Hi questionmark.

I'm glad to hear that your trustee was able to help you when your income reduced.

I'm afraid I'm not quite sure what your question is here. Are you asking about possibly making a final lump sum payment into your trust deed from the redundancy payment?

Hi,
I am sorry for the confusion.
My question is: Can I please keep the reduced payment during my unemployment. (Redundancy money can cover my expenditure for the coming 4 months including PTD).
Thank you.

Hi questionmark.

If you're only receiving benefit income then your trustee possibly shouldn't expect you to make a payment at all.

As always in this type of situation it would be best to contact your trustee directly and seek their guidance.

It may well be that your trustee will just require you to keep making the same payment but from your redundancy monies instead, or they may look for a lump sum amount from you and then not expect any further payment unless you find other work. It is difficult to give you a clear expectation as to what they will say though, I'm afraid, as it will depend on the exact figures and on your trustee's own interpretation of the situation.

Best just to be up front and see what they say - it'd be interesting to know, so please do come back and keep us updated if you don't mind.

Hi questionmark,

Sorry to hear about your redundancy. I hope you find a new job soon.

Best thing to do is speak with your Trustee. fall them an email and they will confirm the position.

Am I right in thinking you only have 4 months left to complete your Trust Deed term?

Amy, Kevin and Swandog,
Thank you for your quick responses.
I am going to continue the current payment as I have left 4 months only.
My best interest is to find a new job - although I am aware that it will be very hard in current pandemic. Redundancy money cannot be taken by TD as there were no extra bonuses added at all.
I am disappointed that couldn't pay the original agreed amount to finish this programme as planned.

Don't be too disappointed about not being able to complete the original amount. The thing to focus on is that you will have successfully completed your Trust Deed and will be debt free. That's the positive.

You should also have a think about rebuilding your credit file once you have received your Form 5 certificate of discharge. Lots of good advice on the forum about how to do this.

Did you let your trustee know about your change in cicumstances, questionmark?

Hi Swandog,
Thank you #128578; that form keeps me strength to finish TD.

Hi Kevin,
Yes, my Trustee is aware that I become unemployed. I sent every letters in last October and my reduced payment was setup upon that. First my contract changed, then ended as well.

Hi,
It is a miracle but I got a new, full time job. I have already informed my Trustee and asked for a new calculation to setup final 3 payments. or not ...?!
As if my first calculation I can afford to pay a bit more than before. I was unemployed in last month but I paid my monthly contribution.
Will my PTD period be extended because of a new job or after paying the last 3 new installments, I can fulfill this as it is.
Thank you for your response in advance.

Congratulations on the new job, questionmark, that's great news.

I can't see any reason why your Trust Deed term should be extended simply because you can now pay more. As long as you have paid whatever has been affordable throughout then the term should end as expected.

Thank you Kevin. I am waiting for my Trustee's response.

Hi. Just a bit of update: my monthly contribution remained the same (after sending every documents to my Trustee - form, bank account statements, etc). My last payment is due in the next month but my issue about redundancy money has been pending for 5 weeks.
How will my Trustee calculate the payable amount of my redundancy money please? They told me not to spend it but after 3 months I have already spent more than half of it but still have some left. Thank you.

Hi questionmark,

If you only received statutory redundancy pay they may not require a payment from you.

As Kevin mentioned earlier in the thread your trustee will make their own assessment on this based upon the specific details of your trust deed, so you'll need to wait to hear from them before you know exactly where you stand.

However, if you've only used the redudancy payment that you received to cover essential bills and expenditure then I don't think that you have much to worry about.