We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Redundancy and Trust Deed
leeper1974
Posts: 13 Forumite
Hi
I'm 1.5 years into a 3 year Protected Trust Deed. I entered it with approx £100,000 in debt, paying £650 a month. I've kept all my payments up to date, sacraficed work bonuses when required etc.
There's a possibility I may be made redundant come the end of the year with a payout roughly around £40,000. I've not run this by by IP yet as I'm unsure what's going to happend but just wanted to get some advice here first.
I'm happy to sacrafice what's needed but given the large sum I'm curious how this will go towards my total (I'm giving back approx £50,000, inc 19000 of my asset in my house when it finishes)
Is this just a "windfall" and I have to give up a huge majority (which is crap for all the 16years I've worked) and just keep the statutory amount?
This again is all just hypothetical, but just wanted some ideas.
Thanks:o
I'm 1.5 years into a 3 year Protected Trust Deed. I entered it with approx £100,000 in debt, paying £650 a month. I've kept all my payments up to date, sacraficed work bonuses when required etc.
There's a possibility I may be made redundant come the end of the year with a payout roughly around £40,000. I've not run this by by IP yet as I'm unsure what's going to happend but just wanted to get some advice here first.
I'm happy to sacrafice what's needed but given the large sum I'm curious how this will go towards my total (I'm giving back approx £50,000, inc 19000 of my asset in my house when it finishes)
Is this just a "windfall" and I have to give up a huge majority (which is crap for all the 16years I've worked) and just keep the statutory amount?
This again is all just hypothetical, but just wanted some ideas.
Thanks:o
0
Comments
-
BUMPety bumping up the board.When I joined, I needed a name. The forum members gave one to me...I am INAN
"Fortunes ebb and flow and a boat must move with the tide and be thankful that it floats." Judith Allnatt0 -
If you have a look at www.trust-deed.co.uk there'll be someone on there that'll be able to answer your question.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.9K Banking & Borrowing
- 253.9K Reduce Debt & Boost Income
- 454.7K Spending & Discounts
- 246K Work, Benefits & Business
- 602.1K Mortgages, Homes & Bills
- 177.8K Life & Family
- 259.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards