Hi, hoping someone can help. I am at risk of redundancy, I receive statutory redundancy and also to cancel my contract a week wages for every years service(9) what would I need to pay to my protect trust deed as I work in retail and there may not be a lot of jobs out there, also my daughter has just went throu an op meaning she is now disabled , would I be able to meet my monthly payments and live off the redundancy in whole or part?
Should say I earn about ยฃ450 before tax.
Welcome to the forum cbkerr.
The outcome is likely to be that you can keep any statutory redundancy pay to help out while you look for a new job.
Any extra will likely have to be paid into your protected trust deed.
I suggest you contact your trustee to confirm the position.
We also get a loyalty bonus of double time for the last two weeks , I presume that would got to trust deed also, what if I don't get a job after the statutory redundancy is used up?? Is thre no way they would let me stay off work with my daughter? She now requires 24hour care. What if I get a new job straight away , does any excess need to be paid to trust deed then???
Your trustee may ask for this bonus to be paid over, but given the circumstances they may be willing to allow you to retain this if you can justify it is required. If you found another job straightaway then that doesn't change your obligation to pay over the non-statutory element of your redundancy package.
Nobody can force you to go out to work - if you feel your daughter needs you at home with her then there is nothing to stop you doing this. What this would mean for your trust deed is another matter. It may be that your trustee would be willing to close your trust deed and still discharge you from your debts given the circumstances, but there is no guarantee of this. You would just have to hope that they are understanding.