Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

Bykiltedscot
#20614 I have been in debt and have been advised i have 3 options, i live in scotland

1, pay back over 15 years,
2 sequestration
3. trust deed,

i have no assets, a car which i need for work , worth at most 500 quid, house is in wife name, debts from before we met.

i read scary stories, about trust deed, but to do with property, i dont have any.

if i go for it, as i have no assets, will it be over in 3 years, do i have to chnage ban account, no debts with this bank, i cant decide what to do, will iget accepted, if it dont then what, this is hard, i cracking up. does it affect my wife.

Please help.

kscot
ByJLP
#20689 Bankruptcy is always and should always be used as a last resort.Problem in Scotland is you need someone to take you to court and prove "apparent insolvency".This can take anything up to 2 years!

http://www.aib.gov.uk/Publications/AB1_ ... guide.pdf- Check this leaflet for meaning of apparent insolvency.

Meanwhile you still get all the nasty letters and phone calls if Bankruptcy is your chosen option. And I have to advise my clients to look as if they are a "Won't Pay" and ignore their creditors because we need someone to take them to court.If creditors get a sniff of any likely money coming their way, they wont take a client to court. Which can be stressful of course for the client but until the new Bankruptcy laws come in in 2007 there isnt much we can do here.

If you feel you can't cope with the stress of calls and letters , then Trust Deed may be for you.If the majority of creditors agree to it, then it will become protected Trust Deed which means that your creditors cant take enforcement action against you. You will,of course, have to pay a contribution to wards your Trust Deed (you may have to make a contribution to your Bankruptcy anyway based on your disposable Income)

Long term effects? Well it stays on your credit file for 6 years but many lenders ask after that time if you have ever been declared Bankrupt so you have to disclose it. You can still get a mortgage in the future, but many people learn to live without credit anyway, which of c ourse is te best option.................. :)
ByTekman
#20769 Hi JLP

Can you give us any info on the new bankruptcy laws you mention for 2007 ?

Just out of interest as i live in Edinburgh.

Thanks.
Bykiltedscot
#20771 thanks for your reply,

it has been worked out that my disposable is about 150 quid, i have been paying for a couple of year, and would take about 16 year to clear, now married and kids, and trhe constant stuff, it has took its toll on me, and health, very down, anxious, and bouts of depression, and the conatnt stresss, of is there a white light at thje end,

Am i correct in saying that in atrust deed, i have no assets, it will be ovrin 3 yrs, or will they try for more.
ByNumber Six
#20784 I have always thought where there are differences in UK Law, Scottish Law tends to have more common sense than English Law. I'd be interested to see how this pans out.

I'm a Yorkshireman by the way. English, but tighter and deeper pockets than a Scotsman. :wink:
ByJLP
#20830 Tekman

here you go

http://www.scotland.gov.uk/consultation ... bdb-00.asp (its only the draft so they may change it a bit)

Kilted Scotsman-if you have no assets then your Trust Deed shouldnt cause a problem.The problems are caused by property problems.I can pm you a couple of ISP's that I found helpful. You can have a chat with them and they wont pressure you into signing anything.
Bykiltedscot
#21364 see when a trust deed is set up, none of my creditors is my bank, does this chnage anything with my banking arrangements.

kscot
ByJLP
#21575 AS long as your Trustee is happy with your arrangement and you don 't have any credit facilities on your accounts eg Switch/Cheque Guarantee Cards or overdraft facilities, it shouldnt cause a problem..If you do,he may ask you to close them.Unlikely he will want you to have any access to credit while you are in a TD
Bykiltedscot
#23140 i have a apt made to see the IP people.

I be truthfull, i am feeling physically sick at the thought of it, not really thought about the debt free side of it, but the shame, how the heck did i get into this situation, stupid things like no debit card, as i never carry money, for many reasons,

i not sleeping, what if they dont accept, then what do i do??

the future problems of employment, the implications it has on my wife, (it only in my name, from b4 marriage, and she clever with money, )

I have nxiety and can feel the depression coming on, dont see her much due to shifts, no holiday for anyone for at least 3 years.

sorry just need to vent, i am struggling with this apt tomorrow, it all getting too much for me.

kscot
Byangel
#23178 we know exactly how you feel, don't think meeting will be that bad as at the end of the day an IP is only doing a job and must advise you as to the best options.

This time tomorrow you should be feeling a lot better about everything.

good luck and let us know how you get on so when we go that way you can advise us :D
ByJLP
#23225
kiltedscot wrote:i have a apt made to see the IP people.

I be truthfull, i am feeling physically sick at the thought of it, not really thought about the debt free side of it, but the shame, how the heck did i get into this situation, stupid things like no debit card, as i never carry money, for many reasons,

i not sleeping, what if they dont accept, then what do i do??

the future problems of employment, the implications it has on my wife, (it only in my name, from b4 marriage, and she clever with money, )

I have nxiety and can feel the depression coming on, dont see her much due to shifts, no holiday for anyone for at least 3 years.


Hey-IP's are usually nice people.You feel bad but they have seen it and heard it all before.Its all in a days work to them. Please dont worry or feel ashamed.You are DEALING with your debt in the best way possible, not running away, so for that you have to be applauded. Everyone makes mistakes-we are all human.

Hope you get on well.
sorry just need to vent, i am struggling with this apt tomorrow, it all getting too much for me.

kscot
Who is online

Users browsing this forum: Bing [Bot] and 1 guest