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Billyboy1
Frequent Contributor

48 Posts

Posted - 15 July 2020 :  20:33:51  Show Profile  Reply with Quote
Hi all ive been in a trust deed now for 15 months but recently my trust deed has been moved to a different company so hopefully it still goes as smoothly as it has,my current work place is looking to pay off 45 workers probly covid -19 has contributed to this.how would this effect my trust deed as far as getting paid off,as it stands i still owe 33 months at 200 per month = 6600 and 2545 as an asset on my car, if i got enough to cover this with my redundancy would i be able to pay it off that way, or has anyone got any advice what happens in a situation like this,ie if i got 11000 or 12000 pay off does the full lot go to my trust deed or just what i owe it ,thanks for any replys in advance.

TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 15 July 2020 :  21:17:37  Show Profile  Reply with Quote
Hi Billyboy1.

The amount you owe isn't actually 33 months at 200 per month. That's really just an estimate for your creditors about what's expected to be paid in.

The amount you owe remains the full amount of debt you had at the start of your trust deed. That remains the case until you get discharged.

If you're made redundant, or volunteer for it, it's likely that a significant sum from your payment might have to be paid into the trust deed.

You'd usually keep the statutory part of the payment (the amount the company must pay you by law) to tide you over until you find a new job.

Anything extra offered by your company, or which your contract entitles you to, will usually have to be paid into your trust deed.

You can only bring the trust deed to an early end if the total paid into your trust deed (including the payments you've already made) covers all of the following:

1 - Your debts at the start of the trust deed.
2 - Interest on those debts.
3 - Your trustee's fees and costs.

This is likely to add up to several thousand pounds more than you owed at the point your trust deed began.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Billyboy1
Frequent Contributor

48 Posts

Posted - 15 July 2020 :  21:29:54  Show Profile  Reply with Quote
Hi tda thank you for a very quick responce much appreciated that does make total sense what you said,thank you.
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 15 July 2020 :  21:33:58  Show Profile  Reply with Quote
I'm glad it's helped Billyboy1.

Is this a scenario where they're asking for volunteers?

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Billyboy1
Frequent Contributor

48 Posts

Posted - 15 July 2020 :  22:17:19  Show Profile  Reply with Quote
Hi tda yes they said there looking for volunteers 1st but that remains to be seen yet, ive been there 16years now so hopfully i will be ok,but when the changes happen we are coming off a continental shift pattern to go monday to friday 3 shift pattern and will be losing about 100 per week before its taxed etc will just have to contact the trustee when this happens,thanks.
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TDA (Debt Adviser)
Trust Deed Expert



13429 Posts

Posted - 16 July 2020 :  09:14:37  Show Profile  Reply with Quote
Good luck with all of this Billyboy1.

Sadly I think we're going to hear a lot more about the effects of redundancy in this forum over the coming months.

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Kevin Mapstone
Trust Deed Expert



3868 Posts

Posted - 20 July 2020 :  10:49:36  Show Profile  Reply with Quote
Fingers crossed this all works out fine for you, Billyboy1. If your income falls as expected then do contact your trustee and this should be reflected in the level of contribution you are expected to pay.

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