Welcome to the trust deed forum Mrsstressed.

It appears you are choosing to access bankruptcy via the issue of a Certificate for Sequestration. The issue of this certificate will not protect you from your creditors (in terms of wage arrestments etc), it's actually going ahead with the bankruptcy/sequestration (using the certificate for sequestration) that will do this.

Your partner is not responsible in any way for debts that are in your name only.

Thanks TDA.

Im sorry, but im confused, I dont know what you mean. I will probably be using a company to get me the Certificate of Sequestration.

Another question pls, one of my creditors is a catologue, can the cat company take back items that have purchased in the past?

Thanks

Sorry another question......im so confused.

If you are applying for Sequestration and you pay your money to the Accountant in Bankruptcy does it need to go through the court? And does it appear in the Edinburgh Gazette?

Thanks

Hi Mrsstressed

In answer to your points, the Certificate provides no protection this is only something that needs to be sent with the petition for sequestration. After submitting this, sequestration is awarded and that will stop legal action. Also they cant arrest partners wages unless the debt is joint.

There is no court involvement in sequestration if you do it yourself and there is no ad in the Gazette.

Re the catalogue, no there is unlikely to be retention of title in catalogue goods, so they couldnt take these back.

Hope this helps

Mark

Thank you so much Mark, yes your information has helped.

You said there is no court involvement in sequestration if you do it yourself does that mean if I go through a

What are the downsides to Sequestration? Apart from the 6yrs black mark against your credit file.

Thanks

sorry dont know what happened there..

does it mean if I go through a company to do it for me it does go to court?

Thanks again

Hi Mrsstressed

No. The only time the court are ever involved is if one of your creditors is trying to make you bankrupt.

Are you appointing the AIB as Trustee or an IP from the company you are using? If you are appointing the AIB to do it, there is a set £100 cost for the petition.

Mark

Thanks Mark.

Im using the AIB. Is that a good idea?

And the downsides of the Sequestration?

Thanks

Hi Mrsstressed

That's a how long is a piece of string question as I have no details other than you dont have a house or car. The main reason I was asking is that you can do it yourself for £100.

In very general terms you will require to pay a contribution for 3 years if you are in employment, it will be on your credit file for 12 years and you cant be an MP!! You will be automatically discharged after 12 months, but the sequestration continues for 36 months in total.

Mark

Hi Mark.
I was told it only stayed on your credit file for 6years.

Thanks

Hi Mrsstressed

Unfortunately, its 12 years.

I've never really understood why as the process is almost the same as Trust Deeds, but 12 years nonetheless.

Mark

Hmmm, everywhere I'm reading and what I was told about the sequestration by the company that came to see me said it only lasts 6years.

Hi Mrsstressed

Credit files and scoring etc is not my area of expertise, but all courses etc state 12 years.

Best have this confirmed with one of the credit agencies themselves as web sites will vary from 3 years to 12+.

Mark

That's an interesting one Mrsstressed.

My understanding is that nothing stays on your credit file for more than six years.

However, I'm not an expert on credit files so you may wish to double-check with one of the credit reference agencies to be sure.

Were you charged for the issue of a certificate for sequestration?