Hi cherie and welcome to the Scottish Trust Deed forum.

I'm afraid that I'm unfamiliar with any such legislation. Perhaps Kevin or Mark may be able to shed some light on this...

Okay thanks, I didn't really think this would be the case but just thought I would check before I contact my IP. If I have no salary coming in, where do I stand, will I be able to take payment holiday and extend the trust deed?
C

Hi cherie

I'm afraid your friend is getting trust deeds mixed up with sequestrations. The time period for discharge from sequestration was changed to 1 year, so if your trust deed was converted to a sequestration as a result of you being made redundant then you would be discharged after a year. However, by this I mean another year - the year in the trust deed does not count towards the sequestration unfortunately.
Also, if you did find work again after being sequestrated you may have to pay a contribution and this would continue until 3 years after the date of sequestration.

Basically, if you think there is a good chance of finding work again fairly soon then you'd probably be best speaking to your trustee about suspending your payments in the meantime.

Thanks, I did think this was the case but just thought it was worth checking.
C