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For people in Scotland struggling with unmanageable debts, sequestration may be the best option. If you’re a Scottish resident considering declaring yourself bankrupt, our friendly advisors can guide you through the options and help you take control of your finances.
Customers can get free debt counselling, debt adjusting and providing of credit information services from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service click here www.moneyadviceservice.org.uk
Simply get in touch and speak to one of our experienced Money Advisors to see if you qualify for any debt relief plans.
If you qualify for debt solution, you will then be contacted by our FCA authorised partners to discuss which options will be most helpful for you, This could be a DMP, IVA, Debt Settlement Plan, Trust Deed or other solution.
Once you have been advised of your options, you decide what you want to do. The Money Advisor service is free, confidential and no obligation.
What is Sequestration?
It is the Scottish term for Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period of time. (Scottish residents only)
To qualify, you must have debts of over £3000 and have a certificate for this debt plan. Charge for Payment or Summary Warrant. In addition you must not have been made bankrupt in the past 5 years.
During the sequestration process, a Trustee is given control of all your assets with an option to sell them in order to pay off your creditors which include:
The Trustee can also request a contribution from your income during the sequestration period.
If you think this debt plan could be the right solution and you want to know more, contact Money Advisor to speak with one of our team and see which debt plan is appropriate for you and your situation.
Call us now for confidential debt help on 0161 804 9999 or complete the form.