sequestration in scotland

dfindlay

Hi there, I'm in a lot of debt and was wondering if sequestration was the way to go for me. I live with parents and have no assets. Would anyone try to seize anything my parents own? Once sequestrated, will my wages be arrested until I pay off my debt?

Thanks in advance.

So_Sad_Angel

Hi & Welcome DF

Have you sought advice from the debt charities....that must be your first port of call to ensure that you fit the criteria & are aware of the implications.

http://www.cas.org.uk/ This is the CAB website...a good start.

Scotland is very different to England but be assured that your parents will be unaffected by your sequestration should you take that route.

There are scottish `regulars ` on here & if I get chance I PM one of them for you.

Angiexx

ps...welll done for making this move to sort your debt situation...its not easy but neither is living with hugh debts either.

IF

Hello DF, Until a Scottish poster can advise further DoshDolt Has done these threads and I hope they help too.

Click on Blue links below:-

A Guide to Bankruptcy in Scotland Part 1

https://forums.moneysavingexpert.com/discussion/2611513

A Guide to Bankruptcy in Scotland Part 2

https://forums.moneysavingexpert.com/discussion/2611543

Bankruptcy in Scotland - Some Advice – If Lucky No Lawyers & No Court

https://forums.moneysavingexpert.com/discussion/2602521

Best wishes
If...x

midgetessa

dfindlay wrote: »

Hi there, I'm in a lot of debt and was wondering if sequestration was the way to go for me. I live with parents and have no assets. Would anyone try to seize anything my parents own? Once sequestrated, will my wages be arrested until I pay off my debt?

Thanks in advance.

There is an extra route into bankruptcy in Scotland called LILA (Low Income Low Assets). I'm in the process of applying for it.

If you earn less than about £230 a week (this is just roughly from memory) and have no single asset worth more than £1000 and your total assets value no more than £10000....then you might well qualify for this.

Go to your CAB for advice.

Best wishes.

midgetessa

I forgot to mention something important about LILA: if you receive income support and certain other benefits you will be ragarded as eligible even if your earnings are over the £230 a week cut-off.

hattybee

Get an appointment with CAB / local money advice centre – there are various options - sequestration / trust deed / DAS - and you need to find out what best suits your circumstances.
Your parent’s assets shouldn’t be affected – though they may be asked to prove that they own their house or car.
Your wages won’t be arrested, but you will be expected to make a contribution from your income towards your sequestration. This will be worked out according to your circumstances – your income less your day-to-day living expenses.