Sequestration – The Scottish form of Bankruptcy

Sequestration is the Scottish form of Bankruptcy. You would only consider sequestration if you could no longer afford to pay your debts and would need to declare yourself bankrupt. Sequestration should be considered when you are in a financial situation where you cannot afford to pay the debts you owe your creditors. You can apply for sequestration yourself or the creditors that you owe money to can apply for you to be sequestrated.
Sequestration has its advantages and disadvantages. You will be free from debt and will no longer have your creditors harassing you with phone calls and letters. However there are many disadvantages to sequestration such as…

• Your sequestration will be made public and published in the local papers.

• You will lose control of your assets such as your home, car and possessions and some of them may be sold off in order to recover some of the debt.

• Sequestration may affect your job position

• You cannot be the director of a company

Sequestration should only be considered as a debt solution when there is no other option available and you cannot afford to make debt plan repayments. Before considering sequestration you should contact us and consider one of our debt plans such as a Trust Deed, Debt Management Plan or Debt Arrangement Scheme.

You may be discharge from Sequestration after 3 years however it will remain on your credit file for 6 years.
For more information on sequestration and to see if we can offer you an alternative debt solution call us today on 0141 433 0010 or our free phone number 0800 043 0215.