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T O P I C    R E V I E W
questionmark Posted - 04 January 2021 : 12:36:39
My income decreased in last October, I have talked to my Trustee who helped me to setup the new monthly contribution (which was reduced significantly). The length of the PTD remained the same. I am unemployed now but the redundancy amount (no bonus, no extra, etc) can cover the rest of my period (4 months only). I have applied to Universal Credit.
What would be the correct procedure to follow please?
Thank you.

P.S.: If I can find a new job, I obviously know what to do but current situation probably keep me down for a while.
12   L A T E S T    R E P L I E S    (Newest First)
questionmark Posted - 05 February 2021 : 08:41:41
Thank you Kevin. I am waiting for my Trustee's response.
Kevin Mapstone Posted - 04 February 2021 : 18:52:06
Congratulations on the new job, questionmark, that's great news.

I can't see any reason why your Trust Deed term should be extended simply because you can now pay more. As long as you have paid whatever has been affordable throughout then the term should end as expected.
questionmark Posted - 04 February 2021 : 16:24:27
It is a miracle but I got a new, full time job. I have already informed my Trustee and asked for a new calculation to setup final 3 payments. or not ...?!
As if my first calculation I can afford to pay a bit more than before. I was unemployed in last month but I paid my monthly contribution.
Will my PTD period be extended because of a new job or after paying the last 3 new installments, I can fulfill this as it is.
Thank you for your response in advance.
questionmark Posted - 07 January 2021 : 23:26:26
Hi Swandog,
Thank you #128578; that form keeps me strength to finish TD.

Hi Kevin,
Yes, my Trustee is aware that I become unemployed. I sent every letters in last October and my reduced payment was setup upon that. First my contract changed, then ended as well.
Kevin Mapstone Posted - 07 January 2021 : 14:54:01
Did you let your trustee know about your change in cicumstances, questionmark?
Swandog Posted - 07 January 2021 : 11:33:09
Don't be too disappointed about not being able to complete the original amount. The thing to focus on is that you will have successfully completed your Trust Deed and will be debt free. That's the positive.

You should also have a think about rebuilding your credit file once you have received your Form 5 certificate of discharge. Lots of good advice on the forum about how to do this.
questionmark Posted - 06 January 2021 : 17:42:09
Amy, Kevin and Swandog,
Thank you for your quick responses.
I am going to continue the current payment as I have left 4 months only.
My best interest is to find a new job - although I am aware that it will be very hard in current pandemic. Redundancy money cannot be taken by TD as there were no extra bonuses added at all.
I am disappointed that couldn't pay the original agreed amount to finish this programme as planned.
Swandog Posted - 05 January 2021 : 11:16:34
Hi questionmark,

Sorry to hear about your redundancy. I hope you find a new job soon.

Best thing to do is speak with your Trustee. fall them an email and they will confirm the position.

Am I right in thinking you only have 4 months left to complete your Trust Deed term?
Kevin Mapstone Posted - 04 January 2021 : 19:26:15
It may well be that your trustee will just require you to keep making the same payment but from your redundancy monies instead, or they may look for a lump sum amount from you and then not expect any further payment unless you find other work. It is difficult to give you a clear expectation as to what they will say though, I'm afraid, as it will depend on the exact figures and on your trustee's own interpretation of the situation.

Best just to be up front and see what they say - it'd be interesting to know, so please do come back and keep us updated if you don't mind.
TDA (Debt Adviser) Posted - 04 January 2021 : 14:44:18
Hi questionmark.

If you're only receiving benefit income then your trustee possibly shouldn't expect you to make a payment at all.

As always in this type of situation it would be best to contact your trustee directly and seek their guidance.
questionmark Posted - 04 January 2021 : 13:27:25
I am sorry for the confusion.
My question is: Can I please keep the reduced payment during my unemployment. (Redundancy money can cover my expenditure for the coming 4 months including PTD).
Thank you.
TDA (Debt Adviser) Posted - 04 January 2021 : 13:06:35
Hi questionmark.

I'm glad to hear that your trustee was able to help you when your income reduced.

I'm afraid I'm not quite sure what your question is here. Are you asking about possibly making a final lump sum payment into your trust deed from the redundancy payment?

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