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Topic starter
14/11/2013 10:03 am
Hi, I am being made redundant at the beginning of next year and my IP has told me to contact him when this is official.
This is a substantial amount of money and was wondering if anyone can help of the following points:
My payment will consist of 3 elements - Statutory Redundancy, Ex-Gratia payment and lieu of notice and combined there may be enough to settle the TD. Can the statutory redundancy amount be taken into account for settlement or is this something I will get to keep?
There are two joint debts within the TD and I am wondering how these are treated. Do I have to settle the full joint debts from my redudancy payment? If so then I dont think my redudancy will cover this.
Thanks
14/11/2013 11:13 am
Hi nelson123
Firstly, sorry to hear about the redundancy. Not the best news to receive for the new year.
There have been a few posts on redundancy previously. Generally the trustee can claim an interest in the non statutory part ( ex gratia payment).
Re the joint debt, you are both jointly liable for the full amount ( not half) so the full balance would require to be paid.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
14/11/2013 12:06 pm
Thanks Mark
What about the lieu of notice - will the trustee have an interest in this too?
14/11/2013 12:13 pm
Hi nelson
Generally no, however the trustee is likely to look at this as income in the normal way.
Hopefully the trustee will strike a balance, taking account of the current and future position.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
15/11/2013 12:49 pm
Hi
Just to let you know, my Trustee took all pay in lieu of notice when I was made redundant in August. Hope it's different for you. As I am still unemployed that 10 weeks pay would sure be useful now!
Domino
