Hello gmac.

I'm sorry to hear of this redundancy risk.

What would usually happen is:

1 - Any statutory redundancy pay would be retained by your husband to help cover costs while he looks for a new job.

2 - Any additional redundancy pay would typically need to be paid into the trust deed.

If the redundancy payment was high enough to clear the full debts plus interest plus the trust deed fees then early discharge might be a possibility.

Usually however the arrangement would continue based upon the initial agreement and any future changes to circumstances.

Hi gmac

It must be a worrying time for you both.

It will depend upon your Trustee's view, but I think it is quite likely that they would merely suspend payments temporarily until your husband can find work again, I'm afraid.

Is your husband likely to get a significant redundancy payout over and above his statutory entitlement?

quote:

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Originally posted by Trust Deed Assistant
[br]Hello gmac.

I'm sorry to hear of this redundancy risk.

What would usually happen is:

1 - Any statutory redundancy pay would be retained by your husband to help cover costs while he looks for a new job.

2 - Any additional redundancy pay would typically need to be paid into the trust deed.

If the redundancy payment was high enough to clear the full debts plus interest plus the trust deed fees then early discharge might be a possibility.

Usually however the arrangement would continue based upon the initial agreement and any future changes to circumstances.

---

thanks for the information. I don't know what the amount it would be but doubt it will cover all that you mentioned.

quote:

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Originally posted by Kevin Mapstone
[br]Hi gmac

It must be a worrying time for you both.

It will depend upon your Trustee's view, but I think it is quite likely that they would merely suspend payments temporarily until your husband can find work again, I'm afraid.

Is your husband likely to get a significant redundancy payout over and above his statutory entitlement?

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We don't know for sure what he will get above his statutory entitlement if any. At least we can ask our Trust Deed handlers to suspend payments until he can find another job.
Is it best to wait until we know for sure about his job before we tell our Trust Deed handlers?

Hi gmac.

There's probably only so much information and help they can offer to you until the facts and figures are known for sure.

Hi gmac,

I would give your Trustee a call and let them know about the possibility of redundancy and ask what would happen in this scenario . At least that way if it does happen you are as prepared as you can be for this happening.