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Scottish Trust Deed Forum
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Topic starter
22/11/2011 11:28 pm
Hi
I have read a few posts re redundancy which unfortunately is affecting more and more people right now.
I've been working for same company for 18 years but redundancy is a possibility.
I am just about to be two years into TD.
I am really worried about length of time to find another job obviously due to current climate but also as I am Bipolar with long periods of sickness absence and think finding another job quickly may be tricky.
Hopefully won't happen and all good but just wanted to see if any circumstances make any difference to the rule re statutory.
Thanks[?]
23/11/2011 9:16 am
Hello VB1 and welcome to the trust deed forum.
I think this will be a situation that you'll need to discuss with your trust deed firm if the situation arises.
The usual outcome is that the statutory element of a redundancy payment will be yours with the rest paid into the trust deed. However, there is nothing to stop you making a case to your Trustee that some degree of flexibility should be shown given the circumstances. They may feel that they are in a position to exercise some discretion, though they also have important duties to your creditors which they must consider as well.
I hope that you don't find yourself in a position that you need to start this conversation.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
23/11/2011 10:06 am
Hi VB1
As TDA states, you can keep the statutory part, but any money you receive over and above this should go into your Trust Deed. You say you have been off work a lot, had this caused a reduction in your payments over the lst 2 years? If so, your Trustee may not negotiate to allow you to keep any extra, as the Trustee may need this money to bring payments up-to-date.
Shona is not currently posting in the Trust-Deed.co.uk forum.
