Hello happyhorti and welcome to the trust deed forum.

The payment to your protected trust deed is based on affordability. An increase in income without a commensurate increase in expenses is therefore likely to result in your payment going up.

If you get a company car presumably you'll be taxed on it. Would that make it difficult to keep up with your existing agreed payment?

Hello happyhorti and welcome to the forum.

As TDA has said any increase in income can mean an increase in your monthly contributions if there has been no expenditure change. A full review or your situation should be carried out before an increase takes place.

I do understand your question but I don't feel comfortable advising you how to do things under the Trustees radar.

happyhorti - My pay rise wasn't on the scale of yours. However, My trustee advised me that they weren't there to make money out of me and explained that any increase to my monthly payment would be fair as a result of my pay rise - which was reassuring. I hope you find the same.

COngratulations on your potential pay rise, happyhorti - you obviously have an employer who thinks a lot of you.

Like Chris says, we aren't really here to advise people how to avoid having to pay more money to their trust deeds. If your circumstances have the potential to change significantly for the better then it seems only fair that your creditors should share in this.

Whats a payrise?

Paul

Yes Paul I was wondering the same thing......

Fair enough, understand your reluctance - was probably a daft question to be asking here 🙂

Is the idea of the Trust Deed not to be transparent with the Trustee and your creditors and to fairly pay back a small proportion of what you are due them based on fair affordability? I don't like the idea of going down the route of covering things up, messing with things. I like to think I am there to help my clients, guide them, advise them, help them out of sticky situations when creditors are hassleing them or their bank gets frozen. I don't know your relationship with your Trustee, perhaps it's not as good. There is not only an obligation but also a level of Trust put upon you to advise your Trustee of these changes. Any increase in contribution should always be fair and affordable. Perhaps meeting in the middle as an insentive for your great work in getting recognised for a payrise. It's a 2 way street. You must also advise the Trustee of the car scenario, should you chose this option. It will only avoid any unnecessary disruption down the line

quote:

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Originally posted by plasticdaft

Whats a payrise?

Paul

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Lol... I know that feeling well. Despite over exceeding targets monthly in my work and becoming one of the most respected and depended upon members of staff (These are the ops directors words) I still have not had a pay rise in 2.5 years...!

In in joke in our firm is that you need to hand your notice in before they radically up your targets which if attained will also up your salary!

Hence why I have been quietly job hunting.... Just can't find the right job yet 🙁

My pay has effectively dropped over the last 3 years due to changes in how our unsocial hours are calculated!!!

Paul

I think many employers are the same, plasticdaft - they are willing to take the risk of imposing real-terms pay cuts as the chances of losing staff are probably a lot lower in the current economic climate.

The problem is that prices in the shops are doing the opposite!