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Scottish Trust Deed Forum
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Topic starter
20/03/2009 10:27 am
Hi there,
My husband is being made redundant and is receiving a large lump sum. I am wondering if it would be possible to use this to end his trust deed early? He entered into it 10 months ago, and the lump sum is larger than the amount he is due to repay over the remainder of the trust deed.
Thanks in advance!
21/03/2009 11:10 am
Hi Janey
This is a slightly tricky one. There is no reason why a TD cannot be completed early. I'm sure creditors would prefer to get payment sooner rather than later.
However, the subject of redundancy payment can be tricky and it depends on how the payment is made up. Very generally the trustee will require to look at which parts are statutory payments and which parts are added payments by the company. The concern is that the Trustee may lay claim to the added payments.
Hope this helps (a bit)
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
