Try not to worry bailey. Only 1 week to go and then chances are the stress will disappear.

In the meantime, maybe rent a dvd boxset or something and try to take your mind off it!

Hi bailey,

I think Kevin suspects everything is going to work out OK.

It's a fantastic start if ?ú24000 out of ?ú32000 of the debt are already supporting the Trust Deed becoming protected.

It certainly seems confusing that the same bank has voted in different ways but the omens do look very good for you.

Your creditors are making a commercial decision and it seems as though the offer being made, in the main, is commercially attractive to them so far.

Fingers crossed for you... please let us know how everything works out.

Thanks so much I'm just really worried all the small debts will say no
If that had to happen would the trust deed still become protected,
Because the biggest amount of debt is covered? Right now it 3 for the td and 3 againt just waiting
On the other 5 to come back,..

Hi bailey

If the biggest RBS debt has agreed, then it has achieved protection regardless of the smaller ones.

Relax and have a good weekend.

Mark

Will it not matter if the majority of the other creditors say no then?

Hi bailey

It is an interesting point as failure is either notification in writing from a majority in number or not less than one third in value of those creditors that they object to the trust deed.

I think it is very unlikely that 6 of 11 will object.

Mark

Hi if the worse comes to worse and I need to do sequstration, will my tax code change,?
Just worried about work!

Hi bailey

that's a new one! Why do you think your tax code would change?

If it were to fail and sequestration was the outcome, then this would almost mirror the Trust Deed. In a Trust Deed, the creditors decide the outcome, in sequestration, you pay the same amount, it last the same period, although the creditors have no say on accepting or rejecting.

Mark

Thanks, I was reading on a website about bankruptcy and someone
Said that your tax code would change, and it just got me worried
Don't think it would matter in my job I work in travel but don't want everyone knowing

Do you think it will remain the same then?

bailey, give me your address coz I am going to come over and kick your backside:

It will be fine
Your tax code won't change
You can still work
you can have a holiday
you can keep your passport
it doesn't appear in the paper
you won't go to jail
you won't go to court

You'll be fine.Honest

Mark

Thank you and sorry just my mind working overtime! Sorry!

"in sequestration, you pay the same amount, it last the same period" Hi Mark, I thought sequestrations were reduced to a year? Is there a separate period for sequestrations when trust deed was not protected and person self-apply for sequestration? thanks

Hello edinburgh1,

A sequestration may last a year but any payments that are calculated to be affordable would usually run for three years (just like a Trust Deed).

You would indeed be discharged from your debts after a year in a sequestration, but contributions from your income carry on for 3 years, the same as in a protected trust deed.

I know, it is a bit daft really - why make it a 1 year discharge if you are still expected to pay for another 2 years after that? But that's the way it is I'm afraid.