Return to Debt Remedy | OnlineDMP Login Free advice on problem debt based on what's best for you 0800 138 1111Freephone (including all mobiles) Home How we can help you Debt information and advice About us Contact us Go Home›How we can help you›Sequestration Bankruptcy Scotland i This solution is only available in Scotland. Sequestration (Scottish bankruptcy). What is it and is it right for you? Sequestration is a debt solution available in Scotland that can help you write off debt that would otherwise take many years to clear. Sequestration is a form of insolvency and may be suitable if you can’t pay back your debts in a reasonable time. Assets you own, such as your house or car, could be sold to pay off your debts. If your assets are worth more than your debts, or if all of your regular payments are up to date and you can afford to keep paying them, sequestration may not be the best option for you. Sequestration has serious implications for your future and should never be undertaken lightly. Sequestration is only available if you live in Scotland. If you live in England, Wales or Northern Ireland, bankruptcy is a similar solution, but it’s important to note that it has different benefits, risks and fees associated with it. Sequestration at a glance Benefits of sequestration Things to consider You can be debt free in a short amount of time. If you have any assets, like a house or car, these may be sold to release funds for your sequestration. All your unsecured debts are usually written off, though you may be required to make a contribution. It may have implications for your job – for instance you will not be able to act as a company director. You'll receive no further contact from your creditors. You may find it difficult to take out credit, as sequestration will remain on your credit file for six years. How sequestration works Before you can apply for sequestration you need to: Owe more than £1,500 Be living in Scotland or have lived in Scotland sometime during the last year Not have been made bankrupt in the last 5 years You can apply if you’ve received one of the following: A certificate for sequestration issued from an approved debt advisor. A charge for payment served on you and the 14 days allowed for payment have passed without you making a payment A summary warrant to recover rates or taxes and an attachment or an exceptional attachment order has been made against items you own and the 14 days allowed for payment have passed without you making a payment. Because we’re approved debt advisors we can give you a certificate for sequestration as evidence that you can’t afford to pay your debts. The fee for sequestration is £200. There are no exemptions or reductions so the full amount needs to be paid. Sequestration normally lasts for a year. During this time you can’t borrow any more credit and you must let the Accountant in Bankruptcy (AiB) know if your situation changes. They're the governing body responsible for administering the process of personal bankruptcy in Scotland. You may have to sell valuable assets such as a vehicle, but you can keep the things you need for day-to-day living. Your details will also be added to a public register, called the Register of Insolvencies (ROI), for a period of five years. Sequestration advice Making yourself bankrupt by applying for sequestration is a big step to take and requires expert debt advice. If you haven't already received advice from us and are considering sequestration, you can use our online Debt Remedy tool, which will provide you with the best solution to your debt problem in just 20 minutes. Or, if you’d prefer to speak to us, call our free Helpline on 0800 138 1111 (free from all landlines and mobiles) and speak to one of our debt advisors. Alternative debt solutions While sequestration may be the correct solution to your financial situation, there are some other options that you might want to take a look at: A debt payment programme (DDP) under the Debt Arrangement Scheme (DAS) A debt management plan (DMP) Trust deed Minimal Assets Process (MAP) Is Sequestration right for you? Get expert debt advice & a personalised debt solution FREE online debt advice 20 mins Try Debt Remedy Sequestration FAQs Will it affect my job? This depends on who you work for and your role. It’ll state in your employment contract if sequestration will affect your job or you can ask your HR department. It's also likely that you won't be able to be director of a limited company. Will I lose my home if my sequestration is granted? If there is equity in your home then you could be made to sell it. Are any debts excluded from Scottish bankruptcy (sequestration)? Yes. The following debts can’t be included in sequestration: Student loans, court/magistrates fines and on-going child support payments. Debt Remedy tool FREE personal debt advice in 20 mins Complete our Debt Remedy tool to get FREE individual debt help now Completely anonymous Personal action plan Get debt help now Returning to Debt Remedy? Contact us 0800 138 1111 Free from all landlines and mobiles Request a call back Email an advisor Why choose us? Our help is FREE We won’t charge you a penny for the help and support we provide while you apply for sequestration. Specialist advisors Our Glasgow-based debt advisors will give you all the help and support you need, no matter what debt solution is recommended. How we can help you Expert debt advice and practical debt solutions. Debt info and advice Everything you need about debt and how it affects you. Debt Remedy Free online debt advice in just 20 minutes. Existing clients We'll support you whatever your solution. About us What makes us the UK's leading debt charity. Contact us Get in touch in a way that's convenient to you. Media centre We provide leading insight on problem debt. StepChange Careers You're not just doing a job. You're making a difference. We’re rated 4.9 out of 5* Mobile website Accessibility Glossary Legal Privacy & cookies Call charges MoneyAware blog Twitter Facebook Youtube Google plus LinkedIn Helping you become debt free... "I wish to thank your staff for all the great help they gave me when I was in so much debt. They were a pillar of support to me." (Leslie, Essex) Foundation for Credit Counselling (trading as StepChange Debt Charity) is a company limited by guarantee registered in England and Wales (Company No: 2757055 ) and a charity registered in England and Wales (Registered Charity No: 1016630). Registered office: Wade House, Merrion Centre, Leeds, LS2 8NG. Consumer Credit Counselling Service (Scotland) trading as StepChange Debt Charity Scotland is a company limited by guarantee registered in Scotland (Company No: SC162719) and a charity registered in Scotland (Registered Charity No:SC024413). Registered office: 33 Bothwell Street, Glasgow G2 6NL. Authorised and regulated by the Financial Conduct Authority. *This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution. © StepChange Debt Charity 2015