Hi ALCO2622.

I think that sounds fair enough and in line with what would be expected.

The statutory element is there for you, as it was designed to be, to tide you over while you look for new work.

The additional unexpected lump sum will help to repay your creditors which conforms with the principle that a trust deed will only write-off what you cannot afford to repay.

It is a shame that you've had to push to make this happen though.

Why dont you check the wording of your trust deed document., you must have got a copy.check the pparagraph on assets acquired after you sign the deed mine says one year.its worth checking

Interesting development today,my redundancy money has been paid into my Think bank account,but its held in my salary account so i cant get access to it,called them and they say its held so my IP can ensure that they get there lump sum,as i have no final wage slip yet my IP cant give me this figure so money is held in limbo until i provide wage slip,nice little scheme as i believe my IP and Think bank are part of the same group,the nightmare goes on.

Hi ALCO2622.

It's not the first time this link between a trust deed provider and a connected bank account like Think Banking seems to have caused concern or issues for visitors. While the linkage may initially seem convenient, there seems to be an associated loss of control on behalf of the account holder. In some circumstances some people might perceive that there is a conflict of interest involved.

See:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=263&SearchTerms=think+banking

Or:

http://www.trust-deed.co.uk/forum/topic.asp?TOPIC_ID=369&SearchTerms=think+banking

I believe that your bank should act for you and that you should be forceful about making that point to them. Your trust deed provider has already indicated that they will not require the full sum to be paid over and these linked organisations should be able to quickly free up access to at least some of this money for you.

To other readers; think carefully before you take a bank account from a provider that is linked to your trust deed firm. As well as the loss of control you'll be paying a monthly fee that could be avoided by going elsewhere.

Hi all

changed days in the Trust Deed world. Firms used to set up Trust Deeds and then administer them and close them after 3 years. Nice and simple. Now we have IP's 'linked' to DMP firms, IP's selling house and life cover, ASU cover, mortgages and so on.

I await the day when the Trust Deed is sponsered by Powergen!!

Mark

Indeed Mark,sell sponsorship to the highest bidder,joking aside this is becoming my personal nightmare,putting a lot of strain on me and my family now,surely this should not be allowed to happen,my IP and Think bank now have me over a barrell,they are in my opinion "rubbing there hands" all because i have been unfortunate enough to have been made redundant.

I doubt they're rubbing their hands ALCO2622. As discussed previously, your Trustee has a legal and regulatory responsibility to see that some of this money is paid into the trust deed, responsibilities that you appointed them to handle.

However, I certainly don't think you should have had to push to get a reasonable outcome related to the redundancy payment and I really don't think this banking/trust deed connection should result in you being deprived of access the the portion of the funds that you've already been told will be yours.

Please be very direct with them that this should be resolved quickly.

TDA,i have been very direct and this is getting me knowhere,i have spoke to IP twice today and they still have no answers for me,yes i appointed them to handle this,despite assurances that they were there to help me thru this difficult time they are not handling it very well,as i said they were rubbing there hands,thats only my opinion but from what ive been thru already do you blame me for forming that opinion.

Not in the slightest ALCO2622... I cannot see any reason why they shouldn't be able to give you answers and I fully understand why you would be frustrated and/or angry about it.

From a forum administration point of view we try to broaden the picture when firms that are named (or have become identifiable) are criticised. This is because for data protection reasons some of these firms tell us they are uncomfortable about exercising a right to reply (which they have) here in the forum.

That doesn't mean that I think what's happening to you is fair and I hope my other posts on this thread have demonstrated what I think about the situation. I do hope it's resolved soon as it should be.

Some movement at last (8 phone calls i have made today) money is now avaliable to me but IP now have my wage slip and still cannot give me a definate figure that i have to put in,this is a longer running saga than Corrie lol,will update as soon as i know more,TDA thanks for your help thru this and to the experts too,not quite there yet but i can see the light now,perhaps this will be a help for others in the future,stick to ur guns,and dont let the IP push you around.