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Redundancy and new role with TD

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(@pc1392)
Active Member
Joined: 1 year ago
Posts: 3
Topic starter  

Hi all

My subject has 2 questions to it. I am about to find out if my role is being made redundant in my current work place. If I am let go, what is the process for my current payments? Is there any offer of payment holiday while I am out of work? I am looking however due to cost of living crisis and most companies making redundancies this isn't an easy process.

My second question is during my job search i have applied for a job in customer service within the bank, however the agency will not move my application forward unless I divulge the totalling amount of my trust deed and number of defaults. As my trust deed is so new (nov 22) i only had 1 default prior but i now have 4 as companies haven't quite registered everything yet. I'm happy to discuss with an employer however feel uncomfortable giving over such in depth information while i haven't been through any process as yet.

 

As far as i was led to believe the category of roles that i couldn't work in was relatively small and didn't include "everyday" banking? Just looking for clarity on this.

 

Thanks 🙂


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

Welcome to the forum PC1392.  I'm sorry to hear about the uncertainty about your current employment - fingers crossed this works out for the best for you.

Your only obligation is to pay what you can reasonably afford, so if your income reduces due to redundancy then your monthly contribution should be reduced too.  This can be done as a formal request for a payment break for up to 6 months, though the missed payments would need to be added on to the end of the term instead in this scenario.

Would you be due a redundancy payout? if so, this complicates things a little.  You will probably be expected to continue your payments for the length of time that the redundancy pay represents.  Anything more than the basic statutory redundancy entitlement may be required to be paid in immediately anyway and if you do find other work then any statutory redundancy lump sum you have left may also need to be paid in to your Trust Deed.  

In terms of the information you provide to the employment agency, it is up to you how much you divulge but you shouldn't tell them anything that is not true.  If they aren't happy to progress your application forward without this info and you aren't happy to provide it then I am afraid you would just need to look elsewhere.

There is no hard and fast rule about whether your Trust Deed will cause you a problem with a prospective employer or not - different firms will have different policies.  We have certainly had a mixture of outcomes reported by forum members over the years.  I think for most jobs, even in financial services, it isn't a problem as long as you are up front about it, however there is no guarantee.

Best of luck - and please do let us know how things pan out as it may be very useful for other members that may find themselves in a similar position.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@pc1392)
Active Member
Joined: 1 year ago
Posts: 3
Topic starter  

Just to update on this, I wasn’t made redundant however I did choose to leave my employer as it was no longer the right environment for me.

 

in terms of new job I have managed to successfully start a job in car finance as an account exec. I was open about my trust deed as they run credit checks. they were not interested in the overall amount or even how long I had been in it for. I believe they were more interested in the reasoning, and if anything was flagged on my DBS check for fraud/money laundering etc.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

Thanks for the update and congratulations on your new job!  Very useful to know.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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