Well done on coming to the forum .
Now its time for you to understand what can be done to help you , make sure you get everything written down , with time to look things over and listening to many voices rather than one that promises a quick fix . The experts here will give you solid advice and in my opinion different options . Positive karma to you , a journey of a million miles begins and ends with a single footstep . Foot step number onehas just started [8)].

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Originally posted by tyler 11

On Track -Thank you so much, just by talking I feel so much better. I know we have to do something. Sequestration scares me as it involves stopping paying and letting them harass us into court, having been through so much I don't know if my nerves could take that!!! I am so grateful for the help being offered.
Mark, what do we have to do next as I really would like to know if we could take steps via trust deed to get our life back. Thanks

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Hi tyler

I agree with Mark - a sit down meeting with someone, face to face, to talk about your situation and the options you have... that's the way forward.

And sequestration isn't as scary as you think it is. You don't have to let 'them' harass you into court. If you decide it's the right option for you - after you've had your face to face meeting with someone - then you can apply for your own sequestration.

It's as simple as filling in a form and posting it to Kilwinning - with a couple of supporting documents and (deep breath) the 200 quid fee. No court involved.

You'd probably have to pay a contribution for three years, but you will be personally discharged from sequestration after one year.

I'm not going to give you a full comparison of the advantages and disadvantages of the various options! I just wanted to let you know that sequestration doesn't have to be as scary as the way you picture it.

[:)]

Thankyou for your replies, I so appreciate it. I thought you had to have a charge for payment of at least £1500 before you could be sequestrated? We are both working so I thought for sure we would have to go through all the harassment and court. Your replies have really helped me and yes, its bloody scary, my head keeps saying just keep paying but my heart tells me to get out of the situation once and for all. You guys are awesome and I can thank you enough.

Hi tyler 11.

I'm not sure whether it would be the best way forward for you, but a couple of years ago a new route to bankruptcy was created which avoids some of the problems that you identify used to exist. You can read a little more about it at:

https://www.trust-deed.co.uk/bankruptcy-sequestration.html

Hi Tyler 11,

As candlewick said Sequestration isn't as bad as you would think and due to changes recently it's a lot easier to enter into. The link posted by TDA is a good read and should put your mind at ease regarding Sequestration.

The way forward should be sitting down with someone, discussing all of the options and then getting things in writing.

Following a face to face meeting I'm sure you will feel a whole lot better about things and have some light at the end of the tunnel.

I am going to read the link then arrange to sit down with someone. Not sure who though!!! fish out of water here. Just cant thank you guys enough for this. Every single reply has made me feel so much better and less alone and frightened. I'm trying to deal with it all and keep the stress of it away from my husband as he has not had good health this year but he know I am seeking advice for us. Can you tell me how to arrange a meeting and with who?? thanks again,xx

Hi tyler 11.

There are a number of options open to you.

There may be Money Advisers working at your local CAB or at your Local Authority that you could arrange to meet with.

You could also contact a firm of insolvency practitioners for help. Four are represented on this forum (Mark, Kevin, Shona and Chris) and they can be contacted by clicking through the "buttons" in their forum signatures. There are other such firms also that you might be able to find locally if that's an important factor for you.

Thank you. I will speak to my hubby and perhaps call my local CAB to see if there are folk locally who can help, not that its too important about location, just need someone who will do the best for us as we are not too clever when it comes to this stuff!!haha It would be good to have someone with us through the process. I'm reading the link you gave me and it seems perhaps the way to go although I say that I don't really know what would be best so sitting down and speaking with someone is going to be the 2nd footstep. Thank god for forums like this, its given me hope where I didn't feel I had any, you are all brilliant!

I would say that from my experience with the CAB you may be advised to talk to at least one professional before making the decision. Some of the info given by the CAB was dubious and some was just plain wrong.
I know that my local CAB put everything through KPMG ( that's why they are always taking the advisor out for lunch) and so I don't think they are as impartial as they maybe should be.
In the end I went with Mark from this forum and no regrets (3 months to go!!)

Oh really on track!!! Thanks for that, well I will message Mark too. Nothing better than recommendation!! Thank you so much. Has it been ok for you?? I have daft thoughts like, will I be able to afford to eat or treat my grandchildren if I do this! Its a scary prospect and one I never ever thought I would face in my lifetime.

Probabally best to treat the grand children, eating them is somewhat frowned upon, mind it would solve your accommodation problems for a good few years!
You will not be rich while you go through this but then you wouldn't be where you are if you had shed loads of cash. The insolvency practitioners are reasonable people and know you have to live and part of that is being able to have a little spare cash. Hair shirts and a diet of gruel are completely optional

Hahahaha!!!!!!!Bad wording!!!haha. Thanks for the laugh. Oh no, not rich in the slightest, just live from pay to pay like most folk. You just picture everything being so bad and every penny being taken, thats probably so far from the truth though. I have scrimped for a few years so this will be easy. Don't do luxuries or expensive things just rather boring really!! Mind you if I could afford it I would!! Thanks again,haha

hi I have fairly recently started a td 6 months payment this month cant believe how the time has flown. Like you I was terrified and in a panic and did not know where to turn. I finally phoned CAB to arrange an appointment, had to wait about a month before I got one. When I spoke to the advisor she looked at the figures I had given her and suggested that bankruptcy would be the way to go. She reassured me that it was not the end of the world and that it would help. Well thanks to her I had an appointment arranged very quickly with an IP firm, the appointment was in my home and he went over everything and gave me information on all solutions that were open to me. After some discussion I decided to go for a trust deed rather than bankruptcy. It was a stressful period waiting for it to become protected and then for the creditors to stop contacting me as it seems to take time for them to update their records. Even though it was stressful it was much much better than wondering how I was going to keep going I kept paying every month to my debt but never got anywhere it never went down. I have no regrets about seeking advice and then actually going ahead with the trust deed, now 6 months later I can say that it is the best thing I did and with careful budgeting I am managing and joy of joy managing without having to use a credit card for the first time in many years. I went with Chris's firm and cant thank them enough for the support and advice they gave me. You are doing the right thing by researching everything and seeking advice to actually speak to someone really helps, good luck and I hope all goes well for you.

Awe Thankyou Worried Mary!! So good to here all the positive stuff, just makes me more determined to get things moving!! The best thing I have done was joining this forum and starting to believe there is a solution and a way back to a good normal life! SO glad things are looking good for you, must be brilliant not to have the fear of debt anymore. Like you, my £4800 I pay a year is not doing any good, I end up owing more which makes me wonder if I should just stop now. Thanks for taking the time to speak to me, I cant thank you enough. Wishing you the best for your future,xxx

Tyler 11

What a rollercoaster, and it's not over for some time.

We have gone from thinking it's ok, we'll keep paying till things get better, then realised how much was spent on paying to tread water and then got on the rollercoaster of debt advice and solutions. If I'm honest, we've probably been 3 years in getting across the start line towards sequestration, resisting, kicking and screaming all the way, sure it must be avoidable. Now, I am impatient, I had no pressure whatsoever after meeting with Mark and now have the cheek to be frustrated with delays and lost forms at AIB.

Hindsight is 20/20 they say, I definitely would have opted for sequestration a couple of years ago if I'd found the forum and not wasted time with well meaning advisers. I am confident in stating I now understand more than most I spoke with. Bad advice and ill- informed informants have caused delays and prolonged stress that hopefully you will be able to prevent.

If you do speak to CAB, bear in mind the important things can be complex, can change with changes in law and individual circumstances. Please please do not decide after one meeting, leave at least a couple of days, brainst[8D]orm with your husband and then speak to a second, even a 3rd person or company.

Several aspects of any solution you finally opt for are actually very likely to vary depending on which company you eventually sign up with, make very sure you have a clear understanding of those things.

Ask and report back, as there are soooo many people here who will be able to shout out if advice / assumptions are wrong/ dangerous for you to act on.

Be thankful you got here before and not after and use us all!!

So glad it's not bad enought to eat the grandchildren yet!

Well spotted on track, good to giggle!