In 2002 I moved to Scotland with my wife who had purchased a hotel which was in her sole name. In March 2009 following difficulties with credit cards I approached Wylie and Bisset in Glasgow for advice.I had no income and no assets then. W&B came to the hotel and got me to sign a trust deed saying that this would reduce my debts from around £50,000 to £18,000 to be paid by 36 monthly instalments of £500. No other solutions were offered.I was not advised to seek independent legal advice. In April 2011 my wife sold the business for £340,000. The price was paid as to a property then worth £250,000 situated in England being taken in part exchange and £90000 being paid in cash. Due to the business debts my wife had to raise around £45,000 to complete the deal. I notified W & B change of address but heard nothing from them until December 2013 when I was served a petition for sequestration. I dispute the sequestration petition as I have lived in England since April 2011 the Scottish Court does not have jurisdiction.W & B have said that they will pursue the full debt of £50,000 plus interest against the house. When we moved here the house was put in joint names although I contributed nothing to it.It was my wife's assets that enabled the acquisition of the property. My wife disputes W & B should pursue an asset which is hers for my debts. She intends to sever the joint tenancy and it is intended that we execute a deed of trust that the property is held in trust for her. She intends to take a charge on the property (there is a first mortgage for £20,000) to protect her interest.
Can you advise : 1. Whether I should have had independent legal advice before signing the trust deed. 2. Whether other solutions should have been discussed with me 3. Does the Scottish court have jurisdiction even though I have lived in England for almost three years.
4. Can W & B register any interest at the Land Registry in respect of a Scottish trust deed?
You should certainly have been advised as to all of the options open to you when you looked into a debt solution.
You could have gone for sequestration or looked at a Debt Management Plan.
You may find it difficult now to remove your name from the house and your wifes credit rating will be affected because of the joint names.
I don't know what this firm can do as the laws in Scotland are different and would suggest that you speak to a couple of IVA companies who will be able to advise. I also suggest that you have a word at your local CAB.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant