Sequestration
Sequestration is a debt solution that is available in Scotland and is the Scottish term for Bankruptcy. This is a formal arrangement and is a form of insolvency designed to deal with debts that you are unable to repay with…
Free Confidential & Impartial Advice
Nationwide – Confidential – Impartial – Experienced
Sequestration
Sequestration is a debt solution that is available in Scotland and is the Scottish term for Bankruptcy. This is a formal arrangement and is a form of insolvency designed to deal with debts that you are unable to repay with within a reasonable period of time. If you have more assets than debts then this may not be an option for you.
Criteria
- Be residing in Scotland within the last year.
- Minimum debt level of £3,000.
- Not have been made bankrupt in the past 5 years.
- Must be able to afford the Accountant in Bankruptcy fee of £200.
- There are some occupations where you are restricted from going down the route of Sequestration.
Benefits
- Your creditors are no longer able to pursue you for payment.
- You will no longer need to deal with your creditors; instead the insolvency company would do this on your behalf.
- If you co-operate, you may be discharged after 12 months.
- You will only make a contribution if you can afford to do so – which is set by the Accountant in Bankruptcy.
- Once awarded you are protected from creditor action.
Disadvantages
- If there is equity in your property, there is a risk it may be sold.
- May have negative implications on your employment or job prospects.
- Any monthly disposable income you have will need to go towards your sequestration.
- Entering sequestration will have a negative impact on your credit rating, making it harder to obtain credit in the future.
Contact Us
Address
JT Maxwell Limited, Unit 1, Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
Telephone
Call free on 0800 0465 029
Free Call Back
Request A Call Back
100%
Customer Satisfaction
Still Have Questions?
Don’t hesitate to reach out to us anytime
F.A.Q.
How long does negative information remain on a credit report?
Most negative information (like late payments) remains on your credit report for six years. Some information remains longer.
A lawsuit or unpaid judgment against you stays on your report until the statute of limitations runs out or for seven years, whichever period is longer.
A bankruptcy filing stays on the report for 6 years, and a criminal conviction may stay there permanently.
Why would my creditors accept an IVA?
In accepting an IVA, your creditors will expect to get a better return than they would from any other reasonable alternative, and your payment proposals will demonstrate this to be the case. Your creditors will also benefit from knowing your IVA will be managed, monitored and supported by your Supervisor during the term of your IVA.
What to do if you’ve been made redundant and in debt
No matter your situation, if you are struggling to make repayments or find yourself in problem debt and are at risk of redundancy then it can be very scary.
When you contact us, one of our specialists will go through the money that you have coming in and going out (household budget) and then prioritise what you need to pay for. Based on how much money you have leftover each month, and whether you think your circumstances are likely to change, there will be a number of options available to you. Our Specialist will talk to you about each of the available debt options in detail, and how each option will affect your own personal circumstances which will help you decide which is right option for you.
Can I protect my house?
An IVA will protect your home and prevents creditors from taking any legal action against you and your property. You do not have to sell your home in an IVA.
About Us
Our aim here at JT Maxwell is to help change the perception of our industry. And the reason for this is simple: we passionately believe that the service which we provide is incredibly valuable, not just for businesses, but also in a personal context.
Address
JT Maxwell Limited, Unit 1 Lagan House, 1 Sackville Street, Lisburn, BT27 4AB.
Newsletter Sign Up
Sign up for our weekly newsletter today.