Hi rooney and welcome to the forum.

Which lender are the debts with?

How much do you think that you could afford to pay into a Scottish Trust Deed each month?

This information may help the experts to provide some reassurance or comment on the likelihood of protection being achieved. It may also help them to provide information on other options that you could consider.

Hi rooney

Usually if a trust deed does not achieve protection then sequestration is often the most suitable route instead. However, an insolvency professional such as the experts on this forum should be able to predict with a fair degree of certainty whether your proposals are likely to be accepted or not, since we deal with the various creditors on a daily basis and know what criteria they judge proposals against. You can then decide whether to go ahead and sign a trust deed or not.

At least this minimises the risk of not achieving protection, though cannot be guaranteed.

Is the car required for your job?

quote:

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Originally posted by Trust Deed Assistant

Hi rooney and welcome to the forum.

Which lender are the debts with?

How much do you think that you could afford to pay into a Scottish Trust Deed each month?

This information may help the experts to provide some reassurance or comment on the likelihood of protection being achieved. It may also help them to provide information on other options that you could consider.

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hi there,both my debts are with the rbs. and i do have some disposable income before i pay my debts. sequestration is a big big fear for me though.

quote:

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Originally posted by Kevin Mapstone

Hi rooney

Usually if a trust deed does not achieve protection then sequestration is often the most suitable route instead. However, an insolvency professional such as the experts on this forum should be able to predict with a fair degree of certainty whether your proposals are likely to be accepted or not, since we deal with the various creditors on a daily basis and know what criteria they judge proposals against. You can then decide whether to go ahead and sign a trust deed or not.

At least this minimises the risk of not achieving protection, though cannot be guaranteed.

Is the car required for your job?

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yes,i work shifts and travel to two bases for work,my debts are both with rbs,im just scared that i wont achieve protection and the thought of sequestration just makes me feel ill.

both my debts are with rbs,loan and credit card. and i do have a disposable incom before i pay my debts,around two hundred pounds or so,sequestration is my fear,it scares me no end.
and i need my car for work purposes,if i am made bankrupt what else is at risk,ie my tv,computer,etc etc

Hi Rooney

Welcome to the forum.

As your car is required for work we would allow you to retain the vehicle, as long as you maintained any contribution that had been agreed. If however the vehicle was valued over a thousand pounds at the end of the Trust Deed we would expect that sum to be paid over. For example, if the vehicle was valued at ?ú1,500, then the balance of ?ú500 would require to be paid by either a lump sum or by extending the period of the Trust Deed.

IÔÇÖd also like to reassure you that if you did decide to sign a Trust Deed and it failed to become protected, sequestration would run very similarly to the Trust Deed. Your car would be treated exactly the same way. Your tv, computer, household furniture etc would not be at risk and you would continue to pay the contributions expected of you for the period of three years although you would be discharged from your bankruptcy after a year.

Hope this helps.

Julie