Does the bankruptcy figure hint that people are controlling their own destiny by going BR rather than it being forced on them?

Paul

2 key points jumped out from the figures. Firstly the considerable amount of DAS cases revoked and the lack of dividend figures on Trust Deeds and Bankruptcies, while the DAS figures were clearly shown.

Sorry TDA I was going to jump in the now PG/Creditfix posts, but I see it's locked.

Mark

DAS cases revoked meaning they started but did not complete?

Hi plasticdaft.

That's right, effectively it's a DAS case that has failed for some reason.

Regarding bankruptcy, I thought it useful to point out the level of creditor petitions to underline that this isn't quite as common as some people perceive.

Hi TDA

I'm interested in the failure rate for all options.

I think obviously the longer the term of the solution, the more chance there will be a change in circumstances and therefore, the failure rate would increase. That said, I think 45% is a significant number to drop out and would be interested to see the breakdown of this figure to see if this is from either choosing the wrong option at the start or from a material change in circumstances through the period of the DAS. I can't think or a third reason.

I know when I'm discussing DAS, Trust Deed or sequestration options with people, I highlight the repayment period as one of factors to looked at before deciding.

Mark

I assume no figures exist for jumping from td/das to sequestration?

Hi Paul,

From memory there were only a couple of cases where a trust deed trustee petitioned for their clients sequestration.

How much of this happened as a result of a debtor's own decisions I don't know.

Hi Mark,

Well that was a 45% increase in revocations, rather than a 45% failure rate.

You would expect the number of revocations to increase as more people in total join the scheme.

Hi TDA

Thanks. I saw that, but still think an increase of 45% is a worrying statistic.

Mark

Mark,
ref "Sorry TDA I was going to jump in the now PG/Creditfix posts, but I see it's locked."
- what were you going to say ?

Hi Diamond Chap

I was just going to echo Sue and Chris' posts. Hopefully these helped reduce any fears which were evident from the previous posts. Unfortunately my enforced absence did not allow me to post for a while.

We formerly operated as a 4 partner/shareholder business, however 2 wanted out of the Scottish market, so unfortunately my options in this were limited, although the new structure has Sue and I with 100% control.

Mark

Thanks Mark.
I'll just have to exercise some patience.
As you will appreciate, when you have counted down the 36 payments the hope was to close everything off asap.
Hopefully there will be no issues moving forward.
I may still cancel my Standing Order and await info from Creditfix after I re-ask my questions.
Thanks for your support and good luck moving forward.

Hi Diamond Chap

No problem. The 2 companies operated 2 different insolvency IT systems, so I think any delay will be trying to get the information converted from one to the other.

Mark