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| The independent answer to your debt problems | login join |
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jocktamson
| 22-05-2007 09:32 AM |
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Joined: 17 May 2007 Posts: 2 | Can someone help me? I have just heard from my IP that two of my creditors have objected against my trust deed. My IP said that I can petition for my own sequestration. Should I do this? What are my options, I sort of forgot/bamboozled by what my IP was saying and didn't take it all in. I don't want to call her just now as she'll think I am a numpty. JT |
| DW George | 22-05-2007 09:48 AM |
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Joined: 01 May 2007 Posts: 174 My Profile | JT I'm sorry to hear about your PTD failing. Was there a reason for the two creditors objecting to it? Your options now are;- 1. If the owe more than £1500 and have not been made bankrupt in the last 5 years you can petition for your own sequestration. If you are not sequestrated, the trust deed can still run without protection. However, the creditors who objected can still petition for your sequestration. 2. You can try and debt manage your way out of the situation if you can convince your creditors that your financial situation is temporary and it will improve. I hope this helps and no you are not a numpty. All this is quite new to you and can be overwhelming at times. Good luck and lets us know how you get on. G |
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jocktamson
| 22-05-2007 10:20 AM |
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Joined: 17 May 2007 Posts: 2 | You're right George, I am bewildered by it all. Sometimes I feel all stressed out that I don't seem to take anything in. I'll phone my IP later on and discuss what's the next step. Fore-armed is forewarned. Cheers JT |
| James H | 27-05-2007 04:33 PM |
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Joined: 27 May 2007 Posts: 32 My Profile | If your Trust Deed is not protected sequestration isan option which your Trustee will legally have to consider. They must act in the best interests of the main body of yourcreditors and sequestration may well secure the best dividend to your creditors. Speak to your Trustee as they may well be taking steps to sequestrate anyway. The harsh truth is that they can make money from your sequestration as they could from your Trust Deed. If, after talking things through with your Trustee, sequestration is your / their chosen option, ask if the Trustee will sequestrate you. This will save you a little worry and inconvenience as well as the £63 court fees. |
