Hi Stephanie.

You can choose to be self-employed while in a trust deed.

It's obviously worthwhile talking to your trustee pretty soon to judge what degree of flexibility they're prepared to offer while you establish yourself in business (if this is the route that you take).

Would you work as a sole trader or would you want to set up a limited company?

Thank you TDA. ..I would just be a sole trader. My trustee has recently changed... I just hope they are reasonable 🙁

I'd have thought they should be able to extend some flexibility to you given the circumstances, Stephanie. Your Trust Deed may well be extended to make good any period that your payments are suspended though.

Not sure about a business bank account. At worst you could set up a basic personal account instead though and just put all business transactions through it.

Hi Stephanie.

As Kevin has pointed out, as a sole trader it's much easier to get a business bank account because in reality you can use pretty much any account for the purpose.

As you'll no doubt already be well aware (from your line of work) a separate bank account will make keeping your personal and work affairs separate much easier.

Thank you, I've just had it confirmed that I am going to be one of the ones selected for redundancy, I'll mail my trustee when I get home and get his details, I'm nervous because I've never had any dealings with them. I'm not sure how quickly I'd be able to start up self employed or whether or not it's just a pipe dream at the minute but I'm willing to give anything a go, I can't afford to not work is the b all and end all. I just hope they go easy with me x

Hi Stephanie.

Sadly, redundancies during trust deeds aren't at all uncommon.

Any trust deed provider will have dealt with many such situations in the past.

I'm sure they'll be supportive if you're seen to be making good efforts to restore your income and therefore contributions in the future. It's not in anyone's best interests for them to approach it in any other way.

Can I ask some advice please? I e-mailed my Trustee originally on the 5th November then again on the 7th after they requested some more info and I enclosed my letter from my employer detailing my redundancy etc as requested. I haven't had a reply back from them. Is this the norm? I'm petrified about what's going to happen now, I don't know whether it takes time for a trustee to reply in instances like this - do you think I should contact them again or give them another week ?

I'm not sure there's any right or wrong answer to that Stephanie.

If it's worrying you why not give them a quick call to see if there's any update?

Hi Stephanie,

I wouldn't worry too much about it.

Things like this can sometimes take a little time to resolve.

If for example your relationship manager has requested information they may need to then run it past your Trustee for a decision. Some Trustees can be out the office on business, annual leave etc and some relationship managers can also be out of the office and it can therefore take a little time for them to get together to discuss and then provide you with a response.

Some firms will have a 7-14 day turn around on correspondence.

As TDA has said if you are worried then give them a quick call.

Thank you x