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LILA Sequestration


WhatALife
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I'm considering LILA Sequestration and have the application form.

 

Under 'Statement of Assets and Liabilities' it has List all the land and buildings in which you have an interest as an owner or tenant.

 

I don't own any property and have never owned any property, at the moment I live in a house which belongs to a relative (parent), I'm the only person living here. This is a temporary arrangement until I get my finances sorted out, I pay a rent but have no tenancy agreement.

 

Do I fill this part of the form in? The house isn't mine so it's not an asset. I thought that if someone had an interest in a property then it meant they owned, looking to buy or inherit that property but I could be wrong here.

 

Is there any possibility of me being related to the landlord or not having a tenancy agreement causing problems with a Sequestration?

Have £20k+ in debt, seriously want to be debt free, currently in temporary accomodation and having business problems.

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I recently went for LILA Sequestration and I'm in a similar situation as yourself in that I live in parent's house, pay them rent but have no tenancy agreement. It was an agreement we came to when I moved there and have stuck with it ever since.

 

I didn't fill in the section about land and buildings as it is not my property, so I would assume that you wouldn't need to fill it in either, unless your name is on the title deeds.

 

If you haven't done so already it is advisable to speak to someone such as a debt advisor at citizen's advise, or the AiB themselves (assuming this is who you're going through) to get some proper advice prior to applying as the fee is £100 and is non refundable.

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