Hi Stephanie.

Statutory redundancy pay would usually be yours to keep.

That should give you a little breathing space to try to find new work.

Best to speak with your trustee as and when you know more.

Thank you for your reply, I'm just sick with worry. Has it ever been heard of before that say £3k was left in payments that I paid £2k and the trust deed could be finished, or is that very unlikely. Will the trustee hold out until they are paid in full as per the original agreement, even if that means extending the term? Sorry, I just have no experience or knowledge of what can and what does happen in these situations.

Hi Stephanie.

Wouldn't you need to hold onto that lump sum to make sure you and your family are OK until you get new work?

Hi TDA Of course I would prefer to but I'd hate for my trust deed to go on indefinitely, say it took me 6 - 8 months to find work, what if I don't get the same wage, what happens then to my contribution?

It might be possible to make such an arrangement with your trustee, Stephanie, but it will be at their discretion and they may wish to consult your creditors' opinion too before agreeing to accept a lump sum to finish the Trust Deed

All you can do is ask the question, though I guess the recent change of Trustee may cause a bit of a delay in getting a response while they get up to speed with the new cases they have taken on.

Thanks Kevin, that's my worry too, I'm just a number to the new company 🙁

I don't know what's going to happen but I guess it's going to happen whether I worry myself sick or not, I just feel numb with it all now to be honest.

Hi, I wonder if you could advise what would be likely to happen if I got my statutory redundancy then a couple of weeks later was able to find employment. Would I still be able to keep my statutory redundancy or would I have to pay it to my trustee?

Hi Stephanie.

As far as I understand it the statutory element of a redundancy payment would usually be yours to keep.

In these circumstances there might be a chance to use that money to bring the trust deed to an earlier end if your trustee was agreeable.

Hi Stephanie,

Sorry to hear that you may be made redundant. I was in the same position a year in to my trust deed. My trustee suspended payments while I was unemployed. 4 1/2 months later, I got a new job but the salary was almost £5K a year less than my previous job. Payments remained suspended and my trust deed ran it's course. I was still in the trust deed, in case I had a wind fall which I could pay over, not that I did. At the end of the 3 years, I was discharged from my trust deed.

Try not to worry too much about it. I went it to a panic, but my trustee was very understanding.

Saabrina that's good that your TD was completed.

Experts - is that the norm for these circumstances ?

Hi Diamond Chap.

We hear about two schools of trustee thought on this subject in the real stories we read in the forum.

The first says that, if a negative change was totally out of your control, you'll still be discharged at the end of the agreed term.

The second says that contributions made will need to total that which the creditors first agreed to, so extensions might apply for example.

Like many other subjects, trustee discretion comes into this a lot.

Thank you Saabrina, I'll hopefully find out tomorrow what exactly is going to happen with my job. I'm demented, just wish the trust deed was finished, it's just an added complication at the moment. Guess it could be worse, at least I'm half way there x