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You should notify your trustee immediately. Your Trustee may be able to suspend payments for a period of time while you seek new employment provided you supply them with evidence of your redundancy.

Generally speaking you will not have to tell your employer as many employers do not concern themselves with people's individual financial circumstances. Before entering a Trust Deed you should look through your employment contract to see if there are any points raised about being in a Trust Deed. If there are no such clauses in your contact it would be very difficult for your employer to impose negative consequences. People working in the financial services, legal and other professions should exercise caution because there tends to be more regulations in place for people operating in these industries.

If you have to go on maternity leave your Trustee can extend your Trust Deed term to make up for the time where you were unable to make monthly payments.

No, student loans can not be included in a Trust Deed.

Technically you should be paying all disposable income into your Trust Deed. Your monthly income and expenditure should have been calculated in a way that means anything you have left over should be paid into your Trust Deed.

You can and should set up a new bank account before entering into a Trust Deed. The reason for this is generally because you will already owe money to your current bank account in the form of an overdraft, credit card or loan so setting up a new account away from these debts means that your creditor cannot take money from that account to pay back debts you have acrued. your credit rating will be damages so you should apply for a basic bank account with no additional features. The Co-operative Bank offer a good basic banking account.

you are entitled to claim back PPI while in a Trust Deed however any addtional money that you receive will have to go towards your creditors.

A Trust Deed is a legally binding contract between you and your Trustee. If you try to cancel or break out of your Trust Deed your Trustee will petition for your sequestration.

The minimum monthly payment you can pay into a Trust Deed is £100.

You can use a third party to pay into your Trust Deed however if you receive a windfall it will not be viewed as money to clear off the outstanding balance of your Trust Deed. It would have to go back to your creditors rather than towards the remaining balance of your Trust Deed. Any increase in income either results in you paying a higher contribution each month or going back towards your original total debt.

In Scotland, the equivalent of an IVA is called a Trust Deed. An IVA works by freezing charges and interest on your debts, and you pay it back for a fixed term (usually 5 years). A Trust Deed is similar but is usually paid over a shorter period than an IVA and has an element of debt write off.

Like an IVA, the Scottish Protected Trust Deed is one of the most popular forms of debt management solutions with thousands entering into them every year.

Check the documentation of the limited company to see if you are able to be a director before signing a Trust Deed. The rules behind this are generally strict and in most cases you would not be able to hold the post of director for a limited company while in or applying for a Trust Deed.

If you have a viable reason to suspend payments then this can be done so through your trustee at his or hers discretion. If, for example, you are made redundant your trustee will require suitable documentation proving you have been relieved of your current role. Provided that it is for a temporary period your payments into the Trust Deed can be suspended until you find new work or your circumstances change.

We would recommend being as transparent as possible to your partner about your financial situation. If you do not have any joint debts or bank accounts then technically you do not have to tell your partner. This does not mean that your partner can't find this information out for themselves. The registers of insolvency is a publicly accessible record which has replaced the Edinburgh gazette. You're partner, if they decide to, can search your name on this system to see if you are listed.