Hello larrie and welcome to the forum.

It's up to you whether you make the payment or not. If you do not want to make the payment you need to contact your bank to cancel the standing order or direct debit.

There are of course potential consequences to not making the payments so you will need to be in touch with your Trustee to discuss your change of circumstances.

How much do you pay into the Trust Deed each month?

How far through the Trust Deed are you?

What sort of redundancy payment does your husband expect to receive?

Are you homeowners, and if so, how much equity is there in your home?

Your trustee should take into account any change in circumstances and review the level of payments accordingly, larrie. I can't see how they would be able to justify leaving you with so little to live on. I think it may be worth calling your trustee's firm again, you may get a different answer if you are insistent enough.

Regarding redundancy money - your husband is entitled to keep his statutory redundancy entitlement, but any amount over and above that which he might get due to more favourable terms and conditions in his contract could be taken by the trustee.

Hope this makes sense. I hope everything works out for you.

hi and thanks for getting back to me .my bank wont relase the money as i am with wilson andrews and have a think banking account .i pay back ?ú487 a month and i struggle lke mad with this amount .there is nill equty in the property as i have a secured loan on it as well as my morgage.my morgage is due next week too but theye say there payment is more inportant which i thought was wronge.

also we are ment to finish in march but because of reduced payment they said it could run for another 2 year.we dont no how much redundcy he will get about 4grand ruffly.

Hi larrie,

I don't think that Think Banking have any right to tell you that you cannot cancel a payment (unless it has already gone out). Paying your mortgage and having money for food etc is clearly more important than your Trust Deed payment.

When will the Trust Deed payment go out?

well i was on the phone today again and they will not cancel it when i phoned think banking they phoned wilson andrews and wa told them they are taking the payment end off. my payment goes out tmrow so it looks lke av got ?ú30 to do me till 4th of feb and no morgage paid

Hi larrie,

The bank and the Trust Deed firm seem to have the same address. Readers of this forum will draw their own conclusions about why neither has helped you with this.

Can you get the money (or some of it) out of your account before tomorrow so that you can use it for your basic needs for the rest of the month? If it isn't in the account they cannot take it.

no bank are holding on to it and wont release it.

with think banking you have a a and b account and all the money is in the b account which i have no say over .

Hi larrie,

I'm so sorry that we haven't been able to help you find a way around this.

I really hope that you move your bank account to a bank that acts on your instruction so that you cannot be treated in this way again.

To me the whole thing stinks; I cannot understand how a bank that advertises itself as being there specifically to help people with debt worries can choose to prioritise a Trust Deed payment over the money needed to live and pay a mortgage.

My thoughts are with you... and please find a bank that is on your side. If you have no debts to Co-op or Smile you may want to look at the Co-op Cashminder account which we get consistently good feedback about and which exists to help customers.