Trust Deed Additional Income Help

Options
Approaching the end, just 6 months to go and my employer is making me sign a new contract with less pay and benefits. As a sweetener they will give a one time cash payment. As I'm still in my trust deed this will show on my payslips and as a result be taken as extra income by my trustee.

My wages will be reduced for ever so yeah I'll get a few thousand in the short term which I'll lose to the plan and end up losing tens of thousands more over time to drop in wages.

My question is will the trustee take the extra income?

Comments

  • luvchocolate
    luvchocolate Posts: 3,264 Forumite
    First Anniversary Name Dropper First Post Home Insurance Hacker!
    Options
    I take it you're in Scotland?
  • sourcrates
    sourcrates Posts: 28,999 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    edited 18 June 2022 at 1:01PM
    Options
    How much is the sweetener going to be ?

    Is it enough to clear your debts ?

    If it is, you could offer the money in full and final settlement of your trust deed, using the fact that your income has dropped as reason why they should accept, might as well make these situations work to your benefit if possible.

    However much it is, you are obligated to inform your AIB about it, as per the terms and conditions of your arrangement.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards