Hi Clair

Sorry I assumed you had an initial meeting to look at options and you were at the signing stage, but were still unclear on an important issue.

It appears no meeting has taken place and I can only advise you do a sit down meeting with someone and look at all options and have the position on each fully clarified.

Mark

Thank you so much for all the advice. I am now re-thinking the trust deed thing and looking to get information on a DAS.

Im so glad I found this site.
Thanks again and I will keep you posted on whats happening.
Clair

I am now thinking of Sequestration. Can anyone tell me a bit out that? What are the downfalls and would any of my friends, family or my husband find out about it?

Thanks.

Hi Clair

I think we are all on dangerous ground here. In your initial post you were looking at a Trust Deed, following brief discussions you were looking at DAS and now sequestration is the option.

My advice would be to sit down with a licensed Insolvency Practitioner, discuss all the options, ask all the questions and then decide what best suits. I don't think the forum is the best place to resolve things and make a final decision.

The forum, hopefully, will provide a guide towards the correct route, but I don't think it should be a shortcut. My advice is always a face to face, big list of questions and ensure things are all confirmed in writing before you agree to anything.

Making the correct decision is your priority.

Mark

Hi again clair.

Here is a page that will tell you a little about some of the routes into sequestration:

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

The following two pages give a little more information about two of the routes in particular:

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

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

All formal debt solutions, including trust deeds, sequestration and DAS, have public records kept. Therefore the information is available, though typically will only be found if someone were to go looking for it.

Have a read of the pages mentioned and let us know if they raise any questions in your mind.

No harm in considering all options carefully before deciding what to do.

Thanks Mark, I am just trying to get other peoples opinions and views on all the different options that are out there. I will speak to someone face to face and get their expert help and advice.

Thanks TDA, will have a read.

Hi Clair

Fab. It honestly is the only way to do it to ensure you know the pros and cons of each option, the get all things confirmed in writing highlighting the position re payments, timescale, car etc etc.

You're doing exactly the right thing asking questions.

Mark

Getting it wrong at this stage could make matters worse so a face to face chat is essential!!

Paul

Content of post removed.

Good to know the industry is reviewed in specific cases. I hope any increase in the numbers of clients doesn't decrease the likelihood of poor practice being noticed or investigated.

Hi pennyp.

Having read your post a couple of times, and thought about it for a while, I have decided to remove it. I apologise if I have misunderstood, but I'm not sure that the motive for providing some of the detail that was there was in keeping with the ethos of this site.

You do raise an important point which I will reiterate for the benefit of other readers. Insolvency practitioners, the people that take trust deed appointments, are pretty firmly regulated. Where their professional bodies find problems the consequences can be serious, and are quite often made public.

I know it is a hard one but wonder if Clair has yet told her husband and/or partner about her position? Coming clean to an IP, employer, partner etc is a tough part of the PTD process and I gave it some considerable thought, which was helped by my IP making clear that there will be some stages in the life of my PTD where I would need help/advice/shoulder to cry on from my wife that would be difficult to do unless I ÔÇ£came cleanÔÇØ from the start, even before the TD was drawn up let alone enjoyed protected status. Boy was she right!

Issues arose during my 3 years where I was glad I shared all with my wife and some bumpy times ensued at the start. But I think how much worse it would have been not to have come clean, or trying to explain why I no longer used credit cards, or got monthly statements from card companies, or why a firm of accountants she did not know wrote to me or called for no apparent reason.

Getting a PTD is a ÔÇ£clear the air/getting things back on an even keel experienceÔÇØ and I doubt you can do that without sharing the problem and, more positively, a likely solution. But it is your call.

As to the DAS route? Everyone's circumstances are different but I have known a number of people who went from DAS after a few years down the PTD option ÔÇô DAS just seems to be the problem on hold, while the PTD can excise it for good!

Whats a PTD?

Hi Clair

Protected Trust Deed.

Regards

Mark

Thats Mark.

Just a question about the Sequestration. Can anyone arrest your wages before the Sequestration is set up or even if you dont miss a payment? I suppose in general Im asking if anyone can arrest your wages at any point?