Hi,
I recently injured my back and waiting on an op to fix it, I have a trust deed but I have been off work for a few months and don't have any income to pay the trust deed as iv just went on benefits and just been awarded pip disability, I will be getting paid off from work at the next meeting in a few weeks, what will happen to the trust deed, What will happen to the money from work (holiday pay owed etc) where do I go from here ? any help will be very much appreciated
Welcome to the forum mark34.
I'm sorry to hear about your injury and the situation at work.
Regards a payment from your work, you should discuss this with your trustee. Much will depend upon the precise details of your case and precisely what the elements of any final payment from your employer are.
Regarding the future of your trust deed, can I please ask how long the trust deed is meant to run for (in total) and how long it has now been up and running?
thank you for your reply, the final payment from work is 4 weeks pay and this years holiday pay, the trust deed has been running since January this year and its for 4 years
Hi mark34.
As mentioned before, I think the best thing to do (if you haven't already) is to contact your trustee as soon as you can and run all of this past them.
If there's a prospect of returning to work not too far away, they may offer to put the trust deed on hold for a while.
They wouldn't normally ask for any contribution from your benefit income prior to your return to work.
In terms of the payment you'll receive, it's only really your trustee who can advise what should happen. This is a judgment call rather than there being a black and white answer that we can give to you.
As trust deed assistant says, it may be a case of suspending your payments to your Trust Deed for a while until you are back in work.
Alternatively, depending on your circumstances you may be better off switching to a bankruptcy instead - especially if you think it is unlikely that you will work again any time soon. You would need to discuss this with your Trustee though as they would need to agree to terminate the Trust Deed in order for this to be able to happen.
I don't think I will be returning any time soon, I will contact my trust deed to try and sort it out
Thank you for your help
If I was to go down the bankruptcy route what will that involve ? all the assets I have is a car worth ยฃ800 that I need to get to doctors and physiotherapy appointments etc, I rent a room from my friend so have no mortgage
Hi mark34.
With few assets, and given you appear to have a reasonable need for your modestly valued car, it appears you probably have little to worry about in terms of bankruptcy.
It only becomes accessible if your trust deed ends first.
This page explains a lot about how it works, but by all means let us know if you have further questions: