In most circumstances an award of Bankruptcy will allow you to write off most of what you cannot afford to repay, i.e. liabilties such as unsecured loans and credit card debts will be dealt with by your Trustee. Note: There are some debts that cannot be written off. Click here* for more information on the limitations.
Free From Debt Pressures
Unlike a Trust Deed Scotland, Sequestration can make you totally free from provable debts, although you will have to make a contribution from your income for 3 years if you can afford to. Your Trustee takes over dealing with your creditors and you will be totally debt free subject to some limitations depending on your circumstances.
A Sequestration is under the control of the Scottish Government and is intended to help people who are struggling wither finances. An award of Bankruptcy is not a debt management plan or IVA, meaning there are no regular monthly repayments to make, if you have no surplus income after meeting your normal monthly outgoings.
Simple Financial Solutions Ltd (SFS) is an introducer for all services other than the Debt Arrangement Scheme (DAS). With your approval, following advice from your SFS adviser, if you choose to go ahead with a Trust Deed or Sequestration then we will pass a completed fact-find to an Insolvency Practitioner who will contact you and explain the next steps in the process. If you are entering into DAS then the DAS approved money adviser at SFS will act on your behalf for the duration of your Debt Payment Plan.
Fees payable if continuing services provided. Alternative free-to-consumer debt advice organisations as recommended by the Money Advice Service.
*You may be required to pay a contribution towards your debts. This contribution is assessed based on your income and expenditure and can last for 48 months. Repaying debt over longer period may increase the total amount to be repaid. Simple Financial Solutions Limited is an introducer for its partner companies, Simple Financial Claims, Simple Financial Planning.