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Sequestration
IsDeathaBetterOption
Posts: 5 Forumite
My birthday on Sunday!
On Monday my wife and I are due back in court fighting our sequestration. I think it's the end this time.
We each entered a TD which we have subsequently been told was the wrong thing to do.
We were advised to stop paying whilst a decision was made. April 08 was when we were first summoned to court to be sequestrated; our trustee was told by the judge to pay the expenses out of his personal finances!
Our trustee has subsequently been told he cannot practice any more and so has retired (31st March 09). Bless his cotton socks; his final act was to summon us to court for sequestration again. We now have legal advice and he seems to be suggesting that sequestration is the best option! He doesn't seem to do anything until a couple of days before the court appearance.
Two years ago, we gave an offer of composition which the trustee totally disregarded. We asked him to forward it to our creditors, but he wouldn't. We subsequently wrote to each and every creditor making the offer and none of them objected.
Our trustee is still adding his fees to our case though! He has now sold his company, although they are still trading under the same name.
Our trustee has no interest in our property as one of our relatives paid him to discharge his interest at the start of the TD.
My TD is 5 years and £400 pm, my wife's 4 years and £300 pm. We have mad 10 full payments and so still have a long way to go.
We cannot afford these payments; my wife's TD was calculated from her income which was £560pm university bursary and family allowance for our 3 children.
I keep telling my solicitor that I do not want to lose the house as I believe we will have difficulty getting rented (we have 3 kids and 4 dogs), but he says that it's not a case of life and death. I think it is. He hardly ever answers my calls or responds to messages left by me. He has only just contacted the trustee solicitor this week to ask how much they want as an offer of composition. They have told him over £30000 (this is the sum of the remaining payments!). I aksed him if he has offered anything yet, but he seems too swept up in trying to see where we can raise the funds from. We have no chance of remortgaging as everything went to default when we signed our TD's. I could raise £12k from relatives and pay back at £250pm for 4 years, but solicitor keeps saying about sequestration.
He says it will only be for a year.
I said that we would never be able to get another mortgage.
I have life insurance and wonder......
We want to pay some back as we know the majority of this problem is of our own making, if they sequestrate us they would hardly get anything from the sale of the house so whyt don't they accept the composition offer?
If we do get sequestrated, does anyone know how long we would have to find rented accommodation?
I hope to God it doesn't come to that, but I am at my wits end.
On Monday my wife and I are due back in court fighting our sequestration. I think it's the end this time.
We each entered a TD which we have subsequently been told was the wrong thing to do.
We were advised to stop paying whilst a decision was made. April 08 was when we were first summoned to court to be sequestrated; our trustee was told by the judge to pay the expenses out of his personal finances!
Our trustee has subsequently been told he cannot practice any more and so has retired (31st March 09). Bless his cotton socks; his final act was to summon us to court for sequestration again. We now have legal advice and he seems to be suggesting that sequestration is the best option! He doesn't seem to do anything until a couple of days before the court appearance.
Two years ago, we gave an offer of composition which the trustee totally disregarded. We asked him to forward it to our creditors, but he wouldn't. We subsequently wrote to each and every creditor making the offer and none of them objected.
Our trustee is still adding his fees to our case though! He has now sold his company, although they are still trading under the same name.
Our trustee has no interest in our property as one of our relatives paid him to discharge his interest at the start of the TD.
My TD is 5 years and £400 pm, my wife's 4 years and £300 pm. We have mad 10 full payments and so still have a long way to go.
We cannot afford these payments; my wife's TD was calculated from her income which was £560pm university bursary and family allowance for our 3 children.
I keep telling my solicitor that I do not want to lose the house as I believe we will have difficulty getting rented (we have 3 kids and 4 dogs), but he says that it's not a case of life and death. I think it is. He hardly ever answers my calls or responds to messages left by me. He has only just contacted the trustee solicitor this week to ask how much they want as an offer of composition. They have told him over £30000 (this is the sum of the remaining payments!). I aksed him if he has offered anything yet, but he seems too swept up in trying to see where we can raise the funds from. We have no chance of remortgaging as everything went to default when we signed our TD's. I could raise £12k from relatives and pay back at £250pm for 4 years, but solicitor keeps saying about sequestration.
He says it will only be for a year.
I said that we would never be able to get another mortgage.
I have life insurance and wonder......
We want to pay some back as we know the majority of this problem is of our own making, if they sequestrate us they would hardly get anything from the sale of the house so whyt don't they accept the composition offer?
If we do get sequestrated, does anyone know how long we would have to find rented accommodation?
I hope to God it doesn't come to that, but I am at my wits end.
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Comments
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I have life insurance and wonder......
I wondered that at Christmas time too when our family business ceased trading after 25 years and my brother and myself declared ourselves bankrupt. I'm now in a better job, debt free (apart from mortgage), and the happiest I've been in over 5 years.
I can't help you with your financial question as I don't have enough experience of it, but no death is not a better option. Please talk to someone about your problems - friends, family, colleagues - its amazing how much support is out there when you open up.
Best of luck.BR 26th Jan 09 . . . Discharged 21/9/09 !!! :j:j:j0 -
Hi IDABO & welcome Honey. ( hope you don`t mind the abbreviation to your name)
In answer to your question, that I see is also reflected in your choice of username, please don`t even think about it.
Your life is a very dark place right now....but your wife, 3 kids & 4 dogs need you to be strong & take this situation head-on. Keep negotiating with your solicitors to keep the house...& if all else fails then find a rented. Believe me I have `been` there (still am some days:o:o) but please don`t give up...get to your GP if you need help.
There will be a landlord who will take pets....I have 3 dogs & I have moved a few times no problem. I found some agents said no & then when I asked to view they then seemed very keen to let the property & suddenly pets were allowed.
I don`t know much about Scottish system....sorry....but if you need to chat then please post or pm....someone will always be around on here.
Hugs, Angiexx0 -
Ooops....forgot to say welcome & Happy Birthday on Sunday !0
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Thank you both so much for your replies.
I just feel as though I've failed. I try to do so much for others and always end up getting shafted, so I suppose it's only to be expected.
I just can't understand why the trustee/solicitor/system would be happier to get nothing rather than something. It seems as though the creditors are only considered when I am to be rebuked for getting into this mess to begin with!
I am about to try my solicitor yet again and hope he answers this time - I left a message on his answerphone at 4.45pm yesterday and again at 9.25am this morning.
I have suffered depression before (as I'm sure most people who have experienced this will have done) and really don't want to end up back down that road. However, I feel it creeping up on me, but know that it can be resolved if this mess can be resolved.
My pride is my biggest problem, but I have hardly any of that left now; sequestration, I believe, would remove the last traces from my system!0 -
This just about sums my life up at the moment!
My solicitor has taken today off as a holiday!!! That's on top of taking last Friday and this Monday and according to his secretary, they have received no correspondance back from my trustee's solicitor!!
I think I'm the only one who cares about this - what a lovely weekend I'm going to have worrying about it all!0 -
Hi, typical of solicitors !! but hey if he`s had the day off then nothing will change before Monday so no amount of worrying will make any difference. You should resolve to have the weekend off yourself!
As for the depression...me too...it can become all comsuming so please talk to someone if it gets too much....I know that posting on here may seem like taking to strangers...which it is...but we are strangers that know what you are feeling & understand how debt can take over.
Forget the insolvency for a moment & look around you...the things that actually REALLY ,REALLY matter you can`t put a value on .
Try & focus on the future....once the debt stuff is gone...then what an amazing wealth of life you will have ahead for you & your family!!
If it gets too much then take a day out...go walking, to the park whatever....take time off from the worry ...it will help clear negative thoughts.
Angiexx0 -
....note to self....must write shorter posts!!!
Keep smiling Hun
(easier said than done but please try) 0 -
Thanks Angie.
Having the guts to post at all is the first step I feel. The fact that all of you appreciate what everyone else is going through really helps.
I just feel that my solicitor could have saved me a lot of worry by just informing me of what's going on. Even better, maybe do his job before the 'must do' time. I have no leg to stand on though and must accept that when in a glass house, I musn't throw stones! If he stops me being sequestrated on Monday and gets the other party to accept the offer, then he'll be my absolute favourite person ever! I just can't help but think that he'll be right at the bottom of my Xmas card list together with my trustee by close of play Monday!0 -
Please don't be concerned about your pride (I know its hard) - if my experience is go by people don't think any less of you as a person after BR. We still have the same circle or friends we had before BR, and if anything are closer than ever to some of them.BR 26th Jan 09 . . . Discharged 21/9/09 !!! :j:j:j0
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IsDeathaBetterOption wrote: »Thanks Angie.
Having the guts to post at all is the first step I feel. The fact that all of you appreciate what everyone else is going through really helps.
Well done & keep posting...this board has kept me going through some dark times too.
Try & get some time away from the worry...no amount of worring will change anything.
Sorry can`t help on the advice side but will bump your thread up later to see if any scottish guys about.
Have a good day.
Angiex0
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