Sequestration is the Scottish term for Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period of time. To qualify for sequestration, you must have debts of over £3000 and have a certificate of Sequestration, Charge for Payment or Summary Warrant. In addition you must not have been made bankrupt in the past 5 years. There is an application fee of £200 to qualify for sequestration.
During the sequestration process, a Trustee is given control of all your assets with an option to sell them in order pay off your creditors.
- Your car
The Trustee can also request a contribution from your income during the sequestration period.
If you think that sequestration could be the right solution and you want to know more – contact Creditfix to speak with one of our advisers and see what’s best for you and your situation.
Call us now for immediate and confidential free debt advice on 0808 208 5198 or complete the form. We can start to work through our debt problems as soon as you contact us.
- If you cooperate, you may be discharged after 12 months.
- Once awarded you are protected from creditor action.
- You will only make a contribution if you can afford to do so – which is set by the trustee /Accountant in Bankruptcy.
- If there is equity in your property, there is a risk it may be sold.
- May have implications on your employment or job prospects.