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| The independent answer to your debt problems | login join |
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charlie
| 16-08-2008 09:28 AM |
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Joined: 16 Aug 2008 Posts: 1 | Hi I am very new to all this. At the moment my husband and I have around £55 thousand pounds of debt (not including our mortgage) I spoke to a financial advisor who put me in touch with an IP. He is suggesting we start the bancrupty process (we are in Scotland) . It seems very scary so I have been trying to read up on it to find out how this will effect my husband and I in the future. I can't seem to find out how this will effect our credit history or rating other than it will be bad and will last some time. Does anyone know any specifics? Also does anyone know if bancruptcy shows up on a disclosure scotland check for any jobs I might apply to in the future? Any info would be really appreciated. Thanks |
| DW George | 16-08-2008 11:32 AM |
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Joined: 01 May 2007 Posts: 186 My Profile | Morning charlie and welcome to the forum. Insolvency will have a detrimental effect on your credit score. If you enter into a Protected Trust Deed or sequestration it will stay on your credit file for 6 years. After that it will drop off, however, you may have to declare your sequestration/bankruptcy on some mortgage applications. Have you look at other options to insolvency. There is a little know procedure called Debt Arrangement Scheme, (DAS) which is a formalised debt management plan which gives you the same protection from creditors as a Protected Trust Deed. Under DAS you commit to paying off the entire debt and the interest is frozen. With respect to disclosure Scotland check, it is my understanding that it reveals any criminal convictions you have. Unless a post specifically excludes discharged bankrupts you don't have to worry about bankruptcy. Hope this helps. George |
