Helppp

Jack · Joined: 28 Jan 2008 Posts: 3

I've read the information on your website with interest. I have some financial ongoing problems and i'm looking for someone to point me in the right direction Exclamation

. I live in Scotland and don't want to declare myself bankrupt Sad

I have little asset and a lot of liabilities, one of which is quite substantial. I have recently divorced, lost the case, and I have been landed with all the fees and expenses which I cannot pay.

All of this is causing me major stress, loss of sleep etc Sad

I was married for 12 years…will I have to pay the fees for the rest of my life now too?

You're help and advice will be much appreciated Smile

Thank you
Jack

Adam · ClearDebt Advisor Joined: 30 Jan 2008 Posts: 4

Hi Jack,

As you live in Scotland you are able to apply for a Protected Trust Deed or PTD.

It is very similar to an IVA in England, Wales and Northern Ireland.

A PTD is for a person(s) living in Scotland, it is a legal contract and if accepted it will stop creditors contacting you, stop them charging interest and in some cases it enables you to write of some of your debts.

A PTD typically lasts for 3 years and you need to owe more than £10,000 to 2 or more creditors.

If you were to apply for the PTD, all of your creditors would need to go into the arrangement. This includes overdrafts, store cards, credit cards, personal loans and solicitor’s fees.

I hope the information helps you in deciding which option is best.

If you require and further advice please contact us on 0800 0192 095

Regards

Adam