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11/05/2013 12:18 pm
Hi folks,
Just to pick your brains...
I asked at my work if I could work the odd weekend- we are struggling a bit with the children needing new things and bills just mounting up. (my gas bill for april was £143...) I was allowed to work one weekend in 4, which results in about £70 extra a month in my wages. Sometimes 2 weekends a month which will be around £120 extra a month. I've contacted my money manager and made them aware of this extra money.
Do you think it's likely this money will need to be paid into the TD? Truth is I can't afford to and it's all accounted for! I'm hoping that by always being honest and telling them of all extra income they might let me keep it... As if not, I'll just not work the weekends but can see us really starting to struggle..
11/05/2013 12:36 pm
As the guys from the trust deeds firms always say, this is the type of thing that should have been agreed upfront. Do you have anything in writing that said how this would be handled?
There's two ways it can go. Your firm wants it all, in which case you won't work it. And no-one gets anything.
Or hopefully the second way, where you have some sort of split. Everyone gets something.
Fingers crossed.
11/05/2013 4:18 pm
Nemo1,
The Trustee is entitled to a proportion to any overtime or bonus earned when in a TD. How much depends on the amount, conduct in TD ect. Generally after the first 10% which you get to keep it is split 50/50 with the Trustee, after tax. This is so it acts as an incentive for you to do it so you and the creditor benefit.
Rob is not currently posting in the Trust-Deed.co.uk forum.
12/05/2013 9:17 am
Hi Nemo1,
Sounds like things are pretty tight at the moment for you.
As others have said overtime should ideally be clarified at the start of a Trust Deed and the Trustee can look for a percentage of this.
A lot of it depends on your particular situation and as Rob said conduct etc. With the cost of living increasing, children growing, new clothes, shoes, school uniforms (our wee one goes to school this year and i nearly fell of my chair at the cost of the ties, blazers, polo shirts, jumpers, bags, photos etc) it can be expensive. It makes it even harder to manage if your salary hasn't increased to cover these costs.
I'm flexible with overtime. If you can demonstrate that you have got additional bills to pay and that your not directly benefiting from loads of extra cash then allowances need to be made. If as you say every penny is accounted for I don't see a problem. If by allowing you to retain the small amount of OT means you can pay your bills and maintain your Trust Deed payment then that's the main thing. The last thing I would want is for you to borrow money and start the debt cycle again and struggle to pay things. Sometimes your livings costs and unforeseen bills can be more than the allowances set at the start of your Trust Deed on occasions.
Obviously if you are going to do a large amount of OT and after you have paid for the extra bills you have surplus cash then a percentage should be paid to your Trust Deed.
Always best to speak with your case manager/Trustee regarding things like this.
David is not currently posting in the Trust-Deed.co.uk forum
