Hi there kdog7

In short the assets you mention there are extremely unlikely to be of interest I the Trustee. Certainly the laptop is classed as educational.

Should the TD fail to become protected, your current Trustee is entitled to petition for your sequestration, using the TD failure as grounds for the petition and entry to sequestration. The will likely consent to be your trustee and there is no requirement in this process for creditor concurrence, thus allowing you to deal with the debt in a similar way as proposed in the TD. You will be expected to make contributions argue same level over a period of 3 years. Any assets are dealt with in the same manner.

Thanks Rob

Apart from some sports equipment also such as golf clubs etc I really don`t have much else. Just having thoughts of people appearing at the door looking to take things away.

That won't happen kdog7. You would be asked to fill in a form regarding any assets that you own, but those you mention would not be at risk and nor would anything that belongs to your parents.

By the way, DAS may still be an option in this circumstance if you didn't wish to go bankrupt.

Hi kdog7

It actually quite a common perception, however sequestration pretty much runs the same a the trust deed in terms of assets, so there should be no worries there.

I don't think the nature of how the debts were incurred will have a bearing on it becoming protected and would think the trustee would need to be very confident it was achievable before putting it forward.

Keep us posted on how it goes, but I'm sure it will be fine.

Mark

Hi kdog7,

I just wanted to chip in my thoughts along with the others and agree that the assets you refer to will not be at risk and I would think it's unlikely that your Trust Deed will not become protected due to the nature of the debts.

As Mark said, sequestration runs pretty much the same as a TD and for someone in your situation it shouldn't make much difference. When you graduate are you looking to work within the finance sector? Sometimes a TD/Sequestration can have an impact on your employment prospects etc.

Good luck but I'm sure you won't need it. Let us know how things go and if your Trust Deed does become protected.

Thank you guys. Thats a bit of weight of my mind. I have already graduated 5 years ago and work in the medical profession with NHS. I have just returned part time to do a post graduate. I don't think I will have any plans in the future to work in the financial sector. My main worry was a BRO and people coming to the door. I imagine it should be ok.

Hi kdog7

I wouldn't worry too much about these things. Your Trustee should be able to put your mind at rest and at least advise you which creditors have submitted claims and agreed to the trust deed.

The Trust Deed works to a criteria which any decent firm will know. As long as the criteria is met within the proposal, then the acceptance of the trust deed should follow.

Mark

Thanks guys for all your help. This forum certainly seems like a good place for peace of mind. I did get a letter from my CC company today increasing my CC limit by another £3k. They must not know of yet that I have signed as it was dated 5 days after publication. I do wonder where they got to the point of not offering anymore credit. Its past irresponsible and now bordering on the ludicrous how much they keep throwing at me. If they audited my accounts they would easily see how irresponsible I have been through gambling transactions yet they keep giving.