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T O P I C    R E V I E W
np785641d Posted - 09 May 2018 : 13:25:01
I have been paying my trust deed for 3 years and 2 months. 200 a month, My total debt was 55k and i am paying back 12, 10p in pound to creditors and 7k for the trustee. I am in danger of losing my job , I have massive depression and suicidle thoughts that are making it hard for me going to work and performing to my ability. my employers will either sack me if i stay but they have offered me a package of 48k. I dont expect to go back to work for a year or so to try get a solution to my health issues, Ive also had 2 tumers removed from my neck over the past 24 months. To do this i really need my redundancy to allow me this rest and to cover my bills as well as feed my 3 kids. I feel if i dont take the cash ill be sacked and not able to meet my trust deed payments. i was wondering if it would be an option to offer my creditors a further 10p in pound and also pay my remaining 10 payments up front to end the trust deed. this then allows me to take the year out in the knowledge my family will bew ok . help !! im just scared to tak to trustee incase they take all the money and as im unfit for work my family and me are on the scrap heap within a week
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TDA (Debt Adviser) Posted - 14 May 2018 : 09:24:28
Hi np785641d.

I'm afraid that it's probably quite unlikely that your trustee will have received responses from your creditors by Wednesday.

I'd suggest speaking to your trustee to get their estimated timescale on this. You could then ask your boss if they're prepared to grant you a little more time before making your decision.
np785641d Posted - 12 May 2018 : 09:16:10
Thanks Sarah, i have taken your advice and been totally transparent with my trustee. The redundancy only works for me if i can protect my family for a year, As i think i just need to rest and get myself fit for work. I have offered the creditors a 20% payout v current 10%. my issue is that im meeting my boss on wednesday to give him my decision but i dont know how long it takes the trustee to contact the creditors to see if they would accept. is this done by letter or phone,?
Sarah Houston Posted - 10 May 2018 : 10:32:14

It sounds like you are going through a difficult time at the moment.

I would urge you to speak with your trustee to avoid further stress. As TDA advises, redundancy forms part of your trust deed estate and the trustee is entitled to receive a % of the funds. Statutory redundancy element would be protected.

If it is voluntary redundancy then there is the opportunity to negotiate with the trustee on what % would be remitted to the estate.

TDA (Debt Adviser) Posted - 09 May 2018 : 14:29:38
Hi again.

It's not necessarily just about what your creditors will accept I'm afraid.

It's also about how your trustee weighs up their own duties and obligations in respect of the law, the precise facts of your case, your wellbeing, and the interests of your creditors.

The key here will be to open up a line of communication with your trustee. You could find out from them how they would approach the different scenarios that might arise. You'd then be much better informed about the potential pros and cons associated with any choices that you later make.
np785641d Posted - 09 May 2018 : 14:04:20
do you think the creditors would be happy to recieve 20p in pound over 10p in pound if i had a letter from my Doc explaining my medical position
TDA (Debt Adviser) Posted - 09 May 2018 : 13:50:39
Welcome to the forum np785641d.

I'm very sorry to hear that you're facing so much difficulty at the moment.

If you haven't already, I think by far the most important thing to do will be to seek out medical support in respect of your depression and the thoughts that you're having. Your GP would be a good starting point.

Your trustee has professional obligations in respect of recovering funds for your creditors, so I strongly recommend that you do not make any decision with your employer before going through all of this in great detail with your trustee.

I also recommend that you make sure that your trustee is fully aware of your medical situation as well, so that they can take this into account when discussing your options with you.

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