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Scottish Trust Deed Forum
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Topic starter
08/05/2012 2:17 pm
Hi, pls advise, i am about to enter a trust deed and was advised in the documents sent to me that i should notify the trust deed of any unexpected windafall. Does my work bonus fall into that category considering the fact it is expected and not unexpected? Thanks
08/05/2012 2:29 pm
Welcome to the trust deed forum sigario.
Any extra income will fall into this category, so it includes a bonus from work.
Were work bonuses factored into your monthly trust deed payment at all? If not, they almost certainly have to be paid over (in full or in part).
The firms that post here (represented by Kevin, Shona, Chris and Mark) will sometimes agree in advance with someone that they can keep a percentage of any extra earned income with the remaining percentage being paid over to the trust deed.
This could give you an extra incentive to work hard and benefit your creditors.
Without any such agreement being made prior to signing your trust deed you're exposed to having to pay over the full amount of any work bonus if that is what your trustee requires.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
08/05/2012 2:36 pm
Thanks for your prompt reply and the info you provided. one more question though, will my employees be notified that i have signed a trust deed?
08/05/2012 3:16 pm
Hi sigario.
There should be no reason for that to happen.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
