Going round in circles

Reidy1982

Morning everyone,

Well last week i decided to finally bite the bullet, from talking to various people here in forum i knew it was time and to go for a debt solution of some kind to get my life sorted.
Just one problem i seem to be going round in circles. I looked at all the different options and contacted a few for advice on trust deeds and so on and dmp.
I got a call from someone about trust deeds this morning from a lovley gentlemen who was so nice about it all made me feel very settled when talking to him about my debts. I normally end up crying my eyes on when i talk about the mess ive got myself in. He spoke to me for a while about it all and he said maybe a few of the debt solutions i had opted for advice on even a trust deed weren't the best options for me as i was on such a low income and he thought in his personal opinion i would even struggle to make payments. He told me it as he saw it and i think i was more greatfull for that saves me trying to basically kid myself i can do this. Not that i'm giving up i ran up this debt i am going to fix it somehow.
He did however mention he thought a LILA Maybe is a better option low income low asset sequestration????. He tried to explain it to me but it was a lot of info and well it didn't all sink in. He said it was somthing like bankruptcy? or maybe i picked him up from maybe it was similar but not actual i still pay it up or somthing. Sorry it was first thing this morning and i had not long taken painkillers at the time so i was little slow on information intake. Can anyone tell me what this is? the man said he would forward me emails with information but ive not recieved them yet but would like to find information about this to see what its about as i feel as though i am going round in circles now.

Tixy

Hi Reidy

There is a bit of info on LILA bankruptcies here http://www.nationaldebtline.co.uk/scotland/factsheet.php?page=01_bankruptcy#chapter4 which details the qualifying criteria etc.

PLus a couple of thread on the bankruptcy forum - not sure if there may be anything on these that might be useful
Anyone any experience of LILA in Scotland?
Can anyone advise me about a LILA?

Reidy1982

Oh right So i did pick him up right it is a form of bankruptcy.. was hoping not to really go that way as i feel as though it just a way of me getting out of it so to speak and i want to deal with it and not hide under rock and hope it all goes away but i guess if its my only option there not a lot i can do. My only worry to this is the tv my dad bought from my catalogue for my mum as a gift before he died as there is still some to be paid off on that. I dont know how that would work in the asset region.
I did write a letter to the company explaining this because my mum is on a low income and would struggle to pay the tv. I was told since the tv is now a yr old and no longer in my posession it isnt actually classed as my asset but i dont know if thats right. I wrote that letter to the company a month ago but neither me or my mum recieved anything back about it.
Would i be better writing this on the bankruptcy forum???

cappuchinokid

I think if there is a chance you could go bankrupt (it looks like you are in Scotland so I'm not clear on the details of how to apply there) then you should.

If you haven't phoned National Debtline Scotland yet, then you should as they will be able to answer the worries about the car and the TV.

Please, please, think of yourself, I really do think it would be best for you. No more stress and hassle of just trying to survive and dealing with creditors. Re-read what I said on your previous thread about benefits, survival and guilt.

Yours is not a situation where you have blown money on frivolities and now want to use insolvency to run away from it all. People who have gone bankrupt often talk of the relief it brings and that they never want credit ever again. You can't carry on as you are and your health and wellbeing has to come first. Bankruptcy was put in place for people like you, who are overwhelmed with debt and with no realistic way of paying it back. You have nothing to feel guilty about and it is the way to deal with it all. I know it is a hard decision to make but I don't think you will regret it.