Author Topic: Sequestration Scotland - Monies left to live on query?  (Read 14513 times)

Schmuz

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Sequestration Scotland - Monies left to live on query?
« on: Jul 09, 2015, 02:52:48 PM »
Hi there - really hope someone can help me with this one.


I am in the process of applying for Sequestration.


I completed the Bankruptcy Pack and am currently collating all the required paperwork to go with it.


There is a section in the Pack that asks you to write down all your living costs (without any of your current debts) and I have been told that even though you are honest, you can be told that certain living costs will not be allowed - is this true?


Also, once I total all my living costs (without my current debts) the amount comes to £110.00 left per month.  I understand that this amount is then paid to all of your creditors over the period of your sequestration, 4 years.  Can I be forced to pay more, given that I may be told that certain living costs I have listed will not be allowed?


If there is a limit to living costs, why ask these to be completed in the application?


It's all really confusing as what is the point of declaring yourself bankrupt if monies are taken from you forcing you into another financial meltdown, i.e. not being able to live  :-\


To say I'm scared is an understatement, but due to the mess I am in, Sequestration is the only option available to me.


Any info/advise is greatly appreciated.


Thank you.