of someone's bonus I think is a fair amount. To achieve a bonus you normally need to put the effort in and work extremely hard. If the incentive to do that is taken away from someone then neither them or the creditors will benefit. There needs to be a little give and take and a level of understanding in situations like this.
Getting away from your daily routine for a couple of days can really recharge the batteries and help I think. Enjoy the weekend away, I'm sure you'll have a great time.
David is not currently posting in the Trust-Deed.co.uk forum
09/08/2013 1:04 pm
It's a good point re bonuses/overtime etc.
We normally disregard the 1st 10% of net pay for bonuses/overtime and look for 50% of the balance.
In practise if you earn net £2000 then you can get OT etc of £200 without it affecting anything. Then 50% of anything over that. I just don't think it's right to punish people for working harder to achieve bonuses etc.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
09/08/2013 5:43 pm
Well done on earning your bonus colski.
Mark's right, you are starting to sound like one of the experts. Great post - makes our job that much easier when the people like yourself are happy to pass on the benefit of your experience to others that are earlier in the process.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
10/08/2013 12:01 pm
Another post proving that communication is key. How many times have we seen posts relating to people in a panic as they have just earned £XXXX extra and dont know whats going to happen to it?!?
Enjoy the weekend away!!
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
10/08/2013 1:49 pm
A couple of months ago I got an additional overtime payment of around £300.00 which I owned up to, but I got to keep it on the basis that it was a one off. By the time my IP had got back to me it was spent anyway!! A few lessons still needing to be learned & all that!
