Sequestrated

NoTrust

Hello All,

After a hellish year with breaking up with my OH and his business the cause of my debt problems, I was made bankrupt 2 weeks ago. I have just had the letter from the trustees and just starting the process of my income and expenditure. Im a single mum of one, have a decent job, but homeless. OH is living in my house but nobody is paying the mortgage. Im with womans aid at the moment, but waiting on a coucil flat.

I just wanted to say hello, and say that Im scared out my mind with what is going to happen to me.

Thanks

maxamos

I can't really help with your situation but just wanted to say there are lots of people here who will give you good advice.

All the best

Max

NoTrust

Thanks. it all happened so fast. Not even organised a new bank account and im cra**ing myself that I will have no money. Salary gets paid in on Friday, tax credits and child benefit, and im so scared that Im not going to get a penny.

Puzzledbubbles

Didnt want to read and run.

Just wanted to say that as far as i know you are allowed to take money out to live on, but might be worth phoning Co-op to take out a new account and then you know that things are starting to move on.

Hope that this helps and just wanted to say you sound like a very strong lady, keep your chin up and read as much as you can on here, there is loads of wonderful advice and lots of lovely people.

Puzzled xx

eklynne

Hello

Welcome to the boards. I'm assuming you are in Scotland, yeah?
First things first, you are not alone. I'm in a similar boat.
I was sequestrated 4 weeks ago, more or less out of the blue (council tax gave me 14 days to pay a debt that I could never afford).
I am also a single mum to one, full time student (read this as skint) still in the home I shared with my girl's dad but the mortgage is now in arrears and I am in the middle of making plans to find somewhere new, there is a lot of equity in my home which the trustee is interested in.
Ok. Phone the co-op NOW. Your new account can be open in minutes. Phone tax credits the second you get your new account details from the co-op (usually 5-7 days but mine only took 3). Tax credits changed my bank details within 48 hours. Also, get in touch with payroll at work once you have your new co-op account up and running.
Main thing - don't panic. The trustee can't leave you with nothing to live on.
Have you spoken to the office dealing with your case?

scarednshakin

Hi NoTrust, didn't want to read and run. Just sending lots of hugs, I am in the process of filling out forms for sequestration so can't really give you any help. Lots of great folk here who are a mine of information. Just keep asking and someone will be able to help. I opened a Co-op acc and the paperwork was here within 5 days so do that asap. Take care and all he best xx

coolcait

NoTrust wrote: »

Hello All,

After a hellish year with breaking up with my OH and his business the cause of my debt problems, I was made bankrupt 2 weeks ago. I have just had the letter from the trustees and just starting the process of my income and expenditure. Im a single mum of one, have a decent job, but homeless. OH is living in my house but nobody is paying the mortgage. Im with womans aid at the moment, but waiting on a coucil flat.

I just wanted to say hello, and say that Im scared out my mind with what is going to happen to me.

Thanks

Hiya No Trust, and welcome. It sounds like you've been through the mill recently!

Can I ask a couple of questions? Who made you bankrupt, and is your trustee the Accountant in Bankruptcy (or one of their agents)? Or is it someone in a private company? (You don't have to say exactly who it is if it's someone in a private company!). It's just that the answer might make a difference to how they deal with your bank account.

As for your bank account, if it is just for your salary, tax credits and benefits then there's a good chance that you will be able to persuade your trustee (especially if it's AiB) that you should be allowed to keep it. If the average amount going into it each month is under £1000, then your trustee is unlikely to be interested anyway.

Your bank might freeze it anyway, unfortunately, as that's what some banks do. So it's definitely worth checking out the co-op account eklynne mentioned - and checking it out tomorrow if you can, to see if you can get everything changed over before Friday. And - scary though it might seem - it's definitely worth having a word with your trustee about it now, so that you know what to do if the bank does freeze the account you have just now.

If the house that your OH is living in is in your name, then the trustee will be interested in any equity in it. Which sounds like a nice bit of karma for OH, frankly :rotfl: . But, given the fact that you're with Women's Aid just now, you might not want your OH to know your whereabouts . I would strongly recommend that you tell your trustee this up front, to make sure that they don't inadvertently give away any info on this. If you need to protect yourself from OH, then they need to help you do that.

Good luck!

NoTrust

Thanks for all your nice comments and hugs, its greatly appreciated in this bad time that I am going through, nice to know the person that you loved most in the world has basically made me bankrupt.

It was a private company that made me bankrupt. And one of the big accountants are dealing with the sequestration, I am based in Scotland.
I will have a look at the co-op account today, also heard Airdrie Savings Bank is a good one?? I have taken the money that I had left in my account out, so the account is still functioning. Stopped Tax Credits and Child Benefit going in, and the measily amount that my OH considers to be enough for us to live on :mad:

Spoke with HR in my work and they are trying to stop the payroll run and pay the money into my friends account for this month and then as long as I give them new account details by the 4th of march then they will pay it into my new account. :T

OH is in my home, its all in my name, and there is a LOT Of equity in the house. I have given my parents address to the trustee, and said that I am in a safe house and cant let them know where that is, incase they let him know where I am. L

The one bit of good news is I got awarded a nice flat from the council, still to go and see it but went and had a look on the outside and the area and its really nice J

philnicandamy

Great news on the flat NT a sign of things getting better! look forward to hearing what its like when you've been for a look inside

headoutofsand

Hi Phil. Just saying hello:p

philnicandamy

headoutofsand wrote: »

Hi Phil. Just saying hello:p

helloooooooooooooooooo hows you?