Criteria

• Be residing in Scotland within the last year.
• Minimum debt level of £3,000.
• Not have been made bankrupt in the past 5 years.
• Must be able to afford the Accountant in Bankruptcy fee of £200.
• There are some occupations where you are restricted from going down the route of Sequestration.

Benefits

• Your creditors are no longer able to pursue you for payment.
• You will no longer need to deal with your creditors; instead the insolvency company would do this on your behalf.
• If you co-operate, you may be discharged after 12 months.
• You will only make a contribution if you can afford to do so – which is set by the Accountant
• in Bankruptcy.Once awarded you are protected from creditor action.

Disadvantages

• If there is equity in your property, there is a risk it may be sold.
• May have negative implications on your employment or job prospects.
• Any monthly disposable income you have will need to go towards your sequestration.
• Entering sequestration will have a negative impact on your credit rating, making it harder to obtain credit in the future.

You can call one of our advisers on 0800 97 88 495 or email info@debtsupportservice.co.uk to find out if you qualify for Sequestration.

Please note: Debt Support Service does not administer Sequestration.