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Scottish Trust Deed Forum
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Topic starter
04/04/2010 3:04 pm
Hello Everyone: This is a great source of information and I'm so glad I stumbled across it.
My question is this...
Having been off sick due to disability for over a year my employers are considering pensioning me off. This may involve a small lump sum and an even smaller monthly payment as I have only paid into the firms occupational scheme for 7 years. This may offset any benefits I am currently getting; though I have no idea as yet. But I did wonder as to whether the trustee would want to put the amounts towards the trust deed if I went ahead and started one up in the very near future?
Many thanks for your advice.
04/04/2010 11:47 pm
Hi Ron and welcome,
How much do you feel you can pay each month towards the debts after paying for all of your essential expenditure?
I ask because it sounds like money might be pretty tight at the moment if you have been off sick for a while. If so there may be better options than a Trust Deed for you.
Are you a property owner?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
05/04/2010 1:12 am
Hi. I have around ?ú250 to pay towards it every month after essential payments. No equity in the house. I have established that. I just wondered how the occ' pension stood? Am quite prepared to pay it in too if necessary but I suppose I could also decline to take it now if offered anyway. I have signed nothing yet and this development came over the horizon unexpectedly.
05/04/2010 6:01 pm
Hi Ron
Pensions are generally excluded, however a Trust Deed takes account of all income less all expenditure and will base the contribution on the surplus.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
05/04/2010 7:05 pm
Hi there,
and thank you both for your replies.
So I understand you right Mark, would it be correct to say that the small lump sum would be excluded but monthly payments by nature of them being income would add in to the trust deed, increasing my contribution?
Which is fine. I just wanted to know where I stood.
05/04/2010 9:05 pm
Hi Ron
I suppose it depends on the size of the lump sum, but this could easily be excluded and explained in the proposal to creditors.
It may be, taking all matters into account, that other options may best suit your circumstances.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
