Sequestration

[Qohldrs]

My husband and I have been considering sequestration for a long time and have lived in the hope that one of our creditors would enable us to self declare but after what feels like 100 years but is really 10 this has never happened.

We are threatened on an almost monthly basis of 'further proceedings' but nothing ever happens. One creditor told me that although we owed £5000 it wouldn't be worth their while taking it through the court system and so they would continue to pester us for payment.

We are in a DMP but it won't clear until about 2013 if we are lucky and at the moment we are finding it increasingly difficult to make the payment to the DMP. Needless to say the phone calls and letters from the creditors continue on a regular basis.

We know that sequestration is far from the easy way out but it seems like the only way we are ever going to get out of this seemly bottomless pit of debt.

Does anyone have any advice?

[rory32]

The rules on bankruptcy changed this year. You can find more information on the changes here