Hi mom02.

Most often you'd keep the statutory element, the minimum the employer can legally pay you.

The remainder is likely to be used to help repay your debts.

Hi mom02

Redundancy pay and pay in lieu are regarded as income and do not vest in the trustee. However these are looked on as income and the trustee may look for a contribution as in all income. All other non statutory payments, ex gratis payments etc are not regarded as income and could be taken by the trustee.

Mark

Thanks, it doesn't appear that there are any fixed procedures as to what can be taken, I have heard some trustee's requesting half of amount others taking % of additional payment. What happens if I am really lucky (doubtful) but get payment of more than my original debt? Will they till take it or take some and end TD.

Hi.

To bring the trust deed to an early end the redundancy money (plus contributions made already) would need to add up to:

1: The total of debts at the start.
2: Interest added to the debts.
3: The fees/costs associated with the trust deed.

Money received in excess of the total of these would be yours to keep.

Thanks, it looks like it's the vacancy board for me. 2 1/2 years done 1 1/2 to go.

Hi mom02

Its probably still best to run the scenario past the trustee and get their thoughts.

Mark