Sequestration is a debt solution that is available in Scotland and is the Scottish term for Bankruptcy.

 This is a formal arrangement and is a form of insolvency designed to deal with debts that you are unable to repay with within a reasonable period of time. If you have more assets than debts then this may not be an option for you.

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Our team will help you find the right solution for your financial problems

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.