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Posted: Sun Dec 31, 2006 2:51 pm
by julie.hastings
Hi I'm employed and have a mortage but am overcommitted with
unsecured lending which I cannot find a solution to, I live in
Scotland is there something I can do?
Posted: Sun Dec 31, 2006 3:44 pm
by neverending
Hi
I am sure that there is something that can be done to help you and as you are living in Scotland the insolvency laws are slightly different.Speak to a company on this forum and seek their advice.
Regards
Posted: Tue Jan 02, 2007 4:08 pm
by Oliver
Like in England, there are various options to solving debt problems for people in Scotland. The Scottish equivalent of Bankruptcy is called Sequesition and the equivalent of an IVA is called a Scottish Trust Deed. As the Insolvency Laws are slightly different in Scotland both the aforementioned are slightly different to their English counterparts. For example a Scottish Trust Deed runs for a maximum of 3 years rather than five, votes are always registered by post with a non reply constituting a yes, only 50% of your creditors need say yes to have the Trust Deed legally binding on everyone. If you are a home owner there is no minimum dividend that you need to provide to your creditors but every penny of equity you have in your house must be provided for your creditors. If you are not a home owner the minimum dividend must be £200 per person.
We work very closely with an excellent Scottish Insolvency Practitioner Firm, please feel free to browse our website and then contact us so that we can put you in touch with them.
Best Regards
Oliver
Thomas Charles Ltd: Experts in all things IVA
www.thomascharles.com