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 Payment of Trust Deed if made redundant
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Natalie1
Just Joined

2 Posts

Posted - 19 August 2014 :  12:05:55  Show Profile  Reply with Quote
Hi there,

I've been in my trust deed for 1 year with a nother 2 to go. However, as of Ocotber I will be made redundant. Obviosuly, I will be given a redundancy package, but it's not going to be much.

Am I still required to pay the montly contribution if I don't have another job?

Am I expected to use my redundancy money towards my turst deed?

Any advice or info you could give me would be appreciated.

Thanks,

Nat

Nat

Kevin Mapstone
Trust Deed Expert



3879 Posts

Posted - 19 August 2014 :  13:20:02  Show Profile  Reply with Quote
Hi Nat,

Sorry to hear about your upcoming redundancy - I hope you can find something else quickly.

You should let your trustee know so that they can review your payments. If there is a period when you are not earning then you should not have to make any payments in that time. They will be suspended until you find another job and then recalculated based on your new earnings.

Any redundancy money that you are entitled to under the law should be yours to keep. However, if you receive extra money over and above this as a result of your contractual entitlements then you may be required to hand this part over I'm afraid.

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Natalie1
Just Joined

2 Posts

Posted - 19 August 2014 :  14:03:39  Show Profile  Reply with Quote
Hi Kevin,

Thank you for your reply, I appreciate you taking the time out.

Just to confirm my understanding - I will receive 1 weeks pay for every year I've worked and then my work offer a further 2 weeks for every year I've worked as per of the redundancy package.

So this means I would have to give my trust deed anything over the Statutory redundancy pay? How do they expect you to live, pay bills and rent if I don't have all of my redundancy untill i get a new job?
Can I opt for bankrupcy?

Thanks,

nat


Nat
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TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 19 August 2014 :  16:59:14  Show Profile  Reply with Quote
Hi Natalie1.

I'm afraid that's right, the statutory element is retained by you to help you get by while looking for new work. Anything extra is likely to have to be paid over to help repay what you owe.

Your trust deed payments may well be suspended until you're in work again.

You can't opt for bankruptcy unless your trustee first releases your from the trust deed. It's worth noting you'd have to pay over this additional redundancy pay in bankruptcy also though.

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Dframe1981
New Member

4 Posts

Posted - 30 September 2019 :  11:23:33  Show Profile  Reply with Quote
Hi,
Iím in a position where I am going to be made redundant in January. My family are happy to pay the trust deed payments until I find another job. Is this an acceptable arrangement under my trust deed ?.

David frame
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TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 30 September 2019 :  11:45:43  Show Profile  Reply with Quote
Welcome to the forum Dframe1981.

I'm sorry to hear about your forthcoming redundancy.

I'm pretty sure your trustee will be prepared to accept a payment from a third party (your family) to keep your trust deed up and running.

As always with this type of question, it would be best to contact your trustee directly to get confirmation from them.

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Edited by - TDA (Debt Adviser) on 30 September 2019 11:46:00
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Paul McDougall
Trust Deed Expert



87 Posts

Posted - 30 September 2019 :  11:46:39  Show Profile  Reply with Quote
Dframe

yes I am sure your trustee will be in agreement with your proposal.

Remember though, if you receive any other sums above statutory redundancy then these sums may form part of your trust deed estate.

p

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Dframe1981
New Member

4 Posts

Posted - 30 September 2019 :  12:25:23  Show Profile  Reply with Quote
Many thanks for your advise much appreciated

David frame
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TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 01 October 2019 :  09:08:47  Show Profile  Reply with Quote
Do you expect to receive a significant redundancy settlement in January Dframe1981?

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Dframe1981
New Member

4 Posts

Posted - 01 October 2019 :  11:09:07  Show Profile  Reply with Quote
Hi, one month salary unfortunately.

Regards

David frame
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TDA (Debt Adviser)
Trust Deed Expert



13486 Posts

Posted - 01 October 2019 :  14:28:36  Show Profile  Reply with Quote
Thanks David.

I was going back to the point that Paul made about any sums in excess of the statutory minimum redundancy pay.

It doesn't sound like this is going to be a big (or any) issue for you.

You get to keep the statutory (minimum by law) amount of a redundancy payment.

Best wishes with your job search.

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