Sequestration is the Scottish term for bankruptcy. The principal effect of sequestration is that your estate must be handed over to a Court appointed Trustee. The Trustee is appointed to realise your estate for the benefit of your creditors. If applicable, you will be expected to contribute any surplus income generated from your employment over the period of sequestration, which will be a minimum of three years.

When the Trustee has realised your estate, and provided that you have complied with any request to contribute surplus income, your Trustee will settle the fees and  expenses of the sequestration process, pay any surplus funds as a dividend to your creditors and apply for his discharge.

• Your creditors will no longer be able to pursue you or take action against you to recover what you owe.
• You will not have to make further payments to your creditors.
• You may expect to be discharged after three years and will then be free of debt.

• If you own any valuable assets, including endowment policies, these will usually have to be sold.
• If you are in paid employment you may have to make a regular contribution.
• If you acquire any money (wages and pension proceeds excluded) or property after the date of your sequestration and before the date of your discharge, you may have to surrender these to your Trustee.
• It is unlawful to incur credit of more than £250 whilst sequestrated unless you tell the lender that you are an undischarged bankrupt.
• You are not allowed to start up or be involved in the day-to-day management of a limited company.
• You are not allowed to act as a member of parliament, and there are certain other restrictions, such as acting as a member of any local council or school boards, etc.
• Your sequestration will be advertised in the Edinburgh Gazette and may be noted by credit referencing agencies. You may have difficulties in obtaining credit after your discharge.

Debt consolidation is the process in which debt is restructured into one low affordable amount which you agree to pay. At DebtFC we offer a range of debt consolidation options Scottish protected trust deed, individual voluntary arrangement (I.V.A), remortgage, debt management plan, homeowner loan, sell and rent back or perhaps bankruptcy (sequestration in Scotland) our experienced debt consolidation team, will discuss your options and provide you with free debt help and debt advice on how to deal with your debt problems. We are based in Livingston, West Lothian, Scotland but help people throughout the UK.

If you recognise any of the following symptoms... then you need our debt help!

Credit card debts, missed loan repayments, creditors phoning, debt collectors, bailiffs, County Court judgements, bankruptcy, insolvency, mortgage arrears, repossession, robbing Peter to pay Paul, not opening the mail, afraid to open the door.
Our debt consolidation team will show you the options that you have available to get out of debt with one reduced, affordable monthly payment. For a NO OBLIGATION, FREE CONSULTATION, call or send the contact form for some friendly, free advice.