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Rinskil
Contributor

8 Posts

Posted - 10 September 2019 :  13:42:37  Show Profile  Reply with Quote
Hi,
My husband has gone through sequestration and has now come out the other side. He had to do this due to a property in Rep of Ireland which was in joint names. At the time he was going through it I was advised not to do anything (I was a stay at home mum) until the house was sold by the bank. This was done at the end of last year and now the bank are asking me to pay the balance. I contacted our accountants and they have told me they can do nothing for me as I'm not working and to do nothing and hope they leave me alone!!! Family have said to wait and see what happens with Brexit but I don't like having this hanging over me. What should I do?
Kind regards

pingpong
Advanced Contributor

131 Posts

Posted - 10 September 2019 :  13:49:32  Show Profile  Reply with Quote
If it was in joint names then they will come after you for the other half.

If you don't work a MAP (formerly LILA) sequestration might be an option but is subject to the following

Debts of at least 1,500, but not exceeding 17,000
Total assets must not be worth more than 2,000, with the value of individual assets being less than 1,000 (an exception being a car, which can be worth up to 3,000)
Applicants must live in Scotland but not own their own home
Money advice must be provided by an recognised expert who guides the application process
There is no disposable income available to repay debts, or the debtor has been in receipt of certain social security benefits for a minimum period of six months
Sequestration must not have been awarded during the previous five years
The debtor must not own any land

I am sure one of the advisers will be able to help more. Have you been to your local CAB?
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Rinskil
Contributor

8 Posts

Posted - 10 September 2019 :  14:00:46  Show Profile  Reply with Quote
I can't do that as the amount they are looking for is well over 17,000. I think I will just have to go for full sequestration.
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TDA (Debt Adviser)
Trust Deed Expert



13056 Posts

Posted - 10 September 2019 :  14:01:26  Show Profile  Reply with Quote
Hi Rinskil,

How much do you owe in total?

Do you own any assets?

What's the logic behind the Brexit suggestion please? I'm not really following why this might be important.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Rinskil
Contributor

8 Posts

Posted - 10 September 2019 :  14:17:30  Show Profile  Reply with Quote
Its because the property was in Ireland. I don't own any assets and own 250,000, we handed the property back 5 and a half years ago and I have heard nothing from them until recently.
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TDA (Debt Adviser)
Trust Deed Expert



13056 Posts

Posted - 10 September 2019 :  14:41:27  Show Profile  Reply with Quote
Thanks Rinskil.

If you don't currently have any income or assets, sequestration does seem like it might be the only way to deal with your debts at the moment. You should certainly take personal advice before going ahead with this though.

Is there a prospect that you will live in the Republic of Ireland in the future?


Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Rinskil
Contributor

8 Posts

Posted - 10 September 2019 :  14:51:12  Show Profile  Reply with Quote
No I can't see it happening, have been living her almost 10 years now.
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TDA (Debt Adviser)
Trust Deed Expert



13056 Posts

Posted - 11 September 2019 :  10:32:32  Show Profile  Reply with Quote
If anything, I'd say that it's likely that wider protection would be achieved by dealing with the debt before Brexit goes ahead.

All speculation of course, given nobody knows when/if/how this all plays out.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



3777 Posts

Posted - 11 September 2019 :  14:20:43  Show Profile  Reply with Quote
Do you think your circumstances are likely to change at some point, Rinskil? The "do nothing" route is an option, but if you are likely to start work or inherit any assets or anything like that in the future then it may be best to look at bankruptcy now and be discharged from liability prior to any such changes happening.

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Rinskil
Contributor

8 Posts

Posted - 13 September 2019 :  11:35:38  Show Profile  Reply with Quote
Hi Kevin,
I am currently looking for work (part time). I don't like the idea of "do nothing" route as it will always be at the back of my mind. Yes I will be due to inherit something but hopefully not for a long time.
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Kevin Mapstone
Trust Deed Expert



3777 Posts

Posted - 17 September 2019 :  12:54:19  Show Profile  Reply with Quote
If you do go down the bankruptcy route and then subsequently start working, even part-time, then your trustee will have to assess your new circumstances and may ask for a monthly contribution from your income towards the debts for up to 4 years from the date of your bankruptcy being awarded. It should never be set at more than is reasonably affordable though.

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