Hi susanb

Do you have any assets whatsoever?

Mark

Hi

No i have no assets, and am in rented accommodation

Hi susanb.

According to the AIB website the current weekly earnings threshold for LILA bankruptcy is £237.20 gross. It looks like you might be earning too much.

The Certificate for Sequestration might be an alternative route to the same outcome though. You can read more about it at:

http://www.trust-deed.co.uk/certificateforsequestration.php

Hi susan,

As TDA says, you may earn too much for a LILA, but even if you did get into sequestration that way, the Accountant in Bankruptcy would most certainly request a payment from your earned income. You can apply for Sequestration through the Certificate route, which would also allows you to appoint your Trustee rather than use the Accountant in Bankruptcy. The advantage to this route is that you can sit face to face with someone, who will go over your financial situation, and agree beforehand on what is going to be a manageable payment every month. If you have no assets, then 10 years seems along time to put your life on hold.

I would ideally want to take the responsibility of paying my debts in full - as i know how stupid i have been, even although there have been some circuamstances that caused some of the problem

I am just in the process of writing out all my info ; and after all deductions am left with now about £40.00 per week to pay the debts

And got a letter yesterday to say another debt has been sold on and again the balance I though i was due has actally gone up - so my DMP just does not appear to going as well as I thought

My main concerns is not having any monies to pay for Trustee or advice.
and probably like a lot of people really do not know what way to turn
I am just at my wits end and making me physically and mental ill now

Hi susanb.

Nobody can charge you for issuing a certificate for sequestration. With that in mind, and given that you appear to be able to pay something towards your debts, I think you have some choices about where to go next.

You could meet with a Money Adviser. If they think it appropriate they can issue you with a certificate for sequestration which you could use to make your own application for bankruptcy.

You could also meet with a trust deed firm that are happy to provide certificates for sequestration. If you're in a position to contribute each month you may be able to appoint this firm as Trustee as well (which should give you a better idea of what will happen in advance).

Neither of these routes should cost you anything in advance so please dont let worries about paying for advice stand in your way right now. Meeting with any properly qualified adviser should really help to set your mind at rest.

Hi Susanb,
I applied for my own sequestration through the local CAB office based on good information from Mark from this site and its the best thing that happened, i took the CAB advice and they gave me details of good insolvency companies and the ones that charge the lowest amounts per month as i knew that i had to pay something as i was working, anyway i contacted the company and within 10 days the papers were signed and my sequestration was granted by the AIB on the 8th Nov , and believe it or not i pay £75 per month (which is their fees at the end of the day) and creditors get nothing as i dont have any equity and i have arranged my £500 through a third party which will be paid over 5 installments to the trustee. go on the recommendations as the CAB office at the time did say to me that going direct to the AIB you take pot luck on which trustee you end up with and can pay a lot more monthly, let me know if you want the details of the insolvency company.

Best wishes

Hi again,

And forgot to mention the £75 per month i pay, my total debt that went into sequestation was £54500

Hi,
Just in case anyone needs this as it really helped me im my situation knowing what route to take.
Just copy and paste into your browser.

(Links removed)

Hello stressedout.

For a few reasons we ask that external links aren't posted in the forum. However, readers will find a link to the AIB website on our "trust deed links" page and National Debtline can be located through the search engines quite readily. Also on our links page is a link to locate your local CAB office.

Hi susanb

If you have £40 per week spare income, then you can easily go down the Certificate route, and choose your own Trustee. As stressedout says, you can run a sequestration for a lot less than you are currently paying to the DMP. It is important to make sure your income & expenditure is manageable, so you can sustain it for 3 years. However, it is still better than 10 years!

Anyone-why is Bankruptcy often referred to as a 1 year solution when payments continue in much the same way as a PTD? What actually changes after the initial 12 months?

You are discharged from the debts after 1 year, ie no longer bankrupt. There is a residual obligation to make payments for a further 2 years but that is all.

One major difference this makes is if you received a windfall in year 2, eg won the lottery. In a sequestration the trustee (on behalf of the creditors) would have no claim on the funds, whereas in a trust deed you are not discharged until the end of year 3 so the windfall would have to be paid across to the trust deed.