Sequestration question ?

[beetle1234]

Good morning all...hoping for some guidance on this one.My wife and I both have large debts as a result of stupidity,lack of future planning and wanting what we could not afford...none of the debts are secured and all are either bank overdrafts,loans and credit cards and we rent our home. We have over the last 4/5 years chipped away at these and reduced them by around 50% overall either by challenging in court or agreeing reduced settlements however we have now reached the point where we cannot realistically see an end to the spiral.We are considering sequestration however my question is this....if we take this route do we have to do so jointly ? I ask as approximately 75% of our debts are in my wife's name and 25% in mine....could my wife go for sequestration and could I enter into a trust deed or similar ? is this unrealistic ? Is there a benefit to doing so....the sequestration process appears to take all financial control of your bank accounts etc...maybe this is what is required but just thinking out loud here in terms of trying to envisage how you live your normal daily life whilst going through the process ?

[janis6670]

as you are in Scotland have you considered a DAS

[maroondevo52]

Have a good look through the contents of this link, including the alternatives....................

 

https://www.nationaldebtline.org/S/Pages/default.aspx

 

Have you looked at reclaiming charges or PPI ect on your Loans and Credit Cards.

[Crocdoc]

Without knowing full details it is always difficult to provide detailed and accurate advice.

Nevertheless, the following may assist.

 

There is no such thing as a joint Bankruptcy application, two single applications would be required.

The Trustee will not take control of your bank account, he/she will take into account income and expenditure and may look for a monthly contribution from disposable income.

 

You will still see the glossy TV adverts, however in reality Trust Deeds are becoming a thing of the past, at long last it has been recognised that the only people to make money from TD's are insolvency practitioners. Therefore I cannot see the purpose of going down this route.

 

A joint DAS may be possible depending on your circumstances, if you chose this route ALWAYS do it through one of the free money advice agencies to avoid paying fees.

 

I would suggest that you take some free advice in any case.