I am looking for some advice and thankfully have found this site. I am self employed and things have gone from bad to worse lack of work. I have a lot of debt a nice overdraft included in the debt care of RBS kept giving me more without having to ask now they want it back. I entered into a volantry scheme through Payplan but am still getting harrased and now RBS is putting pressure on so am now looking at going Bankrupt in Scotland but am looking for advice.
All debt is in my name and my spouse has nothing against her. Our house is in joint name and we have not missed mortgage payment yet.
If I declare myself bankrupt will we be forced to sell the house ?
Will the adminstrators come in and remove kids laptops, tvs and gameboys etc as I have been told by another person?
We have a car through motability and I have a van on finance for work will in need to sell van?
We have joint accounts will it be better for my wife to open an account in her name for working tax credits to be paid in and child allowance?
Am I better canceling all direct debits now for personal loans and for Payplan arrangment?
I did look at a Trust Deed but the company wanted £270 Per Month and wanted me to start paying it start of Feb but I dont want to pay out money and then be told 6 months down the line that the main creditors have not agreed and ed up being chased by them like what is happening with Payplan.
Hope you can help with my questions and could suggest someone in Scotland that deals with this sort of things.
Im sorry to hear about your work situation, my hubby is self employed and fighting at the moment to keep things afloat, so i understand where your coming from (unfortunately).
The downside to a dmp is that they do not have to stop interest and charges, however by doing this they seem to be pushing people towards br.
Did your partner put any deposit down on the house ? Has she been paying towards the cost of bills (i.e. paying half ?
You will not automatically have to loose your home - is there any equity ?
No-one will take your belongings from your home - unless you have any antiques or any single items worth alot of money.
You could both open new accounts with the coop - the cashminder is a great account to have and br friendly.
Have you tried calling the helpline - if they are busy you could leave your number and someone will call you back.
Jenny xx
Onwards and Upwards is the way im going :-0)
From "Moneyworries" to "Movin On" in 3 months is fantastic :-))
The rules north of the border are slightly different to England & Wales. Sequestration in Scotland is similar to bankruptcy in England pre-Enterprise Act.
It depends on the level of equity in the property as to whether they will force the sale. Nobody should come to your house and take anything away.
I would recommend speaking to someone local who has a far better understanding of how sequestration works and what your allowances are.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
Bankruptcy Questions
Posted - 25 January 2009 : 23:10:57
