Bankruptcy

Write Off Up To 80% Of Your Debts

  • Stop & Remove Wage Arrestments
  • 1 Low Affordable Monthly Payment
  • Freeze Interest, Stop Charges
  • Protect Your Home & Car
  • Government Legislation
Check If you Qualify

Permission for Positive Debt Solutions to contact me by:

* Subject to creditor acceptance * Payment subject to individual circumstances * Credit rating may be affected * Fees apply, subject to individual's circumstances. *This is for TD's/ IVA's

The advantages of sequestration are as follows

  • Creditors will not be able to take any further legal action against you, removing much of the pressure associated with being in debt
  • Your Trustee will deal with your creditors on your behalf removing the need for you to do this yourself
  • Once you are discharged you do not have to repay the debts which have been included in the sequestration, although there are a few exceptions to this. You are still responsible for paying: fines, penalties, compensation and any orders imposed by any court; any liability due to fraud including benefit overpayments. students loan debt and money owed to secured creditors i.e mortgages,loans secured on your property

Sequestration is the Scottish term for bankruptcy. This is a form of insolvency where you will only pay back what you can afford over a set period of time.

Sequestration is an option to consider when you are unable to repay your debts over a realistic period. It may be an option where you simply cannot reach agreement with your creditors and your financial situation has become very difficult to manage.

Once you are discharged, your remaining unsecured debt will be written off. Control of your assets are passed to a Trustee who will deal with creditors on your behalf as You are likely to be under a lot of pressure, with a number of your creditors competing to collect their debt from you.

Applications for Sequestration are processed and awarded by the Accountant in Bankruptcy who is an officer of the Scottish Government. An application fee of £200 is payable to the Accountant in Bankruptcy to cover the cost of processing your application.