Sequestration

What is Sequestration?

It is the Scottish term for Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period. (Scottish residents only)

To qualify, you must have debts of over £3000 and have a certificate for this debt plan. Charge for Payment or Summary Warrant. In addition, you must not have been made bankrupt in the past 5 years.

During the sequestration process, a Trustee is given control of all your assets with an option to sell them to pay off your creditors which include:


The Trustee can also request a contribution from your income during the sequestration period.

Advantages of Sequestration


Disadvantages of Sequestration


Sequestration Help & Advice

If you think this debt plan could be the right solution and you want to know more, contact National Debt Centre to speak with one of our team and see which debt plan is appropriate for you and your situation.

 

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