www.iva.co.uk

Hi, Ive recently had a call saying my Scottish Trust deeds has failed, I had debt with a bank which might have failed it. I have paid 3 lots of £250 and did not expect it to fail, its taken so long to get going.
A couple of questions.. I was told by my financial advisors that FORMAL bankruptcy is the next option, What does this mean and what happens with my car and do Im get those payments of £250 back.
Thanks

if your in Scotland then you will have to apply for sequestration.

Hi Mike

The company dealing with your proposed Trust Deed should be able to advise who objected.

Do they intend to reinburse the £750 you paid?

Was your Trust Deed advertised in the Edinburgh Gazette?

I deal with Scottish debt and if you want to call me I can go through it for you.

Hi Jo,

Thanks for the reply. I contacted Thomas Charles initially and paid the first two payments of £250 to them. A Scottish company Martin Aitken (Tough Debt Solutions) then took over and i paid them the initial £250 charge, then a direct debit was set up for £250. The first payment was taken last month and only last week I was informed my IVA had failed. So have I basically paid 4 months of £250 which i could have paid my creditors for no reason?
They have sent my debtors petitions now to sign and send back.
Do i get the money back from them before i go down the bankruptcy route?

Hi
I believe that TC offer a full refund if your IVA/STD is unsuccessful,so contact them asap.
Unlike an IVA a unsuccessful Trust Deed leads to automatic bankruptcy.
Jo will correct me if I'm wrong

I would like to be able to discuss this with you Mike if possible.

I am available today at any time if you want me to PM you my mobile number

Mike, give me a call on 0800 043 6444 so i can talk you through it.