Trust Deed Forum - Reduced payment
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Reduced payment
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

questionmark
Frequent Contributor

29 Posts

Posted - 04 January 2021 :  12:36:39  Show Profile  Reply with Quote
Hi,
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.

TDA (Debt Adviser)
Trust Deed Expert



13606 Posts

Posted - 04 January 2021 :  13:06:35  Show Profile  Reply with Quote
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?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

questionmark
Frequent Contributor

29 Posts

Posted - 04 January 2021 :  13:27:25  Show Profile  Reply with Quote
Hi,
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.
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13606 Posts

Posted - 04 January 2021 :  14:44:18  Show Profile  Reply with Quote
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.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3926 Posts

Posted - 04 January 2021 :  19:26:15  Show Profile  Reply with Quote
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.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
Go to Top of Page

Swandog
Advanced Contributor

211 Posts

Posted - 05 January 2021 :  11:16:34  Show Profile  Reply with Quote
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?
Go to Top of Page

questionmark
Frequent Contributor

29 Posts

Posted - 06 January 2021 :  17:42:09  Show Profile  Reply with Quote
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.
Go to Top of Page

Swandog
Advanced Contributor

211 Posts

Posted - 07 January 2021 :  11:33:09  Show Profile  Reply with Quote
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.
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3926 Posts

Posted - 07 January 2021 :  14:54:01  Show Profile  Reply with Quote
Did you let your trustee know about your change in cicumstances, questionmark?

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
Go to Top of Page

questionmark
Frequent Contributor

29 Posts

Posted - 07 January 2021 :  23:26:26  Show Profile  Reply with Quote
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.
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Bright Oak Limited. Company Number: 06774006. Data Protection Registration: Z1657982.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.