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.
Sequestration is a debt solution that is available in Scotland and is the Scottish term for Bankruptcy.
Speak with one of our friendly debt advisors on 0800 97 88 495
We are on hand to provide live support, simply click the message button to start a conversation
Our team will help you find the right solution for your financial problems
- 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.
- 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.
- 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 firstname.lastname@example.org to find out if you qualify for Sequestration.
Please note: Debt Support Service does not administer Sequestration.