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Scottmc1
Just Joined

2 Posts

Posted - 24 November 2018 :  14:56:46  Show Profile  Reply with Quote
Hi all , as above , i was signed off for 3 weeks last month , due to company policy o don't get paid for the first 3 sick days .
That has impacted my wage alot this month , over 160 less than what i would normally get .
I had shares that i have now sold and will receive money on next payday.
Can i take out a payday loan and pay it off nect pay day ?
Thanks

head-just-above-water
Frequent Contributor

47 Posts

Posted - 24 November 2018 :  16:55:10  Show Profile  Reply with Quote
Afraid the money from the shares is an asset and your trustee is due the money for them.

There is nothing stopping you getting a loan. But if you can pay it back trustee might wonder where the repayment money is coming from.

Best advise is ask your trustee first before you do anything.
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TDA (Debt Adviser)
Trust Deed Expert



12692 Posts

Posted - 26 November 2018 :  09:12:48  Show Profile  Reply with Quote
Hi Scottmc1.

You should inform your trustee about the share sale. If it simply plugs a hole for the income you've lost last month, I doubt there will be an issue. If it's more than that then your trustee is likely to have an interest in the money.

There's no rule while in a trust deed that forbids you from taking out credit. It's almost always a bad idea, but if you're 100% certain it can be repaid so quickly and affordably then it's less risky I guess. You should still speak to your trustee first though, so that you're comfortable you'll be actually able to use the proceeds of the share sale to repay any new loan.

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Kevin Mapstone
Trust Deed Expert



3625 Posts

Posted - 29 November 2018 :  17:58:02  Show Profile  Reply with Quote
I agree - always best to be up front and a good trustee will take a reasonable view of things. If your income was reduced and you have sold the shares to "break even" then I don't see how there is any detriment to your creditors from that. However, doing it without sanction from your Trustee may well lead to problems.

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