Notifications
Clear all
Scottish Trust Deed Forum
5
Posts
3
Users
0
Reactions
1,312
Views
Topic starter
22/02/2012 12:19 am
'Hi Pamjo.
In what circumstances do you envisage that happening?
It might be best to start a new thread to cover this as the subject is quite different to the one mainly being discussed here.'
Finally worked out how to...
Now that I know individual solutions can (must?)be organised for each person -of a couple;
Trying to understand the merits/downsides of dealing with personal creditors of one party following the other's bankruptcy.
say A=Bankruptcy, including personal debts. accounts and joint
accounts become part of overall picture for B
B= is able to borrow from family to potentially offer to pay a
lump sum towards individual debts.
then B= pursued by lenders of joint accounts for the original sum
in entirety due to being jointly and severally liable. Were a
trust deed available to B at that stage, would the lump sums
paid to other creditors cause any objection among creditors?
the issue being a potential shortfall of £60-£70k on top of current debts, as yet not certain but likely.
One solution is for accounts now with DMP changing to Bankruptcy(A) and full final offers (B)
Lump sum won't cover offers at a suitable % for anticipated shortfall too. Aiming to avoid PTD/ Bankruptcy for B but looking ahead to worst case scenario, could PTD be an option if funds previously paid to some creditors.
Probably I've confused the h*** out of the scenario but I welcome any input from experts and others.[:(]
22/02/2012 9:18 am
Hi Pamjo,
Sorry you had a hard time working out how to start this new thread... I wish you'd asked.
How likely would you say it is that the shortfall you mention will be created?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
22/02/2012 10:30 am
There is no way of knowing for sure, pamjo, though I think it would be unlikely that the previous lump sums having been paid across would cause a problem.
How long would it be before this potential shortfall came about? Would it not be best to wait and see what happens in that respect? Seems a shame to borrow from a family member and then potentially have to go into a PTD/bankruptcy anyway.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
22/02/2012 2:40 pm
TDA-Cut n Paste you'd think would've been 'Simples'? Mush for brains at present![:I]
Kevin, Thanks-It'll be May/June before shortfall is known.
Good point re.
Alternatively, we could create it by vol. repossession, know what we're dealing with avoid the 'death by a thousand cuts'
Can a 3rd party introduce funds to make a PTD or bankruptcy viable if income can't support it?
22/02/2012 2:50 pm
Hi Pamjo.
Third party funds could be used. The trustee of a bankruptcy or a trust deed is looking to return money to creditors where possible and this might be one way to make that happen.
Of course, bankruptcy is "viable" irrespective of whether there is any spare income or a lump sum.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
