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Sequestration

Can sequestration provide a way out from your debt issues?

Trying to battle your way out of debt can be such a stressful experience, especially when it seems like there’s no way out at all. The good news, however, is that a number of potential debt solutions are available, and one or some of them may be appropriate to your particular situation.

 

If you live in Scotland, you may be eligible for sequestration. This is a form of insolvency that should usually only be seen as a last resort, but if your circumstances make you eligible for it then it could be your path to a stress-free future.

 

There are several eligibility factors to consider, including:

  • You need to have resided in Scotland for at least six months
  • You must have debts totalling more than £1,500
  • You haven’t been the subject of another sequestration in the last five years

 

Here at Personal Debt Support, we can take you through the whole process before applying for sequestration on your behalf. You will need to submit an income and expenses document as part of the application process, but don’t be put off by this, our friendly team can work with you to do it.

 

Sequestration isn’t for everyone, but it could be perfect for you

You should bear in mind that there will be disadvantages to undertaking a sequestration. It will affect your credit rating, for example, assets such as equity on your property will need to be released to pay off some of the debts and your name will appear on the Insolvency Register. For some people, a trust deed may be a better option, but as always we will be able to advise you on such matters.

 

Major benefits include the fact that your creditors won’t be able to hassle you by mail or phone anymore, and if you’re receiving state benefits they are unlikely to be affected. Also, as long you fulfil all your responsibilities your debts will be discharged at the end of the agreement, which usually runs for one year.

 

It goes without saying that sequestration is not for everyone. If you own your own home, this will be regarded as an asset and in some cases it may need to be sold or used as leverage to pay off some of your outstanding debts. As always, the specialists at Personal Debt Support will be able to go through the options to help you decide which debt solution will suit you best.

 

Over the years, we have helped so many people to find ways out of the debt spiral. We understand how difficult it can be when you’re struggling to make ends meet, and when your creditors never seem to leave you alone. As well as providing a sympathetic ear, we offer clear, accurate and reliable advice to help you at this crucial time, so call today and have a chat with our friendly team.

 

We’re available right now on 0141 380 0578, so get in touch soon and let’s get you back on the road to good financial health.

Do you Qualify?






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Just to make you aware, our service is completely free of charge, from information you supply we can advise you on possible solutions in which you can make your own informed decision.

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