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Scottish Trust Deed Forum
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Topic starter
09/04/2010 10:04 pm
Hi there. I entered into a trust deed 2 months ago. My income/expenditure was based on ?ú1500 per month after all taxes, which worked out as a monthly payment of ?ú400 to my IP. I recently started a new job with a hugely variable income and the above figures were based upon the average of my first 3 months wages.
Now, my 4th months pay was approx ?ú700 after tax, and I have just received details of month 5's pay which is approx ?ú2950.
Will my IP take the average of these figures in a review? My worry is that my work is busiest in the summer months and if the IP was to review my income after 6 months (say August) they would see a large excess and possibly want increased payments, however this would then leave me in a pickle come winter time....
Any suggestions would be appreciated.
Thanks.
Topic starter
09/04/2010 10:16 pm
Also...if I was to earn more than an average of ?ú1500 per month, would I be allowed to keep a portion of this? I have no issues in giving my fair share over to my IP, however it seems pointlees doing 14 hour days if I am not gettin any reward from it.
Thanks again.
10/04/2010 8:52 am
Hi sfly
the contribution should really be assessed over an average annual period. Is you consider that the 1st 6 months is not a true reflection then advise of your concerns, however remember if the contribution drops then you can also notify the trustee to reduce thecontribution.
Regarding overtime, there is no set rule on payment, best idea would be to discuss this with the Trustee and agree a %
mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
