Hi ac1,

Will you be in line for any redundancy payment?

How do you rate your prospects of getting back into work within a reasonable timeframe?

hi there,

no redundancy payment i'm afraid, it was only a temp contract. last time i was out of work was about 6 months i guess

Hi ac1,

My understanding is that your new overdraft would be included in any sequestration that might take place in the future. One of the Trust Deed experts will correct me if I have got this wrong...

Hi ac1
TDA is correct, if your Trustee petitionÔÇÖs for your bankruptcy then the overdraft will be included in the sequestration. As long as you donÔÇÖt have any debt with the bank that you hold your other account with, I would think that you will be allowed to retain this account.
Julie

thanks so much for your replies,

this has put my mind at ease, as i had no idea how i would manage if i had to pay off the overdraft as well.

Hi

Just wondering. Going back to my original comment. After a long thought I have decided to accept the offer of working abroad. I leave my current position in April, but won't get my first pay from my new employer until about 6 - 8 weeks after.
Whats the best way of going about this. Should I inform the company I have the PTD with about my status now. Would they put a hold on payments until I get paid (so they know how much I will be earning and then be able to negotiate a reduced payment? Or would they just say you can't afford the original payment so we will proceed with bankruptcy etc)?
Can they prevent you from travelling to work abroad because I won't be able to afford the original payments on the PTD?

I hear from different sources that the company I have my PTD with aren't that great and I keep thinking to myself that they may be very awkward and against me travelling to work abroad.

FYI - My current role I work in I earn around ?ú1300 per month after tax. My new role (although I haven't signed a contract or had anything official written down is ?ú900 per month.
I pay ?ú450 per month into my PTD.

Any help or advice on how I should proceed with this would be greatly appreciated!
I am just worried I will try and prevent me from travelling to work abroad.

Thanks!

That last sentance should have been:

I am just worried they will try and prevent me from travelling to work abroad.
🙂

Hi Dave

I see no way a Trustee could stop you going abroad. Even if the Trust Deed were to fail through non payment and sequestration was the option, this would not stop you travelling/working abroad.

Mark

Hi
Thanks Mark

I had visions of being stopped at the airport! (Sounds weird, but you do hear rumours etc).

Also if the worse case of Sequestration happened and they refused to lower contributions. How would this work with a job of working abroad. As with a Sequestration you are oblieged to contribute if working to what you can afford. If I contribute whilst working abroad for say 7 months then come back to the UK and be out of work for a month whilst seeking employment would I still need to contribute to a Sequestration if in between jobs so to speak.

You all have been a great help so far and any further help will be appreciated as always!

Hi Dave

That sounds like something straight out of the movies.

The sequestration contribution would be based on income less expenditure and would need to represent a portion anf any surplus. The contribution is only applicable whicle you are in emploment and can afford it. If your employment ceased, then so would the payment.

Mark