Impending Sequestration

Jim79_2

Hi Everyone,

I'm new to the forum and I've read some excellent advice given out here to help with the sequestration that we may be applying for soon. Thank you everyone who has taken the time to reply to stuff in this thread as there will no doubt have been a lot of people like me who have read it and not been registered to thank you all for it.

Anyway, we are considering applying for sequestration, mainly due to my debts and issues my wife and I had when we got together (mainly due to my past constantly catching up with me). To cut a long story short the VRA we signed on our house adding 22k debt onto the pile with no assets was the straw that broke the camels back. I have 3 main questions. If someone would be kind enough to help.

1) We pay some of our debt but not all (its not possible to pay it all), can we also include debt we can't pay that is shown on our credit file? That will probably be the debt that would prove we simply can't get out of the hole we are in.

2) My wife has a provident/greenwoods personal credit account, Ive heard some horror stories with these guys showing to employment, home visits etc. Has anyone had any serious issues with them?

3)Finally, we understand the industry uses a CSF calculator to decide how much of your salary they get left with by the IP. Has anyone had any experience of this? We are terrified they will leave us with hardly anything on a monthly basis.

Like I said, thanks to people on here I have a basic grasp of the process now prior to heading to cab, just hoping for some info on these questions as well.

Thanks in advance.

Flm67

Didn't want to read & run.

1. All debt should be included.

2. Once you're sequestrated theses companies are not allowed to approach
you.

mill1980

Jim79 wrote: »

Hi Everyone,

I'm new to the forum and I've read some excellent advice given out here to help with the sequestration that we may be applying for soon. Thank you everyone who has taken the time to reply to stuff in this thread as there will no doubt have been a lot of people like me who have read it and not been registered to thank you all for it.

Anyway, we are considering applying for sequestration, mainly due to my debts and issues my wife and I had when we got together (mainly due to my past constantly catching up with me). To cut a long story short the VRA we signed on our house adding 22k debt onto the pile with no assets was the straw that broke the camels back. I have 3 main questions. If someone would be kind enough to help.

1) We pay some of our debt but not all (its not possible to pay it all), can we also include debt we can't pay that is shown on our credit file? That will probably be the debt that would prove we simply can't get out of the hole we are in.

2) My wife has a provident/greenwoods personal credit account, Ive heard some horror stories with these guys showing to employment, home visits etc. Has anyone had any serious issues with them?

3)Finally, we understand the industry uses a CSF calculator to decide how much of your salary they get left with by the IP. Has anyone had any experience of this? We are terrified they will leave us with hardly anything on a monthly basis.

Like I said, thanks to people on here I have a basic grasp of the process now prior to heading to cab, just hoping for some info on these questions as well.

Thanks in advance.

I take it your in Scotland as you said sequestration?I have been made bankrupt in Scotland therefore sequestrated and in relation to questions 3) in Scotland they seem to use the same figures that stepchange would recommend in income/expenditure so if you have living costs, childcare, travel for work including a car (petrol, insurance etc) all these you should include costs for, same for money for school dinners if you have kids, mobile phones, tv contacts and so on and so forth. I didn't have a insolvency pratictioner so when I applied to the Accountant in Banruptcy in Scotland they allocated an IP to act as my administrator and they have been brilliant. To be totally honest the Scottish version of bankruptcy and everything that goes with it does not to seem to be a strict or restrictive as England and wales it really is very different.


in any event it is always better to get money advice before making the application. Stepchange can provide you with a certificate of apparent insolvency also free of charge so its worth speaking to them first and going through your income expenditure with them. but maximise your outgoings based on living expenses/costs and do not leave yourself short, then when you apply for sequestration use the same figures for your IPA if indeed you have any surplus left!


Hope that helps