Monday, 16 May 2011

Sequestration Case Files

Mr & Mrs P have recently received a Charge for Payment. This gives them 14 days to pay their debt of action will be taken. It is now over two weeks since this was received and they are now Apparently Insolvent. This means that they can use the charge for payment to look at Sequestration (Legal name for Bankruptcy in Scotland).

Mr P works full-time but is on a low wage and Mrs P stays at home to look after the kids. Mr P contacted Debt Support Trust about the debt situation they were facing.

There is £21,450 in debt and it is all loans and are in joint names. After considering all options Mr & Mrs P have decided that Bankruptcy is the best option for the them.

They have since contacted the AIB (Accountant in Bankruptcy) to get the forms and these have been handed back and each paid £100 for the cost of Sequestration.


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