Hi Wrongturn

Bonuses are something which varies from firm to firm, as you say. Our policy is to allow 10% of the average net income then as you say, sit the balance 50/50. In practice, if your income was £800 & bonus was £100. Then you would keep the first £80 and the £20 balance would be split 50/50. Hopefully this makes sense.

I've never understood the logic of firms taking 100% of bonuses or overtime as people would stop working extra to get these and nobody benefits.

Always best to get this confirmed before doing anything though.

Mark

Hi mark thanks for the speedy reply . What you say does make sense & it's good to there is a incentive to work hard to both parties Benifit.

would be getting a bonus say on the higher end of 1000 have impact on the yearly review that takes place as it would look like I had more disposal income & would my trust deed change ? Reason I ask is as I said it's not guaranteed bonus but it does happen on regular basis & even though I would be Paying more to the trust deed with the 50/50 I could have a surplus money .

Thanks

No, it shouldn't have any real impact on the review. As long as matters are agreed beforehand, then there should be no surprises later on.

If you had surplus after any agreement then that's really between you and the trustee as creditors don't get to ser reviews.

Mark

Weird, I posted a reply & it vanished.

The bonus shouldn't be an issue as long as its agreed beforehand & would not impact on any review, as reviews are something between you and the trustee. Creditors don't get to see these.

Mark

Even weirder, its back!

I can see both replies, thanks for the info . Just trying get as much info as possible & what you have said has helped . thanks

Hi Wrongturn.

I wonder if you might let us know how much you currently owe?

The automated advice you received from Stepchange's online system might turn out to be quite different if a higher amount were taken into account as being your likely future bonus payments.

Hi Wrongturn,

I always think its about finding a balance between what is fair for the individual and the creditors when it comes to things like bonuses and overtime. If a Trustee is to take all of this then there is no incentive to earn extra and in turn pay more back to creditors.

We take the same view on bonuses at Mark.

Your doing the right thing researching and asking loads of questions. We would always suggest sitting down with a couple of advisors from different firms to discuss your options as there can be slight differences on how firms deal with things.

The most important part is whoever you decide to deal with you receive absolutely everything in writing regarding your payment and timescale and also how things like bonuses and overtime will be dealt with. If you do that things should run smoothly and without any problems.