First a bit of background for those that don't know / remember me.
Currently I am single , live in a rented flat and have no dependents I have been in a DMP with Payplan for over 9 years which started out as a joint one with ex- wife but solo since 2008.
I owe well north of 100K and obviously my £50 payments to payplan are just a token gesture. I do work but not in a very highly paid position (unlike when I ran up the debts !!!).
Why you may ask have I not "walked the plank" earlier with no realistic prospect of repayment.
Simple four years ago I voluntarily signed over my half of the marital home to my ex-wife for no monetary consideration. As I understand it five years is the limit for deprivation of assets, so in a years time that time period will have elapsed and thus this disposal not be taken into account for any sequestration proceedings. Hopefully it should mean all systems are go. Am I correct in this assumption ?
I also have a Car which although in my name on the DVLA log book was actually purchased by my son nearly six years ago. I still have the bill of sale. For the last four years I have used it but no money changed hands so technically it still belongs to him. I have been thinking of returning it and amending the DVLA records. It is only worth about £2K now. Would this be wise or can I hang onto it for another year and just return it before I go belly up next year as I don't own it ?
Much to my sins I have a Vanquis Credit Card with a 4K limit that I intend to run up to the limit prior to next September. Don't feel guilty as despite a perfect payment record on time they have never reduced the astronomical interest rate in the five years plus I have had it. Will this automatically be included in the process as long as I tell Payplan about it ( ie even if it is not in default) ?
Rather than go through all the hassle of an IPA which can be 4 years up here I intend to stop working prior to my Sequestration so my income will be to low for any payment order. I will either tough it out up here on benefits for a year or just move in with my Son down south for a year. The latter seems more attractive as I will not have the hassle of Job Seekers , Housing Benefit . With no IPA will I be discharged automatically after a year in either of the above scenarios?
I'd rather take the hit for a year and let it all be over than it drag on for years.
In order to support myself I will allow my son to do that along with a bit of "Sanjay Slumberland Assistance" - older posters may remember him and his methods I take it there is no compulsion to work while awaiting discharge?
As I am with Payplan I take it they will sort out the Sequestration when I give them the green light - £200 Fee to be paid - Why is it so much cheaper in Scotland ? It's treble that in England even with the new online system. I suspect I easily meet the criteria .
Some people may think I am being a little premature in seeking advice a year before the event , but I want to be prepared and have everything planned so I can swiftly expedite the action required to "gain my financial freedom"
Many Thanks !!!
ps put it on here rather than Scottish one as more traffic and a lot of the questions generic regardless of jurisdiction.