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New job increase wage while on TD

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(@marie2023)
New Member
Joined: 1 year ago
Posts: 2
Topic starter  

Hi, unfortunately I recently enter into TD I have the possibility to get a new job with an increase salary, about 700 pounds difference. But I am scared to accept it because I don't know if the TD will keep the 700 pounds difference every month so it will not be worth it to get more responsability in a job. I hope you understand me. What should I do?


   
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Annmarie Macdonald
(@annmarie-macdonald)
Member Admin
Joined: 1 year ago
Posts: 38
 

Good Morning Marie2023

 Thank you for reaching out to the Forum.

 I am unsure if you mean your gross pay has gone up £700.00 per month or £700.00 extra net per month?

 As you will be aware when you signed your Trust Deed it is important to reach out to your Trustee and inform them of any material changes.

 Due to your Income increasing your Trustee will reassess your contribution as your circumstances have changed.  It is possible that your contribution will go up however it may also be the case that your expenditure has increased since you signed the Trust Deed.

 While you may feel that any promotion is not worth taking due to the possibility of an increase in your contribution, it is a step in the right direction for when your Trust Deed has finished.

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


   
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(@marie2023)
New Member
Joined: 1 year ago
Posts: 2
Topic starter  

Thank for your reply:) I really appreciated it.  Is net pay. So does it means that I will pay quickly my td or I still need to pay for 4 years? For example is I had 10000  of debts and I was written off 60%  I have to pay 6000 in 4 years. 


   
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Annmarie Macdonald
(@annmarie-macdonald)
Member Admin
Joined: 1 year ago
Posts: 38
 

Good afternoon Marie2023

Thank you for your reply.

A typical Trust Deed lasts for four years.

In some circumstances it is is possible for the Trust Deed to be paid off earlier but there are issues that need to be considered.

  • The total debt
  • Interest and costs of the process
  • The Trustees fees

 As I am unaware of the terms of the Trust Deed that you have signed you should get in touch with your Trustee for further clarification.

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


   
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