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Topic starter
26/11/2014 4:52 pm
Hi
My wife and I will be applying for sequestration in January 2015, and we understand that we have a choice of Trustee,
We can have the AIB or we can nominate one of my own.
Having read a number of postings on this forum I have come to a concluson that there are some trustees that are good at their job, some that are bad and some that are dreadful.
Which way should we choose, the money advisor that we saw earlier this month, says stick with the AIB, however, I wonder if an independent one would be better. If so how do I choose a good one, is there any way of finding a good one to trust?
If only life was simple!
lightbodyae55
26/11/2014 5:17 pm
Hello again lightbodyae55.
Because you and your wife are both reliant on benefits and have no assets (if I am remembering correctly?) then it would have to be the AIB that you have as your trustee. A private Insolvency Practitioner would only be able to take your case on if there were funds available to cover their costs, which there wouldn't be as they are not allowed to ask for any contribution from benefits.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
26/11/2014 9:20 pm
Hi Kevin
Thanks for the info, yes you are quite right our income is benefit based only, and we do not have any assets.
lightbodyae55
27/11/2014 11:48 am
Hi lightbodyae55,
You shouldn't have anything to worry about regarding the administration of your case. As Kevin has pointed out as your income is solely benefits then an Insolvency Practitioner wouldn't be able to take your case on. If your circumstances were different and you were working or had assets then we always suggest speaking with an Insolvency Practitioner to find out exactly how things would work for you.
It will be the Accountant in Bankruptcy who will handle your case and they will either keep it internally and deal with it themselves or they will pass it to one of their agents to deal with. We are one of their agents and currently deal with around 60% of the work that they pass out so there is a chance that your cases could be handled by my firm.
Try not to worry, things should run pretty smoothly for you both.
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