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glasgowgenie
Starting Member

1 Posts

Posted - 04 November 2008 :  12:37:04  Show Profile
I've watched some adverts on the TV saying that the company involved can freeze interest on my debts and in some cases have the debt written off. These ads also appear in the nerwspapers and I wonder if anyone has any experience of the companies and also what options there are (if any)for debts of approximately ??32k This does not include the mortgage.

Many thanks G

Vanessa Phillips
Debt Diva Expert



464 Posts

Posted - 04 November 2008 :  22:01:47  Show Profile
Hi G, and welcome to our forum. I have read your question and will get one of my fellow Diva's to answer this as soon as possible.

Vanessa
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Melanie Giles
Debt Diva Expert



555 Posts

Posted - 05 November 2008 :  00:44:31  Show Profile
There are a couple of options available to you - namely a Trust Deed or bankruptcy proceedings. Most people prefer to try the Trust Deed route, as this leaves you a little more in control of your affairs and avoids the publicity and any perceived stigma you may feel about bankruptcy proceedings.

The best thing to do would be to have a chat with an insolvency practitioner who specialises in Scottish work. I hope that my fellow Diva, Sue Clay, will be on line tomorrow to give you more specific details.

Melanie Giles is a Licensed Insolvency Practitioner with over 23 years experience of helping people to budget more efficiently or resolving their financial difficulties. Melanie is a director of the IVA Advice Bureau, a leading provider of insolvency services with specific experience of voluntary arrangements and debt management.
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Sue Clay
Debt Diva Expert



64 Posts

Posted - 06 November 2008 :  19:51:43  Show Profile
Hi G

Welcome to the forum Glasgow Genie.

I can only assume that the ads are referring to a Trust Deed - an agreement between you and your creditors to pay back a portion of your debt over a period of (generally) 3 years. The amount that you repay, and therefore the amount that gets written off at the end of the 3 years, will depend upon how much you can realistically afford to repay over that 3 year period. If you have a regular income and/or assets that you can offer to your creditors then a Trust Deed may be an option for you. Sequestration/Bankruptcy is also an option as mentioned by my colleague Melanie and both should be explored fully - which one suits you will depend upon your individual circumstances.

I note that you have a mortage (and therefore a property) but you do not say whether there is any equity. You also do not mention whether you have any disposable income or whether you are struggling to pay your debts.

You will need an Insolvency Practitioner to deal with this on your behalf; there are many companies able to help but I would recommed that you only deal with a company that has been recommended to you or one that you have researched fully. If you would like to share some more information about your circumstances then I can chat some more with you about your particular problems.

Regards

Susan Clay
Licensed Insolvency Practitioner with over 24 years experience of delivering solutions to people and business
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Antonia
New Member



21 Posts

Posted - 06 November 2008 :  19:55:46  Show Profile
Why are there different rules for Scotland Sue? Surely we are all part of the same country, and it seems a bit unfair that I have to pay for five years, when someone living in Glasgow can get away with three. Is it the same in Wales and Ireland as well?
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Melanie Giles
Debt Diva Expert



555 Posts

Posted - 06 November 2008 :  21:40:41  Show Profile
I think that Scotland have always been different - and I will let Sue answer the reasons why - but the law in Wales and Northern Ireland is the same as in England. Southern Ireland does not have IVAs at all - and it still takes 12 years to get discharged from bankruptcy down there.

Melanie Giles is a Licensed Insolvency Practitioner with over 23 years experience of helping people to budget more efficiently or resolving their financial difficulties. Melanie is a director of the IVA Advice Bureau, a leading provider of insolvency services with specific experience of voluntary arrangements, debt management and bankruptcy assistance.
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Sue Clay
Debt Diva Expert



64 Posts

Posted - 12 November 2008 :  23:04:31  Show Profile
The law is different in Scotland although recent changes in legislation has bridged the gap between Scottish bankruptcy and Bankruptcy and E&W. The Scottish rules are now more aligned with E&W.

the differences between IVAs and Trust Deeds however is not something that is necessarily written in the rule books as the law in E&W does not stipulate that it is mandatory to have an IVA for 5 years - this has evolved over the years through creditors dictating terms through the process of modification at creditors meetings. This process does not exist in Trust Deeds - creditors either accept or reject the offer made.

I anticipate that creditors focus at some stage will turn on Scotland and it they started rejecting more and more Trust Deeds - because they are only for 3 years for instance - then something may have to be done to extend that term. I think there is more chance of that happening than the IVA term being reduced!

How do you fancy moving to Scotland?!

Susan Clay
Licensed Insolvency Practitioner with over 24 years experience of delivering solutions to people and business.
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Antonia
New Member



21 Posts

Posted - 13 November 2008 :  23:57:37  Show Profile
I could be tempted - all of those hunky men tossing cabres and wearing kilts!

But seriously, could you move to Scotland say for a few weeks, find an address to use and then propose one of these Scottish deed things? If so, isn't that a loophole that lots of people could use, or do you have to show you have lived in a place for a while before you can do this?
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Trust-Deed.co.uk
Starting Member

3 Posts

Posted - 18 November 2008 :  18:10:41  Show Profile
Like with most things there are good companies and less good companies offering Trust Deeds in Scotland.

You can find reviews (and post reviews according to your own experience) on firms offering Trust Deeds at our website.

I hope you find it helpful if you decide to go down the Trust Deed path.

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Sue Clay
Debt Diva Expert



64 Posts

Posted - 26 November 2008 :  23:42:51  Show Profile
How well do you understand the law of domicility?

I have personally debated this issue with a colleague only recently and discussed a plan of organising bus trips from E&W to Scotland for a 2 week break with a Trust Deed thrown in for good measure. I am not serious - this was mentioned during the discussion but only for "illustration purposes".

You will read that to be eligible for a Trust Deed that you must "live in Scotland" however on further reading it suggests "that you must have lived in SCotland at any time within the last 12 months". This would suggest that you could live in SCotland for 2 weeks, sign a Trust Deed whilst there, and then return to your native E&W for the duration. Seems bizarrem I know.

I must admit that I would struggle to deal with this situation butif a client decided to move to E&W after signing a Trust Deed this would not place the Trust Deed in jeopardy.

I would also suggest that if your creditors thought that this sort of thing was happening they would probably object to the Deed and then you may have "blotted your copy book" if you then wanted to try the IVA.

I can receommend a holiday in Scotland however - not for signing a Trust Deed - the people are great and men in skirts cute!



Susan Clay
Licensed Insolvency Practitioner with over 24 years experience of delivering solutions to people and business.
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Trust-Deed.co.uk
Starting Member

3 Posts

Posted - 29 November 2008 :  19:37:49  Show Profile
That's enough of the "men in skirts" jokes please Sue!



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Maggie47
Starting Member



4 Posts

Posted - 01 December 2008 :  23:54:24  Show Profile
So if i live in scotland can i not do an IFA?

Mags
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Catwoman
Starting Member



12 Posts

Posted - 02 December 2008 :  23:43:56  Show Profile
The thought of "doing an IFA" is conjuring up all sorts of wicked thoughts in my mind! But seriously isn't it silly that there are diffent laws in different parts of the country - I thought this was the United Kingdom!
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Maggie47
Starting Member



4 Posts

Posted - 03 December 2008 :  23:17:47  Show Profile
What do you meen catwoman?

Mags
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Catwoman
Starting Member



12 Posts

Posted - 04 December 2008 :  10:23:41  Show Profile
Three years ago I was ripped off by an unscrupulous IFA who put me into a mortgage with an interest rate of over 9% and charged me over 5,000 in fees. I did not really understand what I was doing, and thought that mortgage people have to find the best deal there is, but I think that he was on some sort of kick back and that is what motivated him to pick that deal. Thankfully, I found a much better deal when the two year fixed rate was up - just before the credit crunch, but I think that these people are sharks and should have been strung up.
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