im going bankrupt in scotland new law out April 2008

loulou88

dalip wrote: »

Let us know if it is on there please:D


http://www.insolvency.gov.uk/eiir/IIRMasterPage.asp

IT WASNT ON THERE but it does say engaland n wales only n nothing in edinburgh gazette yet
I have read on another site that the ADMINISTATOR (equavilent to the judge for england ) will be very busy just now as lots of people have been waiting for this new law here and will be jumping on the bandwaggon to get their bankruptcy

CC_Scot

Hi LouLou

This is my first ever post and also my first visit to the site.

I too, live in Scotland and my husband and I were sequestrated on 5th August 2005, before the new laws came into effect, which means we will not be discharged until August this year.

Sequestration has allowed us to start again financially - we both had successful jobs, but I gave up mine when my youngest daughter was born as she was very ill, then two months later my husband became ill and had to give up work. We went from having a very comfortable lifestyle to living on benefits with two small children to support. Our debts mounted very quickly and with interest and charges, even if I secured a decent position, there was no way we would ever have managed to pay everything off. We were advised through CAB to seek sequestration, and at the time had around £20k equity in our property so were worried bout losing our house.

The Trustee was very helpful - they came to visit us before we signed all the paperwork, really to confirm that we were taking the correct steps. They said if a family member was able to help out with the £20k equity then we would be able to keep the house.

we had to pay around £80 each to apply for the sequestration, and like you did not have to go to court - we received a letter a few days later confirming that the sequestration had been processed and have had to send a copy of this to several of our creditors (if based outwith Scotland, many do not know what sequestration is).

The phone calls and letters stopped relatively quickly, although there were a few that were more persistent. We had to give a statement of our income and expenditure to the trustee every six months, and although I have had two promotions since Aug 2005 and my husband has a small part time job, we have never had to make a monthly contribution. That said we do not have a huge surplus income - in Scotland they allow you around £200 per month on top of your day to day expenditure in case of emergencies.

The three year sequestration period has been useful, although some people may think it seems a very long time. We are used to not having credit and trying to save for items that we need, when before they would have gone straight onto the credit card! Additionally we only have another 3 years until the sequestration disappears from our credit file, so we are already half way there.

The down side of sequestration, is not being able to tell peolpe - I told my father, my husband told his brother and we have never told anyone else. It may be shame, thinking that we have failed in some way. My husband told his mum a few months ago and she was absolutely fine - she has even given us the £20k equity so we can keep our house. It was a big step even writing on this forum....

When August comes around, it will be a huge relief - but also a lesson well learned. We will not take things for granted in future, and will certainly be more careful with our money.

I hope this helps other people facing sequestration in Scotland. i only wish I had found this site three years ago, when we were going through hell!

philnicandamy

Thanks for the info it'll help as your aware we dont get many scottish visitors so any information we can get is great

Thanks for the update

Rich08

Hello loulou
I really do appreciate you taking time to post your experience, as already stated there is so little info out there and even less experiences and virtually none on the system post april 08 so i think you ve captured a niche martket:p

There is a registry in scotland and the link is on the AIB website but to be honest ive never seen it as the link appears broken(you might hve better luck so heres the link to the page with the link)http://www.aib.gov.uk/MainNav/Services/Legislation/Duringbankruptcy/howlongbankruptcylast

Obviously you like the rest of us would prefer never having to make use of sequestration / BR laws but if it has to happen then sharing the experience at least gets some good out of it in helping others so once again a big thankyou for posting.

best wishes....Rich
Lewis???I lived on Mull for sometime and as beatiful as it is i just could nt settle to island life but glad you enjoy it

Rich08

Hello CCScot
Just wanted to thankyou for posting your experience and i do have this hope that MSE will attract more people under the Scottish system and the differences between those still under the system pre april 08 and those after are so important because of the pre 08 sequestrations continuing without change

thanks again:T Rich

So_Sad_Angel

Hi CCScot

Thankyou for sharing your situation. As Scottish Law is different then the more posts the better!!

Also Hi Rich08 ...you been away ??

Angiex

Rich08

So_Sad_Angel wrote: »

Hi CCScot

Thankyou for sharing your situation. As Scottish Law is different then the more posts the better!!

Also Hi Rich08 ...you been away ??

Angiex

Hi Angie:hello:
No not been away and still reading the posts most days but i guess i just get into my own little world of denial and having black days and get a little introverted from time to time.
Hope things are going well for you and OH

So_Sad_Angel

Rich08 wrote: »

Hi Angie:hello:
No not been away and still reading the posts most days but i guess i just get into my own little world of denial and having black days and get a little introverted from time to time.
Hope things are going well for you and OH

Rich, Knowing the feeling of black days/introverted etc...OH went BR this month...lots happening here so I sometimes come on here to relieve the pressure.... sounds odd but I know a few kind words to others helps me along my journey!!

Angiexx (possibly losing it at times!!!)

Rich08

Angie...only thing ive promised myself is that this is the last year of indecision and hopefully a turning point....just got to decide what the decision is

its not odd to gain from helping others and i think its why the forum works so well as we all try to help one another....alot of good people here
best wishes...Rich

Merry_Gentry

Thanks so much for sharing this, and looking forward to keeping up with you