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Sequestration
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Sequestration maybe suitable if you live in Scotland and your debts are so unmanageable you'd never realistically be able to pay them off.
A Scottish solution
Sequestration is the Scottish equivalent of Bankruptcy and is only available if you currently live in Scotland, or have lived in Scotland within the last year.
Conditions for Sequestration
You must owe more than £3,000 and cannot have been made bankrupt in the last 5 years.
Sequestration fees
The Accountant in Bankruptcy (AiB) charge an admin fee of £200. There are no exemptions or reductions so the full amount needs to be paid.
Payments under Sequestration
You will only have to make payments towards your unsecured debts if you can afford to do so. When you're discharged (usually 12 months), your outstanding debt will be written off so you can make a fresh start.
If you can afford it, You may also have to make affordable payments towards your debt for an additional 36 months.
Answer a few questions online, find out if Sequestration is right for you
Quickly find out if Sequestration is right for you
Sequestration is available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing services are provided. Our fees are explained here.
To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
You'll receive no further contact from your creditors
What will happen during Sequestration...
Sequestration can have serious implications for your future and shouldn't be undertaken lightly
Answers to common Sequestration questions
Will it affect my credit history?
It will have a serious effect on your credit rating for up to 6 years and will appear in the publicly available Register of Insolvencies.
You will not be able to obtain more than £2,000 in credit at any time unless you declare to the lender that you are bankrupt.
Will my home be at risk?
If you're a homeowner, you will be expected to release any equity in your property to help repay your debts.
Will it affect my job?
It could also have an impact on certain types of jobs, for example, if you're a company director.
For further information about Sequestration Read more...
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