im going bankrupt in scotland new law out April 2008

loulou88

I am gratfull for this message thanks
I have still not heard anything still waiting for post everyday to see if I am bankrupt
The wait is awfull
Your right the shame is terrible
My parents split up 25 years ago, Im close to my dad but have not been able to tell him I dont want to make him ashamed, silly I know. My mum who I am not close to at all, I told. She has been great which suprised me I think I was able to tell her as her opinion did not matter as much as my dads.

I am a single parent living 12 miles from town and 6 miles from work. Yes I work part time 20 hours and live off my wage and tax credits. I dont have £200 a month left when Ive paid my rent etc. so dont think ill pay a contribution either but who knows ill just have to worry till i know

thanks for you post ill keep you all informed

CC_Scot wrote: »

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!

loulou88

Hi all,
posted off my application 2 weeks ago and still dont know if n when im bankrupt the waiting is awfull so unsure but im sure its better than the court method.

NO POST FROM ADMINISTRATOR

DAY 14 FROM POSTING OFF APPLICATION

coolcait

Hi there

I'm really sorry you're still waiting to hear about the BR - it must be really stressful for you. Would it be worthwhile giving the Accountant in Bankruptcy a ring and asking them where your case stands? I know they might not be able to tell you, but it might be worth a try.

Good luck anyway!

addicted_to_plastic

My husband and i are in a similar situation, our forms were posted to the accountant in bankruptcy on the 8th of May ...still no post!!!!!!!!!!
I've checked the Edinburgh gazette website every day for 2 weeks it seems to be updated on a Tuesday and Friday.
I was told it would take 7-10 days.

loulou88

so its not jsut me i was worried mine had been lost in post. That put my mind at rest a little tha:beer: nks

loulou88

after reading a thread on here I finally bit the bullet and rang the administrator to make sure they had recived my apllication. Very nervously rang and a lovely lady answered and said although they were very busy due to the 1st april law she would check to make sure they had recived it.

YES! They have recieved my appilcation but it has not been processed and so far has not yet been granted.

I have to ring back next week.
so I'm not bankrupt yet :eek: :eek: :eek: :eek: :eek:

MORE WAITING MORE SLEEPLESS NIGHTS:eek: :eek: :eek: :eek: :eek:

Eternal_Optimist

Hi Lou,
Hope you get word soon, at least in England you are told then and there.:T I've read a bit more about LILA and it does seem a pretty straightforward route if you meet the conditions.:D I'm sure the delay is probably just because the AIB have been innundated with applications since the beginning of April. Easier said than done I'm sure but take care of yourself in the meantime, try and rest even if you can't sleep much and focus on the knowledge that it will all be over soonish and you wont have the worry of your debt hanging over you any more.:j

addicted_to_plastic

hi loulou,
you've put my mind at rest too.
If i don't get the letter in the next couple of days i'll be brave and phone them.
Thanks for keeping us up to date with your progress, i'm also new to the forum.

loulou88

your very welcome "addicted to plastic" it helps me to have a good old moan on here as much as it helps you.
Good luck

loulou88

HELLO AGAIN EVERYONE
Well its been 22 days since i went to c.a.b.(citizens advice bureau) and filled in forms paid my money and they posted my bankruptcy application.
I rang the administators office today (tried yesterdqay couldn,t get through they very busy). The lady told me my file is now with a caseworker and when the caseworker has looked at it I will then be sent a form 17 to fill in (i think this is the incoming and outgoing form) Only when they have recieved this back from me will I be made bankrupt IF I qualify.

A FEW POINT OF MY VIEW
1st. I'm glad my file has now gone to a caseworker, this makes me feel I am getting somewhere.:j

2nd. Why does it take so long. I have to wait for form 17 in post then fill it in then post it back, why DO THEY not give this out with original application form. Save time and stamps

3rd. Why would I not qualify? ? I think the lady meant that I had to prove I am on low income as I have applied for the low income low assets route.

4th. I asked how long this all takes and lady said there is no time limit on this system at the moment as it is a new system.:eek: I could be waiting ages.

So that is me for a while longer waiting. I am feeling more at ease now I would go as far as saying I feel at peace with myself no more running away no more hiding and dreading post and letters. I'm actually feeling proud that I have taken a step to sorting my debts out. :T
I have resigned myself to thinking that no matter what they throw at me I know it is better than the past. So bring it on, i'm emotionaly ready:cool: .

A little note for all thoses thinking of bankruptcy or going through it remember they can take your possesions but they can't take your self respect so hold your chin up high and be proud to be sorting your debts out.