has anyone gone bankrupt in scotland?

[nelix2000]

Hello, my ex left m with thousands of pounds of debts, which I foolishy let all be in my name, trusting him, as you do. Then when he did a runner leaving me pregnant and with the debt! I am considering sequestration(scottish bankruptcy) and wondered if anyone has been through it, as I find it quite daunting, but after 18 months of trying to find a way out, its my only option.....

[Janos]

Hi nelix, am in Scotland and I have taken the option of having a protected trust deed which is one step away from sequestration.

I know a bit about it so if you have any questions, feel free to ask.

There is extra help available depending on where you are.

[midorimum]

i did a protected trust deed back in 1999, you pay an agreed amount every month and you have to give an update of your finances to the trustee every 6 months, lasts for 3 years, after 6/7 years of it starting it doesnt show up on your credit file and you get your life back.

my friend went bankrupt a few years ago as she thought it was the easy option, think it only cost her a one off payment of £78 or something like that but the AIB (accountant in bankruptcy) was never off her back wanting receipts for everything to prove her income/outgoings etc to see if the bankruptcy could be discharged.

she has never been able to get credit again except the really high interest stuff which they give to anyone no questions asked whereas i have a couple of credit cards with really low interest rates and a good credit rating now.

if you can manage the 3yrs worth of payments it really is the way to go although if you own your home and there is equity in it they may ask you to sell up to release it in both cases.

[nelix2000]

hi, thanks for the respnse! what is a protected trust deed and how do I go about getting one? At the minute my residual income is minimal, after bills, baby milk etc, I am left with a matter of pounds which normally ends up on clothes, shoes etc for my baby.

[midorimum]

the best way to go about it is to look on your local concils website for their money advice service and make an appointment to speak to someone, who will put you in touch with an insolvency practitioner who will oversee it all for you, my trustee was very fair and i was left with money in my budget for going out etc

this link should answer any questions

www.trust-deed.org.uk/questions.php

[nelix2000]

thanks for the link very helpful! Do you pay a lot every month? I really cannot afford much hence thinking of banruptcy. The amount I could afford to pay them would be so small! but again thanks so much for your help! I have contacted them for advice.

[Janos]

Hi nelix. I would def recommend the protected trust deed over going bankrupt (am currently in the middle of mine).

How much you have to pay depends on your income and assets. I currently pay £115 per month.

If you are in Edinburgh, then I recommend going to the Money Advice Centre.

Here's another web site for you:
www.debthelpscotland.co.uk/?WT.srch=1&WT.mc_id=137279