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Scottish Trust Deed Forum
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Topic starter
21/06/2010 12:55 pm
Hi,
Im considering entering into a trust deed and would like to know
if when working out payment through affordability calculator, is the monthly amount worked out through your current p60 or is it worked out by taking into account your monthly take home pay.
The reason I ask this, being mainly commision based my earnings fluctuate month to month and earnings are good or bad dependent on the time of year.
Any help would be appreciated.
21/06/2010 1:35 pm
Hi bilbobagins
The contribution really needs to be based over a longer period 6-12 months if your income fluctuates. P60 would be ideal, although it also depends on future expected earnings if you had a particularly good (or bad) year previously.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
27/06/2010 9:43 am
It is always a bit more complicated if income fluctuates a lot, but I think most insolvency practitioners would do as Mark suggests and take an average over 6/12 months. You would be expected to keep money over from the good months to help pay your contribution in leaner months.
Trying to determine the contribution on an individual monthly basis just wouldn't be cost effective.
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