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Topic starter
16/03/2014 6:51 pm
Hi
Just looking for abit of advice.
I am discharged but still paying an IPA, I maybe getting made redundant next month with a large payout.
What happens to this payment, does the Trustee take it all?
What happens to my IPA?
I have contacted my trustee on numerous occasions and they've contacted me back confirming what happens.
Any guidance would be greatly appreciated.
17/03/2014 12:19 pm
Hi Chaz001
This is not quite as clear cut as you might think.
Certainly, if you are discharged then your trustee does not have any automatic claim over these funds. You only obligation is to pay whatever you can reasonably afford through your Income Payment Agreement. Any lump sums/windfalls you receive should be yours to keep.
However it is possible that your trustee might seek to argue that by receiving these funds then you are able to afford to pay more through your IPA. You are well within your rights to refuse to do so, in which case the trustee would then have to go to court to argue their case to a Sheriff.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
17/03/2014 3:46 pm
Hi Chaz001 and welcome to Trust-Deed.co.uk
I'm sorry that you had to wait a little while for an answer. As Kevin has indicated, the situation isn't as clear as you might expect it to be based upon the circumstances.
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