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T O P I C R E V I E W
Bans
Posted - 12 May 2011 : 15:33:04 My daughter and her partner owe just under £10 000 to various creditors. The partner owes about £5550 in his own right and the remaining £4500 or so is 'joint'. After speaking to a local council Money Advice team, they are advised to go for Sequestration.(We're in Fife, Scotland). The partner is extremely keen but my daughter (and I!) are not as we feel it may be an easy 'out' at the moment but the consequences can be long lasting. For instance, she did accounts at college and once her son is a little older, she hopes to continue this but if bankrupt cannot be a chartered accountant. I understand the partner can inform credit reference agencies of the separate debts which should protect my daughter's credit rating but I wonder if this really works in practice. Are we right to be wary of sequestration and if the partner does go ahead in his own right, can you advice any other measures we can take to protect my daughter's interests and previously reasonable credit rating. Appreciate any help you can give - B
1 L A T E S T R E P L I E S (Newest First)
Blackie
Posted - 12 May 2011 : 20:01:13 Dear Bans
Sequestration is not all that easy in Scotland as you cannot sequestrate yourself unless a creditor has started legal action against you. If you telephone the Accountants in Bankruptcy who are the government body dealing with sequestration in Scotland. Unless your daughter is included in the Sequestration, her future will not be affected by your Sequestration. Your daughter's credit rating should not be impaired unless any of her debts are to be included.
Your debts are pretty low and perhaps you should consider another option and enter some sort of debt management plan.
Your partner's debts are his responsibility but the joint debts are both your responsibilities.
Hope this helps but do come back if you need any further information. all the best
john Blackadder Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
