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For people in Scotland struggling with unmanageable debts, sequestration may be the best option. Sequestration is the Scottish equivalent of Bankruptcy, a formal arrangement to deal with debts that you are unable to repay with within a reasonable period of time.
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
You can find. Government guidance on dealing with your creditors here.
Sequestration is the Scottish equivalent of Bankruptcy. You must owe more than £3,000 to your creditors and be unable to pay your debts.
Assets you own, such as your house or car may be sold to pay off your debts. You may also be required to make payments for up to 4 years.
Sequestration may have serious implications and the decision to enter sequestration should not be taken lightly.
Please be aware that lenders are not obliged to accept less than contractual, payments or to freeze interest and charges. This may result in an increase in the total, amount repayable and may affect your credit rating.
If you think sequestration could be the right solution for you, or wish to avoid sequestration, The Money Group Ltd may be able to help you today.