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Cancer Sucks
Just Joined

1 Posts

Posted - 08 March 2020 :  02:47:36  Show Profile  Reply with Quote
Hi I singed up to a trust deeds less that a year ago, and I now have cancer in my breast. The outcome looks good and I should be back at work for the end of the year. I goingís onto half pay in July. I'm will still to be able to maintain my payment to trust deeds. However I have critical illness cover as will this be required to be paid into trust deeds, because if i do I will not be able to cover my bills and any other additional costs from being off sick and treatments.

TDA (Debt Adviser)
Trust Deed Expert



13311 Posts

Posted - 08 March 2020 :  10:22:54  Show Profile  Reply with Quote
Welcome to the forum Cancer Sucks. Iím very glad to hear that you expect a good recovery and to return to work later this year.

Regarding your critical illness policy, youíll want to get direct guidance from your trustee about how everything can be made to work for the rest of this year. Hopefully a solution can be found thatís fair to you and your creditors. This is the type of scenario where a trustee can use some discretion, so I donít think thereís a black and white answer we can give you about how everything will work out from here.

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David Tannock
Trust Deed Expert



2382 Posts

Posted - 08 March 2020 :  13:22:31  Show Profile  Reply with Quote
Hi Cancer Sucks and welcome to the forum.

Iím delighted to hear that the outcome looks good for the cancer treatment and your future health.

The best thing to do is to reach out to your Trustee to let them know what is happening. As TDA has advised there needs to be a balance between you and the creditors.

Your critical illness policy, will this pay you a lump sum payment or monthly payments? In a Trust Deed if there is any big lump sum payment then itís a possibility that a reasonable proportion of this could be ingathered into your Trust Deed.

How much debt did you enter into the Trust Deed with? Reason I ask is that if there were to be a big enough policy lump sum payout then this could be enough to clear your Trust Deed in full, bring it to a close and hopefully leave you with enough money to support yourself going forward.

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Paul McDougall
Trust Deed Expert



55 Posts

Posted - 09 March 2020 :  13:57:39  Show Profile  Reply with Quote
Afternoon

Just to reiterate what David has said - it is always good to reach out and speak with your trustee or their staff.

In cases like this, we have act sympathetically and any decision has to be agreed by creditors.

Please let us know the outcome.


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Edited by - Paul McDougall on 10 March 2020 08:16:13
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