Welcome to the forum littlea90.

I presume you're no longer in possession of that car?

I'd imagine they'll discover that you're no longer employed where they thought you were and seek to identify your new employer.

It's really impossible to tell you whether sequestration is now your best option without a full detailed analysis of your financial circumstances. The answers to the following questions might help us to give you some further thoughts:

Do you think you can afford to pay something each month towards your debts?

Do you own any assets, like a home or car for example?

Would your job be affected by bankruptcy?

Hi TDA.

Unfortunately I am no longer in possession of the car.

I could afford to pay something each month towards the debts.
I dont have any assets at all, what I do have is not worth very much.
I dont think that my job would be affected by the bankruptcy.

I was in the process of getting a trust deed started last year, but lost my job and had no way to pay for it. I have recently started a new job which is about £24k a year, so have the means to pay something each month. However, Is it possible to start a trust deed even though I have
been served with a wage arrestment order?

Hi littlea90

If the arrestment is not with your current employers then the Trust Deed is still an option. If you have a wage arrestment, then there is no requirement for a Certificate for Sequestration.

A review of the information should be able to point you in the right direction to what best suits.

Mark

Hi littlea90

I meant to say that under the new regulations, the Trust Deed, on gaining protection, will stop an existing arrestment should the Trust Deed be the best option.

Mark

Hi littlea90,

Welcome to the forum.

The level of debt that you have is generally just the normal amount of debt that we tend to deal with as advisors. Some people take a little comfort in knowing that they are not the only one in debt and that the amount which they feel may be a lot is actually just the norm.

As you are in employment and don't have any assets then you have a number of options available which is the positive thing. You could consider a Trust Deed, Debt Arrangement Scheme or Sequestration as you have mentioned already.

I suspect that when you were considering a Trust Deed last year (still trying to get the brain to engage with 2014) it may have been over a 3 year period. The regulations changed in November 2013 and now Trust Deed's are over a minimum term of 4 years. Along with this change, another change as Mark has pointed out is that a wage arrestment will cease upon the protection of a Trust Deed so even if you had an arrestment in place on your salary you could still consider a Trust Deed.

The best thing to do is sit down with 2 or 3 advisors, make a list of questions that you want to ask and then work through these along with your full financial situation to see what option you feel best suits your situation. By doing this you will be able to get a feel for each firm and each advisor. After all, you're going to be dealing with that advisor for 3, 4 years or longer so you need to be comfortable with them and firms can also vary in terms of how they deal with your case.

The most important thing to get make sure is that when you do decide to proceed with a Trust Deed, DAS or Sequestration that you receive everything in writing with regards to your payment per month, the timescale, what will happen if you receive a bonus or salary increase.

The positive thing to remember is that even although you have debt, there are solutions to help you deal with it and become debt free.

Hi littlea90 - welcome to the forum.

If you have a wage arrestment in place then your best bet is likely to be a formal debt solution such as a trust deed, sequestration or the Debt Arrangement Scheme as all of these would force the arrestment to be lifted. Which one suits you best will depend mostly on how much you can afford and whether you own any assets.

What happened to the car by the way?