trust deed

sylvester19

Hi wonder if anyone can help me with this. I signed a trust deed in March this year and it was protected in May. I have been off work long term sick since April and may now be able to go back part time but do not think due to my health that I will be able to work full time. One of the options which may be open to me, as I will be 50 this year is to apply for flexible retirement, which means you can reduce your hours and apply to have some of your pension paid to you. If company agree this, then I would be eligible for a small lump sum and a small monthly pension. Would I have to pay the lump sum into my trust deed, bearing in mind that when I do officially retire my pension would be greatly reduce to having taken benefits early.

serenity34_2

Hiya,

I'm advising on the basis that you live in Scotland as Trust Deeds / protected Trust Deeds are specific to Scottish Law.

Obviously I don't know nearly enough about your circumstances to give comprehensive advice on this - I'd strongly recommend you call National Debtline free on 0808 808 4000 - they will be open from tomorrow. If you call from a Scottish landline you will be automatically routed through to a more specialist adviser trained in Scottish law. If you call from a mobile and don't happen to get through to someone who can advise on Scots law they will take your details and arrange for you to be called back ( usually the same day ).

Firstly, was there any reason that you took out a Trust Deed instead of entering into a DAS ( Debt Arrangement Scheme )?

Secondly, trying to answer your specific question...I can't say. A Trust Deed can contain pretty much any terms which would be deemed acceptable to your creditors so you would need to check out the original paperwork you signed or contact your trustee ( the IP who set it up ).

Like I say, it's difficult to advise without knowing your overall circumstances such as assets, household situation etc. Hope this gives you a starting point though