What happens to my assets?

What you need to know

To increase the chances of creditors accepting your Summary Instalment Order (SIO) proposal you could include an undertaking to sell some of your assets.  For example, if you have a vehicle that is not subject to finance, you can offer to sell it and apply the proceeds to your debts.

Where you would like to include assets for sale, you must provide details of the assets and their current market value in your application.  If the SIO is accepted you will then have to sell the asset and pay the money to your supervisor.

Any other assets you have which are not included in the SIO remain yours.