Speak to Personal Debt Support about Sequestration

At Personal Debt Support, we understand all of the stresses and worries that can arise from falling into financial difficulty. As the bills begin to pile up and the persistent phone calls continue, it can be different to know where to turn in your time of need. It’s important to remember that expert advice is out there should you find yourself in this situation at any moment in your life.

Many people are not aware of debt management solutions that are available to them. That’s where we can help. We can present the most suitable options for your financial circumstances to help you take back control of your debt.

In Scotland, Sequestration is a form of insolvency and may be suitable if you can’t pay back your debts in a reasonable time. Assets you own, such as your house or car, could be sold to pay off your debts. If your assets are worth more than your debts, or if all of your regular payments are up to date and you can afford to keep paying them,  it is important to consider that sequestration may not be the right solution for you at this time.

When looking into Sequestration, it’s important to know all of the benefits and risks associated with this.

Benefits

  • You can be debt-free in a shorter period of time
  • All your unsecured debts are usually written off, though you may be required to make a contribution
  • You’ll receive no further contact from any of going ongoing your creditors
  • Your creditors can’t contact you to chase you for the money you owe them
  • Most of your unsecured debts are included in sequestration

Risks

  • If you have any assets, these may have to be sold in order to release funds for your sequestration
  • It may have direct implications on your current job
  • You may find it difficult to take out credit,  due to the fact that sequestration will stay on your credit file for six years

For more information about Sequestration, contact Personal Debt Support to speak to one of our specialist advisers to see what we can do for you.

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Speak to Personal Debt Support about Sequestration
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Speak to Personal Debt Support about Sequestration
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