Sequestration is a solution that can help you write your debt off in full that would otherwise take years and years to clear.
Sequestration is a form of insolvency and is a formal arrangement. This solution may be the best option if you can’t pay your debts pay within a reasonable timescale.
You can only consider sequestration is you owe more than £3000. And have not be made bankrupt in the last 5 years.
This solution is only available for residents in Scotland the equivalent in the England, Wales and Northern Ireland is called Bankruptcy.
|Creditors are not able to contact you and chase you for monies owed.||Your credit rating will be affected for at least 6 years.|
|All your debts may be completely written off, although in some cases you may be asked to make a contribution.||Sequestration may have an impact on your employment. It’s important you check with your employer before you consider this solution.|
|Sequestration will allow to gain control of your finances also a fresh start.||Your Vehicle may be at risk if the value exceeds £3000.|
|The Insolvency Practitioner will contact and liaise with the creditors on your behalf.||You will not be able to act as a company director until you are discharged from the sequestration.|
Debt Advice UK in-house insolvency practitioners do not appoint Sequestrations these would be passed to an insolvency practitioner’s in Scotland who would handle your case. In this situation debt advice UK may receive a fee for the referral.