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07/04/2013 3:27 pm
Hi there,
Just wondering.. If I were to take a job which is better paid, would all of the extra money be put into the Trust Deed? This is a job I really want and means working more hours.. But I don't want to work more and not see a penny of it.
I know I should have got all these questions clarified at the beginning..... (the benefit of hindsight!!)
I'm not talking big amounts here, it'd maybe be £200 a month extra.
07/04/2013 3:32 pm
Hello Nemo1.
No harm in asking, but I'd expect your trust deed payment to remain based upon affordability (and therefore, expenditure being equal, your payment going up).
You may need to take a long term view on the benefits of taking a better paid job now.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
07/04/2013 3:43 pm
Hi Nemo1,
This situation has happened to me during my trust deed (my wage increase was about the same as yours). You might be expected to increase your contribution, but hopefully you will be surprised as I was as my rise was only around £10.00. but each trust deed is different and your IP will sort it all out - I just sent in my pay increase letter & wage slips as proof.
07/04/2013 3:57 pm
Not taking the job now would seem silly. Would you get the opportunity again if you didnt go for it now? The trust deed wont last forever.
Go for it. And when it comes to your income and expenditure try offsetting some of the payrise against some increases in costs, after all prices are always going up.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
07/04/2013 7:56 pm
I would advise that it is likely that your contribution would increase in line with the salary increase. How much would depend on the increase, it may be, all, none, or half. I would look to ingather a proportion of the increase, but let you benefit from the increase also, as an incentive, can not say fairer than that. Contact your Trustee and have an open chat about it and I hope it puts your mind at ease.
Rob is not currently posting in the Trust-Deed.co.uk forum.
07/04/2013 8:46 pm
Hi Nemo1,
My salary increased a fair bit during my trust deed (more than double your amount), but due to increased bills and a slight change in life circumstances my payment didn't increase. I basically explained how much extra I was earning but that I also had additional outgoings too - they didn't bat an eyelid. TDA is correct, it's about affordability.
Topic starter
07/04/2013 9:21 pm
Thanks everyone for the replies. I do know that with working extra hours, my nursery bill would increase, and also fuel bill. Best thing to do will be to phone my relationship manager and take it from there.. Fingers crossed i'll get to keep a bit!
09/04/2013 6:29 pm
Hi, i thought id just reply to this quickly too. I had a number of salary increases during my trust deed and had to complete a financial review and then increase payments each time. My last increase was a relatively substantial one due to a new job and it was painful knowing i wasn't going to see any of that additional money in the short term but now i have finished my trust deed i am sitting in a much better job and will not have to think about payments coming out of my salary at the end of this month! And trust me, its a great feeling when it happens! 🙂
