You should be able to keep the statutory element of any redundancy payment, it is only any contractual amounts on top that may be taken - that is the guidance issued by the Accountant in Bankruptcy to trustees and is based on case law.

I hope this works out ok for you, Mercy2604, and it doesn't come to a redundancy situation.

Hi Mercy2604

As Kevin says, the Trustee is only entitled to the statutory bits, however this is only an entitlement and any payment will still be at the discretion of the Trustee and looking at the mount involved, hopefully they will be sensible about it.

Hopefully it does not come down to redundancy.

Mark

Mark

Hi Mercy2604,

Sorry to hear about the possibility of redundancy. Hopefully they can find another role for you within the company.

I would suggest contacting your relationship manager to advise them that you may be made redundant and how much you think you might receive. Ask them what will happen with your contributions and if these will be suspended whilst you are unemployed if redundancy does happen. Make sure you receive confirmation of this in writing from them.

It also might be a good idea to consider looking at the current job vacancies in your area and perhaps refresh a CV just in case redundancy does happen. That way if it does your prepared and can hopefully find another job quite quickly.

Thank you so much for responding, very much appreciated. I will give the TD company a call tommorow.

My C.V is all done and ready to go. I've sent it off to agencys already as I am worried about being out of work, especially as I have 2 small children and a husband (who is working but doesn't earn enough to keep us afloat till I found a job.

It's the first time this has ever happened to me and the unknown is scary.

Thank you once again for all your advice.

Hi folks,

Well yesterday was the last day of the consultancy period and I am definitely being made redundant. Tomorrow is my last day of work as they are releasing me early. Thankfully I will receive payment in lieu of notice and will also get 5 weeks redundancy payment, so I will be able to pay trust deed for a few months.

I've been searching for jobs, had a few interview but I'm not getting anywhere! I'm going to keep applying obviously but I'm scared as to what will happen if I don't find anything? The trust deed co. said they would take token payments until I found a job/extend the trust deed but if I'm not working I won't even be able to afford a token payment as my husband won't have any spare money if he has to pay all the bills etc..
I'm starting to get very worried!

Hi Mercy

I wonder if it's beneficial ( slightly ) to start the reduced payments just now as opposed to making full payments as this will at least give you a greater time period to try and find other employment.

Mark

Hi Mark,

Thanks for replying. That would probably be a sensible option. I'll give the TD a call tomorrow and see what they say.

Hi Mercy2604

Let us know how you get on. Hopefully the trustee will see sense and agree.

Mark

Hello everyone,

Well I started a new temp job this week which ends at the end of Sept, still hunting for a perm job. I received my last salary from the previous company yesterday plus stat redundancy pay. As I have started a new job, will the trustee take my statutory redundancy pay (5 weeks wages)?

Thanks

Possibly not Mercy2604.

Run the figures by them so that they can advise you for sure though.