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Sequestration or Bankruptcy ?

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Currently resident in Scotland but seriously thinking of moving to England or Wales six months prior to going belly up.

 

My intention is to be unemployed from start of deed until discharge a year later.

 

However as I understand it in Scotland even if you have a "nil contribution" IPA set at point of sequestration it remains live for a further three years after discharge - ie if after discharge you start earning above the threshold payments will have to be made for a further three years until the four year duration of the IPA has expired.

 

Conversely in England and Wales if no IPA is set at outset of Bankruptcy due to low / no earnings after discharge a year later there is no outstanding liabilty and you are not subjected to a further three years of monitoring/payments.

 

Has anyone gone belly up in Scotland under this relatively new system where they have been discharged after a year subsequently found work and been subjected to making payments. Is it monitored quite closely by the AIB . Indeed I suspect it may be to early as did the new legislation only come into effect this April.

 

It may cost three times as much in England and Wales but this seems worth it to avoid having to pay any more money in the future if you are unemployed for the year from start to finish.

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Currently resident in Scotland but seriously thinking of moving to England or Wales six months prior to going belly up.

 

My intention is to be unemployed from start of deed until discharge a year later.

 

However as I understand it in Scotland even if you have a "nil contribution" IPA set at point of sequestration it remains live for a further three years after discharge - ie if after discharge you start earning above the threshold payments will have to be made for a further three years until the four year duration of the IPA has expired.

 

Conversely in England and Wales if no IPA is set at outset of Bankruptcy due to low / no earnings after discharge a year later there is no outstanding liabilty and you are not subjected to a further three years of monitoring/payments.

 

Has anyone gone belly up in Scotland under this relatively new system where they have been discharged after a year subsequently found work and been subjected to making payments. Is it monitored quite closely by the AIB . Indeed I suspect it may be to early as did the new legislation only come into effect this April.

 

It may cost three times as much in England and Wales but this seems worth it to avoid having to pay any more money in the future if you are unemployed for the year from start to finish.

 

So 100 people have looked has anyone got an answer ?

 

The Sequestration Sticky is out of date and does not take account of the April 2015 changes !!!

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So 100 people have looked has anyone got an answer ?

 

The Sequestration Sticky is out of date and does not take account of the April 2015 changes !!!

 

Now updated butts.

 

Andy


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That's good to know, now what about an answer to my post ? :!:

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I haven't the foggiest..England or Scotland..I suggest you speak to your intended IP.


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 Have we helped you ...?         Please Donate button to the Consumer Action Group

 

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Well does anyone on here know anything about sequestration ?

 

Has no one got any anecdotal evidence how the new system is operating ?

 

I'm simply asking if someone has been uprated from a nil contribution IPA (which is 4 years at the outset) after discharge and a change of circumstances that triggers a contribution becoming payable in the remaining three years or part thereof.

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