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| Alternatives To Sequestration Bankruptcy has always been a last resort for debt problems and there may be other options available to you. Debt Management Programme This is the official name given to an informal arrangement between a debtor and their creditors to pay debts over an extended period of time. Basically, you are being given more time by your creditors to pay back the money you owe. You can arrange a Debt Management Programme yourself by contacting the people you owe money and coming to an agrement. Alternatively, Citizens Advice Scotland or another organisation can help you arrange a Debt Management Programme. Although a Debt Management Programme may give you more time to pay your debts, creditors do not have to agree to freeze interest payments or waive charges. And because it is a voluntary agreement, creditors can decide at any time that they no longer wish to accept payments as agreed under the Programme and can pursue the debt using other methods. |
Advice for those in debt What is sequestration or bankruptcy? What are the alternatives to sequestration? Is there a Scottish equivalent of an IVA? What is a Trust Deed and a Protective Trust Deed? What is a Low Income Low Assets ) LILA? How do I make myself bankrupt in Scotland? If I'm made bankrupt do I lose everything? What are the terms of a sequestration or bankruptcy order? What happens to my wages if I'm made bankrupt? Is it just a case of one year as a bankrupt then back to life as normal? What is stopping me giving everything I own away and then going bankrupt? |
Advice for those owed money Legal options to recover a debt How to make someone bankrupt in Scotland |
Bankruptcy In Scotland - Sequestration © Bankrupt.co.uk 2007-2012. All rights reserved. Please note the contents of this website are for information purposes only and do not constitute financial advice. Please seek independent professional advice before taking action that may affect your financial well-being. |