Consumer Money Worries - Personal Debt

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Sequestration is Scotland’s version of bankruptcy and has very similar laws as bankruptcy in England, Wales, and Northern Ireland.

Sequestration is an option available to most; however, there are alternative options to assess beforehand, such as a Protected Trust Deed and a Debt Arrangement scheme.

When entering into Sequestration, you hand over to the trustee your estate and assets you own, including your home.

The trustee is the person that manages your Sequestration and is, in turn, responsible for the sale of your assets.

What assets will be taking into consideration?

  • Cash in the bank, including savings
  • Properties
  • Vehicles
  • Life insurance policies
  • Stocks & Shares

Assets are sold to recover funds to pay the fees for the management of the Sequestration. The trustee is responsible for recovering funds to pay back to the creditors, for monies owed.

Not all possessions are taken as a part of the Sequestration, essential items such as clothing and furniture will remain with you.

In Sequestration, you can be expected to make monthly contributions into the Sequestration; this is one reason why avoiding Sequestration and assessing the option of a Protected Trust Deed is essential.

Where you enter into any financial management that results In you making reduced payments or missed/late payments for three months, your credit file will be impacted for six years.

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