Notifications
Clear all
Scottish Trust Deed Forum
9
Posts
4
Users
0
Reactions
1,396
Views
Topic starter
10/08/2011 7:34 am
I would really appreciate some advice as im at my wits end! My husband entered a protected trust deed a couple of months ago, as we have joint debts and the trust deed is in his name only am i liable for my half of the debts? As i don't work and have no seperate income what are my options? Was advised about a certificate for sequestration, but as we have a joint mortgage will we be forced to sell our house. Please help x
10/08/2011 7:46 am
Hi megantess
Unfortunately if the debts are joint, creditors will look to you to pay the full amount, not half.
Its difficult to comment re the house etc without full details. Did the Trustee get a valuation carried out?
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
10/08/2011 7:59 am
Hi Mark,
Yes a valuation was carried out and we are in negitive equity. Should clarify that I have £40k of personal or joint debt and I have no seperate income at all. I am aware that as I am jointly named on the mortgage I do not qualify for a LILA. Please could you advise me what options i have. Many thanks.
10/08/2011 9:20 am
Hi megandtess.
If there is negative equity in your home it's very unlikely that the home would have to be sold in bankruptcy/sequestration (there is no benefit to the creditors normally).
If you believe that a second valuation would draw a similar conclusion, a Certificate For Sequestration may be appropriate for you given the other circmstances you mention.
Best to get direct personal advice before making any final decisions though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
10/08/2011 9:36 am
Are you able to deal with this on my behalf or can you advise me who to contact regarding this? KPMG have dealt with my husbands financial situation and have offered to deal with mine but would charge £500 plus the £100 for the certificte of sequestration?
10/08/2011 10:06 am
Hi megandtess.
There's a little more information about how it works and who can help you on the following page:
http://www.trust-deed.co.uk/certificateforsequestration.php
You can choose to ask a trust deed company to help you but as commercial operations they will likely want to charge you a fee.
CAB Money Advisors or Local Authority Money Advisors are likely to help you with a Certificate for Sequestration without charging you a fee.
You would still need to pay £100 for the bankruptcy itself; there's no way around that I'm afraid.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
10/08/2011 11:20 am
Thanks for your help, greatly appreciated!
10/08/2011 1:52 pm
Hi megantess
TDA is correct. My advice would be to go to CAB or Money Advice. They should be able to assist free of charge, except the £100 petition cost.
By the way, £500??? The Certificates normally take me about 15 minutes. That's some profit.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
10/08/2011 4:04 pm
The legislation regarding certificates for sequestration specifically states that companies cannot charge for providing one.
Presumably the £500 is for help in completing the application form and the £100 is the application fee payable to the Accountant in Bankruptcy. The form is not that hard to fill in yourself, or you can get help with it for free as previously stated.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
