Hi ALCO2622 and welcome to the forum.

Our experts have usually answered similar questions by stating that in redundancy you would typically get to keep the "statutory" element of the payment to cover your needs until new work can be found.

Any extra would normally be paid to the trust deed as it's a windfall of sorts.

This seems a little different to the instruction/advice you have been given. It might be useful to get some comment from one of the experts here when they next get chance to visit the forum...

Hi both

I think we would need more info on exactly how the payments are made up ie is it calculated on statutory guidelines or on current pay and is there any enhanced pay.

One thing that intrigues me is the 2/3rds comment. Nice and simple way of calculating something, but totally wrong method. My advice would becto ask them for a complete breakdown ( in writing) as to what they are looking for and ask them to justify the amount based on the IP's notes for guidance in these matters. Could make interesting reading!

Mark

Hi iasked a similar question last week and the advice i got was to check the trust deed document you should have been given a copy by your trustee.it should state a time period for notifying your trustee ededof anyassets acquired aftering your trust de

Sorry that should read after you sign trust deed

Hi Mark,i believe my redundancy is made up based on statutory guidelines,i have no enhanced pay it is basiclly £8200 stat payment ant the £4600 is 3 months wages,this payment is due to go into my account on 30th june so i am trying to get my Trust Deed company to hold off taking any money so this can be sorted out,may i also add they have calculated this before i know what tax and NI will be taken off so they are baseing the amount to be paid on the total amount,i signed up to a trust deed for peace of mind and now find myself getting more stress from this than i did from my debt,any further help would be most helpful .

Hi ALCO2622,
I to have been made redundant, I was alowed to keep my statutory part of my redundancy and I had to pay 50% of my enhanced pay to my trust Deed.
I have now been discharged from my TD. as this all happend at the end of my 36 months. Hope this is of some help to you.

Thanks Reduced-pies,all help is welcome,i dont think i will be released as i still have a yr and a half to run on mine,my main concern is the amount they are asking and how they worked it out,none of my payment is enhanced just stat redundancy and 3 months pay in lieu of notice,as i said this is causing me a lot of stress now,thanks for your comments though.

Hi ALCO2622,

I think that you will be allowed to keep the statutory part as the TDA said as this is to keep you till you get another job, But I would ask your TD company about your 3 months pay thay may only ask for part of that. Sorry that you are so stressed hope it all works out for you soon.

You should get to keep any statutory element - stick to your guns, as there is guidance regarding this point to trustees on the accountant in bankruptcy's website

Seems to me that redundancy whilst in a trust deed is a "black hole" when it occurs,ive contacted my company and they still seem to say the same,ive quoted some things on this site and they just fobbed me off with the legal mumble jumble that only they understand,now at the end of my tether,why is this proving so difficult to sort,TDs meant to help not cause more grief.

Hi ALCO2622.

You're right, a trust deed is meant to solve a problem rather than cause new ones.

If you re-read Mark and Kevin's comments they're pretty emphatic. They've given you some ammunition to put forward your position to your trust deed company formally in writing.

I'm sorry that you find yourself in a position where this is necessary, but I think you should continue to stand your ground on this until you get some detailed answers and justification.

You could try emailing the accountant in bankruptcy and asking them the question. They have a pretty good helpline and if the reply they send is different to what you have been told then you have something in writing you could forward to your trustee. The AIB has a supervisory role in all protected trust deeds now so your trustee cannot really just ignore their opinion.

Have again spoken to my IP,waiting on a call back as she said she would have to speak to trustee to see how this decision was made,not looking forward to call as i fear the worst,totally disillusioned with the whole trust deed thing now,will update as soon as they fone back.

Just recieved call back,trustee is now goin to review my case as they assumed that i would want to contribute something from my stat redundancy into TD,the cheek of them, now they say it probably means that all my lieu of notice payment will have to be taken from me to make up the amount they require,the nightmare continues.