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Sequestration Discharge

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(@lightbodyae55)
Eminent Member
Joined: 11 years ago
Posts: 22
Topic starter  

Hi All

Both my wife and I were sequestrated (Sounds painful, but it wasn't) in January 2014 under the LILA scheme, which I understand only lasts for one year.

If this is the case will we receive our discharge forms (form 5), automatically or do we have to apply for it direct from the AIB, and if we are discharged automatically, is the Trustee also discharged at the same time?

This has been a learning curve year, and it has made us very aware of how to save money, and not get into such a downward spiral of debt.

No more Credit cards, no more loans, if we need anything we save for it, or if we have no money, we don't get whatever it is we wanted.

lightbodyae55


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 17 years ago
Posts: 4253
 

Hi lightbodyae55

Congratulations on your impending discharge!

Your discharge is an automatic process for sequestrations awarded before 1 April last year. There is no form 5 - that is just for Trust deeds - but you can ask the Accountant in Bankruptcy to provide you with a certificate of discharge. They are free of charge but I don't think they are sent out automatically, though could be wrong.

Your trustee isn't automatically discharged at the same time, but I think you will find that their discharge is likely to be processed soon afterwards unless you are being required to make contribution payments, which would have to be gathered from you for a further 2 years.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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David Tannock
(@david-tannock)
Famed Member
Joined: 12 years ago
Posts: 2581
 

Hi lightbodyae55,

I can't believe it's been a year already for you both. It was probably the toughest year of your dealing with the Sequestrations and family difficulties. I'm glad you have reached the 1 year period and as Kevin has advised automatically received your discharge.

You will need to contact the AIB for a discharge certificate as these aren't automatically sent out.

All the best for the future.

David is not currently posting in the Trust-Deed.co.uk forum


   
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(@lightbodyae55)
Eminent Member
Joined: 11 years ago
Posts: 22
Topic starter  

Hi David and Kevin

Thank you for the information.

Yes David it was a difficult year what with Sequestration and loosing both parents within 3 weeks of each other in late January Early February last year, however we have tried to make the best we can from what we have.

I will contact the AIB towards the end of the month so we can obtain the discharge certificates.

Thank you to all those contributors to this forum who had excellent advice when it was needed, keep up the good work.

I will still be watching this forum,as there is still plenty of information that is helpful and I have no doubt I will learn a thing or two.

lightbodyae55


   
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(@juliet)
Trusted Member
Joined: 14 years ago
Posts: 79
 

Hi, I too was Sequestrated, I had to pay ยฃ11 to AIB for an official copy of the discharge.

j smith


   
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TDA (Debt Adviser)
(@tda-debt-adviser)
Illustrious Member
Joined: 16 years ago
Posts: 13594
 

That's very useful information juliet.

Thank you for sharing it here.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds


   
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