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Sequestration

A way of dealing with extreme debts.
The Scottish legal term for Bankruptcy.

Introducing Sequestration

At Trust-Deeds.co.uk we believe that in most cases, declaring yourself bankrupt or sequestration should be only be used as a last resort.

If you cannot therefore pay your credit commitments then sequestration may well be the correct option for you. Alternatively, other solutions such as a protected trust deed or debt management plan, offer different routes to help pay back your creditors without having to declare sequestration and will not have the same damaging effect on your credit history.

Do you qualify for Sequestration?


See if you Qualify

Advantages

Here are some of the key advantages to declaring Sequestration.
Don't forget to check the Debtor’s Guide for further information

Less hassle

Advantage

Rather than deal with aggressive phone calls and letters yourself, let Trust-Deeds.co.uk take the strain and deal with them for you. A creditor must not approach you for money once sequestration is in place.

Pay only your Trustee

Advantage

No more further payments to your creditors but you may have to pay any disposable income to your Trustee.

Just 12 months

Advantage

You will normally be discharged from your sequestration 12 months after the date it was awarded.

Fresh start

Advantage

Know exactly when you can make a fresh start, free from debt


Disadvantages

Don't forget to check the Debtor’s Guide for further information

Valuables

Disadvantage

Any valuable assets, including endowment policies and your home may have to be released for the purpose of your creditors.

Obtaining credit

Disadvantage

Until you have been discharged from sequestration, you will struggle to obtain any credit over £250

Your Job

Disadvantage

You may not be able to act as a company director after sequestration

After Sequestration

Disadvantage

You will find difficulties in obtaining credit after being discharged from your sequestration and it can affect your credit rating for 6 years.


Essential Reading

Insolvency Service In Debt Guide