Hi J86

It was really good to see you both yesterday.

I'm aware that Kelsom, who you originally spoke with, thought a Trust Deed was the best idea, I cannot see how this would be viable and in my opinion was certainly not the best option. In these situations you need to see whats best for yourself and your family.

I know Mrs J86 was worried about sequestration, however it is a process and to be honest its quite straightforward. Easy I suppose when you deal with these things everyday.

If it was me, I would speak to the AIB and advise that you will be looking at this option. Find out who they currently use for valuations and get a valuation carried out by this firm, explaining the circumstances. If it comes back and there's no equity, then it would be hard to argue otherwise.

As discussed, the house is paramount to anything you do ( especially with the wee one) and personally I dont think it will be an issue, but belts and braces with everything is the best advice.

If you need anything, advice, assistance etc, you know you can always call me or Maria at anytime.

Regards

Mark

Mark,

I appreciate you again taking the time to offer further advice, we will be in contact to see what they say and take it from there.

Would you still recommend handing back my current pcp car as discussed and looking for a cheaper alternative ? Or should we perhaps be looking at reducing to one car for the time being? This wouldn't be viable when my partner returns to work in September however.

Also with sequestration would we Only be paying back A contribution for one year or would it still be three as with the trust deed?

Thanks
John

Hi J86

I was in a very similar position to yourself a month or so ago. I have around the same amount of debt and also own a property, which is my priority as I am a single parent and cannot contemplate losing my home!

Initially I contacted a trust deed firm on the phone and was accepted on the spot for a trust deed and told how much my monthly payments would be without mention of my property or any equity there may be in it!! Luckily I came across this forum and sought further advice about my situation. I ended up meeting with Shona Maxwell from the forum and after discussion she advised me that sequestration would probably be the best option for me and arranged a valuation of my property. As there was no equity everything went ahead and I was declared bankrupt at the beginning of this month. On reflection I would really have struggled to make the monthly payments suggested by the first company I contacted. I can honestly say that seeking advice from this forum was the best thing I ever did. Im sure, if you follow the advice given by the experts on here, things will turn out fine. Wishing you all the best. 🙂

Hi J86.

A contribution in sequestration, if it is affordable, will last for three years.