Young women are running up record levels of debt, chasing a celebrity lifestyle they can't afford. It even has a name - Madame Bovary syndrome. Is the answer will-power or psychiatric help? Katy Guest reports



Hands up those who went out for a bit of retail therapy yesterday. Saved a fortune on a half-price top that looks just like the one Sienna Miller was wearing in last week's Grazia. Exercised the plastic. Splashed the cash.

Hands up those who felt a rush of adrenalin when the cashier logged up the total. And who kept their purchases a secret? Hands up those who are in the red.

Do you still have your hand up? Are you addicted to shopping? It sounds self-indulgent to put the word "shopping" next to the word "addiction". It is the kind of thing footballers' wives giggle in interviews about how they could not be seen in public without the latest Balenciaga bag. But when you consider that four out of five young women spend more than they earn, or that many are thousands of pounds in debt, it starts to sound as if binge spending is spiralling out of control.

These alarming statistics come from a survey last week by the women's magazine More. It showed that women between 21 and 25 have an average £3,830 in credit-card debts and most never save. More than half still live with their parents, and the magazine's editor, Donna Armstrong, says: "The idea of a mortgage is a distant dream." Instead, they aspire to the lifestyles of celebrities and keeping up with the Joneses, "shopping and partying with their friends". Sixty-five per cent of them dismiss the idea of a pension as a joke.

"So what?" they would say. They are young, carefree and have dozens of store cards burning holes in their pockets. What is more, it is important to keep up, and we do not all have the sort of daddy-funded resources enjoyed by Paris Hilton, style icon to many young women. "My friends and I graduated six years ago," says Gemma, 27. "Somehow, they have all ended up in much higher-paid jobs than me. I don't want to be the only one who can't go on weekends away or refuses to buy a round just because everyone has switched to champagne. So I put it on the Visa. Then I don't have to think about paying it off."

There is a dark side to the shop-lit, adrenalin-induced buzz of shopping till you drop, and it is highlighted in a disturbing new drama called Shiny Shiny Bright New Hole in My Heart on BBC2 this Wednesday. Nathalie is a personal shopper with a rich client. They become friends, drink together and shop together, but when Nathalie starts to think she is entitled to the same lifestyle, and gets in debt trying to keep up, her friends melt away.

The dangers of overspending in an effort to keep up with celebrities and mates in this way have become such a common problem that it has been dubbed Madame Bovary syndrome, after Flaubert's profligate and doomed heroine. But Dr Robert Lefever, founder of the Promis recovery centres, and a consultant for the drama, warns that before you start blaming your debts on a glossy new syndrome, it is important to distinguish between frivolous overspending that requires a bit of old-fashioned self-discipline, and a deep-rooted psychological problem.

"Addiction and depression are the same thing," he says. "People are born with a tendency to be depressed, with a sense of inner emptiness. And sometimes they discover the magical effects of various substances or of some processes - shopping, work, gambling - that make them feel temporarily better. And they don't want to give them up. If they use alcohol, for example, we call them alcoholics. But there is another category of problem drinkers, whom we call idiots. The same goes for overspending. Some people drink or shop to excess because they think it is fun. Addiction is a problem that needs help. If you are an idiot, we just have to say, 'Go ahead, but you will face the consequences.'"

Genuine shopping addiction is, he says, often found in people with eating disorders, because both are due to a problem with self-nurturing. There are as many women affected as there are men. "But men tend to buy books, computers, sports and gardening equipment, and women tend to go for food and clothes." At the Promis Centres, they try to help, using the 12-Step Programme.

At the National Debtline, a free, confidential and impartial advice line, they try to help in more practical ways. Their callers come from all backgrounds - people on benefits and very high earners, says a spokes-woman. Just over half are women, 40 per cent are 25 to 35 and 49 per cent are in full-time employment. What they all have in common is that they are out of their depth.

"Our calls are increasing every year, as are those of other advice agencies," the spokes- woman says, because debt has become more accessible and acceptable. It becomes a problem for three main reasons: when people on low incomes lack the financial flexibility to negotiate an unexpected outlay; when a borrower loses their job or becomes ill; and when people over-commit themselves, believing they can manage a debt that then snowballs out of control.

Dr Joan Harvey, a senior psychology lecturer at Newcastle University, is well aware of how these things happen. "People living at home have high levels of disposable income but no sense of saving for the future," she says. "People who are young now are going to be very poor in old age because they are not saving for pensions.

"Society has changed. If you go back 40 years, girls between 16 and 25 didn't have the money or the availability of debt. There wasn't the attitude and the experience of instant gratification. We are not looking to the future."

She too believes that a genuine addiction is something different. "People with a problem spend more because their self-esteem is low and they need a boost," she says. "We describe them as having a high external locus of control; they believe other people control what happens to them, and they are very susceptible to peer pressure. Add to that all of the tricks shops use to make people spend more money and this is going to start to collapse on people."

The hard part, Dr Lefever points out, is that, unlike addictive substances such as alcohol or drugs, shopping is almost impossible to avoid. "Unlike an alcoholic, who can never drink sensibly, compulsive shoppers have to shop, so they have to learn to do it in the same way that other people would."

As a reformed addict, he knows the temptations only too well. "I would go into Hamleys, start at the top and systematically clean the place out. Now I don't go into places where I know I would be at risk, exactly the same as if I were addicted to a drug."

Sally Hawkins, who plays Nathalie in the BBC drama, has changed since she researched the role. "I spent a few days trailing around the shops and getting into her head and it was overwhelming," she says.

"The colours, the music, the smells, the way they fold the clothes, the sales ... You're basically buying into that world, that sparkly, shiny existence. That escapism is exactly what it's about."

ANNA MILLER, 25, MEDIA WORKER: I work, I want nice things and I deserve them - now

I don't think I have a psychological "shopping problem", but maintaining the lifestyle you envisage for yourself is an addiction, and there will always be another credit card to pay for it. I was born into a generation that has never had to wait for anything. It's all about going out, having a good time, enjoying your youth, instant gratification and now, now, now. I'm bad with money because if creditors are happy to give it to me then, unfortunately, I am happy to spend it.

I owe £23,500, including four credit cards, a student loan, an overdraft and two personal loans taken out during university. I earn £1,600 a month, £900 of which goes straight into paying off my debts, leaving me with £700 a month to pay for train fares, phone bills, going out and clothes; and the figures just don't add up. I spend more than I earn every month.

I used to live in a lovely shared house in Brixton with three other friends, but when my credit card payments became too much for me to manage I had to move back with my parents in Reading. I had such a great London lifestyle and could do anything I wanted - bars, gigs, clubs, parties, shopping - which was probably the root of my problems.

About a year ago my debt got so bad I wouldn't check my bank statements, I couldn't sleep and it started to affect my health. I certainly didn't predict that at 25 I'd be back living at home, but that is the sacrifice I've had to make.

My justification for spending is that I work hard and therefore I deserve nice things. I want to be able to afford things that project the image of the woman I want to be - the great wardrobe, the car and the nice house - but at present, these thing are beyond my means.

I'm not deluded and I know buying those skinny jeans is not going to make me look like Kate Moss, but why shouldn't I have them? I'm just as capable of buying them as she is, because I am a successful woman and I work hard.

I shop at lunchtimes and after work, at least twice a week. I've got a real problem with shoes and sales. If there's a sale sign in the window I'm in there. It's a false economy because I know I don't need these shoes but they're only a tenner, then I'll buy a skirt because that's only £15, then a necklace to match. Before I know it, I've got a £90 outfit.

But my biggest problem is the amount I spend on drinking and seeing my friends. I hate the thought of missing out on what could potentially be an amazing night. I go out a couple of nights for drinks and to the cinema, something like that, and I'll spend £10 to £15. On a typical Friday night, I'll spend £10 in the pub with workmates then I'll meet friends in Revolution and spend £18 on cocktails. Entry to clubs and drinks usually cost about £20 with £21 on top for my taxi home, so a total of about £70. Saturday will be quieter but I easily spend £40 more.

My generation is caught up in a spending bender. When someone's saying, "Here you go, don't worry, have £20,000; you've been approved", it's a bit like smoking in the playground. They just push it on you until you say, "Oh all right. If everyone else is doing it." Our parents' generation have a much better attitude to money, but my generation is spending like mad because the economy's so good and we've never had to worry about feeding our families through a recession.

I'm just the same as everybody else my age. We're all trying to get ourselves out of debt but none of us is prepared to sacrifice our lifestyles for it. Now I've moved home I want to seriously start getting rid of my debts and saving for my own house. I know the value of being more careful with money now, but I'm not prepared to put my life on hold while I do it.

Anna's name has been changed. Interview by Sarah Harris
The Independant

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There was a time when bankrupts and serial bad debtors had little chance of climbing on to the housing ladder, either in Britain or America. These days they can call up any number of "sub-prime" lenders eager to cobble together a mortgage - at a fee - which is then packaged with hundreds of other loans into a security for sale to willing funds or institutions.

It is a lucrative trade so long as the economy is humming along and house prices are pushing ever upwards, earning lenders an average 1.2pc margin over cost of capital compared with 0.2pc for normal mortgages. But, like canaries down a mine, these types of mortgages are the first to tell us when economic oxygen is running low.

The air is thinning a little at Rooftop Mortgages, a sub-prime lender owned by Bear Stearns that specialises in the "heavy adverse" end of the market where risk is highest. A third of its borrowers are in arrears on debt payments.

Rooftop has had to dip into funding reserves twice to maintain its safety cushion on a £125m mortgage security - known as Farringdon Mortgages No 1. It drew £216,187 from its £1.37m reserve fund in April, followed by a £97,000 withdrawal last week. An informed source said that, once other parts of Rooftop's £1bn business were taken into account, the arrears rate was similar to other sub-prime lenders.

The rating agency Fitch has already downgraded three sets of Farringdon Mortgage notes, warning this week that it is on look-out for any signs of further rot.

Stuart Jennings, the agency's head of mortgage-backed securities, said borrowers were slowly sinking under the weight of debt. "Unemployment is creeping up along with council tax bills and higher fuel prices, while the interest rate rises in 2003 and 2004 are kicking in now with a lag, and it's all catching up with people who have been struggling to cope for months," he said.

Fitch is also keeping a close eye on Kensington Group which suffered a share-price crash this month after revealing that the number of borrowers in arrears of over 90 days had reached 9.6pc, and rising fast.

Not all sub-prime clients are bad debtors, or course. Many are self-employed, such as contractors and artists with roller-coaster incomes, all too often denied mortgages in the past.

But what is disturbing is that these arrears are rising at the peak of the global economic cycle, after four years of roaring growth driven by China and India.

Given the time-lags in monetary policy, interest rate rises by the big three central banks of America, Europe, and now Japan, are only just beginning to bite

Most analysts now expect the US economy to soften early next year, and a disturbing number predict a full-fledged recession.

The implications are grim for a British economy levered to the hilt with £1,158bn in household debt, an all-time high of 101pc of GDP. UK families are already showing signs of crumbling credit-worthiness even before the global trouble starts.

Insolvencies of all kinds in England and Wales rose 73pc in the first quarter year-on-year to the record level of 23,351, according to the Insolvency Service. Court orders for home repossessions jumped by 57pc in the first quarter to 21,997.

But the booming sub-prime sector has grown so fast - rising from nowhere a decade ago to 10pc of the UK's £290bn mortgage market - that it could become a major headache in its own right.

The Financial Services Authority said it was watching for signs of stress, concerned that the sub-prime segment had not yet been tested by a housing slump.

"There is a possibility that the current rates do not correctly price the risk of a downturn," it said. The FSA is preparing a report on the sub-prime risks in the second half of the year.

In the US, where new-fangled mortgages are all the rage, the Federal Deposit Insurance Corp warned in a fresh report this week that mortgage lending was primed for trouble. "The growing popularity of non-traditional products may have moved the mortgage credit cycle into uncharted territory. Rising loan volumes, loosened underwriting standards, and untested products raise concerns about future credit losses," it said. "Despite favourable delinquency and default trends thus far, the current rising interest rate environment, combined with cooling home price appreciation, will limit borrowers' options when they face large monthly payment increases." The US government is concerned about the rush towards floating-rate mortgages, a break with US tradition. Record numbers of borrowers were lured into these loans when interest rates were just 1pc in 2003 and 2004, usually with a honey-trap discount on early payments.

This year, some $400bn of these mortgages face the crunch, followed by $1,000bn next year. Payments will jump by a quarter on average, and almost half for those with interest-only mortgages.

As the current slow-motion slump engulfs the US housing market, over-stretched debtors can no longer count on a slab of rising home equity. In the boom-bust hotspots of California, Florida, and Arizona, many are sinking into negative equity. Sales of existing US homes fell 1.3pc in June and are now down 8.9pc over the last 12 months. Overall, house prices in America have fallen 0.7pc so far this year, a sharp reversal from the torrid 13pc growth of 2005.

Phil Adams, director of securities research at Barclays Capital, said the troubles in the British sub-prime market were a warning signal for the broader economy. "I think we need to be watching this very closely. There's a continual squeeze on household incomes," said Mr Adams. He said Rooftop Mortgages was being punished hard for offering sign-up discounts of 2pc to 2.5pc that were now coming home to roost.

"When these discount periods end, the borrowers will experience significant payment shock and are more likely to fall into arrears and potentially default," he said.

But other sub-prime lenders are deteriorating as well. "The proportion of mortgage loans three months or more in arrears has increased to 14.6pc, its highest level since late-1999 and has so far shown no sign of stabilizing," it said.

Rob Thomas, of the Council of Mortgage Lenders, said the picture was more benign than it looked.

"A lot of people bob in an out of arrears without ever being repossessed," he said.

Mr Thomas said this year's rise in court orders for repossession was misleading since the new caste of sub-prime lenders in the market are much quicker to take legal action than building societies. "They try to nip problems in the bud," he said.

In the end, the Bank of England can always cut rates sharply if the British property market turns ugly, preventing any repeat of the early 1990s.

The ERM housing bust scorched deep into our collective memory could occur only because Britain pegged sterling to the D-Mark, forcing it to raise rates into an accelerating downturn.

No British government is likely to repeat the error of delegating monetary policy to a foreign body, at least for a very long time. Inside the eurozone, Spain, Greece, Ireland, and Italy may not be so lucky when their housing booms come down to earth.

The Telegraph
27/07/2006

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Financial education not a solution for those who've fallen on hard times

RUNCORN, England — The rising debt load in the United Kingdom is often attributed to weekend spenders using their credit cards to purchase the latest and greatest clothing, DVDs and electronic gadgets. It's common to think the largest debtors are the ones who are living outside their means and using credit to finance their lifestyles. But problem debt isn't just an issue for those whose fingers are worn out from entering their PIN; the people with the worst debt of all are often taken by surprise.

"For most people in the UK debt is not a way of life, but it consumes the lives of individuals after they have suffered from an unexpected event such as job loss or the death of a spouse," said Steve Rhode, chairman of the not-for-profit financial crisis centre Myvesta UK. "People often prepare for financial emergencies and have the best laid out plans in front of them for when crisis strikes, but all too often those plans fall short and crippling debt becomes the norm."

According to Mr Rhode, concepts such as educating consumers on how to properly manage their finances or warning individuals about the dangers of overspending do nothing to help people who end up in debt due to an overwhelming life event. Mr Rhode said:

"Whenever debt levels rise or the number of bankruptcies increases, there is always a cry that we need more education to teach people how to manage their money, but how does financial education help the single mother with three children who was recently abandoned by her husband? We can put warning labels on credit cards and we can tell people to spend within their means, but without concentrating on solutions for those who are already facing problem debt, we're just spinning our tyres."

Mr Rhode said that giving people the skills and tools necessary to avoid problem debt should be a large priority, but that emphasis also needs to be placed on providing the right solutions when people get into trouble. He said:

"All the financial education in the world can't stop life events from causing people to get into debt. And while education is important to give people the tools and knowledge to manage their money responsibly, we need to concentrate on providing caring, compassionate solutions when people find themselves in over their heads."

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Should I Consider An IVA Or Petition For Personal Bankruptcy?

Ultimately the decision to opt for an IVA or to 'bite the bullet' and petition for your own bankruptcy is one of of personal choice.

Essentially, the IVA as a strategy should be considered as a formal alternative that will enable a person to avoid the stigma and, very often, the intrusiveness of the bankruptcy option. It is important however that a person examines all of the available options in some depth before deciding which strategy is best for them as an individual.

The Individual Voluntary Arrangement is for most people a much easier and less stressful process than a bankruptcy petition however this is not always the case.

For some people the formal nature of a bankruptcy petition along with the direct intervention brought about by the appointment of an Official Receiver or Trustee In Bankruptcy acting without the consultation of the debtor represents a psychological 'line in the sand' that can serve to deliver the resolution that that person may really be seeking at a basic level.

What Is The Difference Between An Official Receiver And A Trustee? - Click Here For a Video Answer

Equally though, many people find that the restrictions that a bankruptcy order can bring about can be much harder than they anticipated and can affect areas of their everyday lives that they had not considered when choosing this path. The ability to make repayments to creditors via an IVA proposal for many people is of moral importance as they believe that they have a moral responsibilty to repay at least some of what they owe to their creditors.

Some of the main advantages of the IVA option are listed below:

* Enables an individual to reach a binding agreement with their creditors over an agreed period of time unlike informal debt management plans that are not binding on creditors and can last for many years.

* Ensures that all interest and other costs are completely frozen throughout the duration of the IVA period. Again this is different to informal debt management plans where interest and charges are often not frozen.

* IVAs for the most part include an element of debt write off by creditors upon completion of the IVA period. Often times the debt write off within an IVA can be 50% or more of the total amount of debt owed to the creditors.

* IVAs are not openly advertised as is the case with bankruptcty. This allows for the individual to enter into an IVA agreement without having to disclose an often sensitive issue openly.

* For Sole Traders or Company Directors the IVA option allows them to continue trading and will not affect a persons directorship status at all.



Click Here For The Full IVA Educational Video Series

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What Are The Advantages Of An IVA Over A Debt Management Plan?

There are many advantages of the Individual Voluntary Arrangement over the informal debt management plan. Essentially, the IVA represents a binding agreement on creditors once the IVA proposal has been accepted.

The main benefits of this are the fact that creditors are not able to 'change their minds' regarding the terms of the IVA and they are also bound to freeze all interest and other costs associated with the credit facility.

Other benefits are the fact that creditors are not allowed to make contact with the debtor throughout the duration ot the IVA term and for many individuals this serves to remove a great deal of stress and pressure as they may well have been dealing with creditor collection calls and correpondence for a period of time before the IVA had been out in place.

These factors offer a real advantage to debtors when compared with the lack of control that informal debt management plans offer indebted individuals.

The terms offerd via a debt management plan fundamently are completely controlled by the creditors and they are under no obligation to offer debtors any interest reduction concessions or relief from debt collecting tactics. Indeed it is quite common for an individual to enter into a debt management plan administered by a debt management organisation only to see balances increase and offers of repayment refused.

In addition to this debt management plans do not offer any element of debt forgiveness or 'write off' by creditors and so the individual is expected to repay the entire amount of outstanding debt over a longer period of time than the original credit agreements due to the reduced payments that will be being made to the accounts.

This is one of the reasons why many individuals choose to opt for the IVA strategy if possible as it offers a definative debt resolution period along with firm boundaries within which the IVA terms are set.

IVA's are also administered by highly regulated and licensed Insolvency Practitioners. This is not the case with debt management plans that can be administered by unqualified individuals and organisations.



To View The Entire IVA Educational Video Series - Click Here

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Myvesta have now extended their Bankruptcy Educational Video Series so that they can be viewed in Flash format. The link to the bankruptcy video clip page is below:

Click Here To View The Myvesta Bankruptcy Video Series

Two million UK individuals are fighting to keep their financial situation afloat, a debt management organisation has asserted.

DFD which advises borrowers on how to regain control of their finances, said its share of the market is growing at a yearly rate of 140 per cent.

The company is one of many making large profits by providing Individual Voluntary Arrangements (IVA) , in which borrowers get breathing space to reorganise and repay their debts. Its warning coincided with figures from the British Bankers' Association (BBA) showing an unexpectedly large jump in mortgage lending in May.

Banks approved 81,298 mortgages for house purchases last month, 20pc more than last year. Debt Free Direct's chief executive, Andrew Redmond, said various studies put the number of over-indebted people between 1m and 3m.

People are considered over-indebted when they can only afford the interest on their loans but cannot pay off the principal amount. Extrapolating from the first quarter of 2006, there will be 30,588 IVA cases across the market this year compared to 20,292 in 2005.

The BBA said that, facing high repayments, consumers' appetite for fresh credit card debt appears to be waning.

The amount customers repaid to credit card companies was greater than the amount they spent on plastic in May, meaning that card debt levels dropped by £251m. But unsecured debt, which includes loans and overdrafts as well as credit cards, rose by £699m.

Net mortgage lending, which strips out redemptions and repayments, was £5.73bn, the highest level for two years



The Telegraph

Extracts from the Myvesta UK Forum:

Question...

Hi there,

I have just received a letter from the OR telling me that the Secretary of State has directed the OR to apply to the court for a BRO to be filed against me (this was expected) or I can enter into a BRU (this I will probably do). The restriction will be for about 4-5 years.

I know all about the restrictions with regard to applying for credit or been a director of a company.

The question I ask is what about any money I inherit during the years that the BRO/BRU is in effect, also what about my earnings, at the moment I do not have enough disposable income to pay back my creditors but what happens if I get a new job with higher earning potential will I have to tell the OR.

Thanks

Didds

Answer...

Hi Didds,

When an individual is made Bankrupt they are subject to certain restrictions e.g. not being able to act as a director of a limited company.

The purpose of a BRO / BRU is effectively to protect the public from the future actions of a Bankrupt by retaining a number of those restrictions upon him/her. The Bankruptcy Restriction Order or Undertaking will specify what these restrictions are. Any breach of the conditions of a BRO / BRU is a criminal offence. These restrictions can continue after a Bankrupt has been discharged from Bankruptcy.

With regards to regards to income payments orders Section 310 of the Insolvency Act 1986 (as ammended) states that such an order can only be made before discharge of the bankrupt.

Therefore it appears that any increase in surplus income after your disharge will be unavailable to the Bankruptcy estate. The Rules relating to Inheritances, i.e. After Acquired Assets similarly only apply during the period of Bankruptcy and not the for the period of the BRO/BRU that continues after discharge, so again should this occur it appears you will retain the benefit of the windfall.

Hope that helps!
_________________
Best wishes

Dean

http://myvesta.org.uk

Myvesta have added a 'Funny' section to the Debt Help Forum. It is always healthy to see the humerous side of things - debt inluded!

The link is below:

Debt Relate Funny Stuff - Click Here

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The Governments plans to make it easier for consumers to take out Individual Voluntary Arrangements - should be coming closer to realisation.

Under plans currently being rubber stamped, a 'Simple IVA' will be introduced later this year or early 2007 and this will help speed up the application process and allow more people to apply for the debt repayment plan as an alternative to bankruptcy or non binding Debt Management Plans offered by charities and commercial groups.

Currently, for an IVA to be approved, creditors responsible for 75% of the value of the debt have to give the green light. It is expected that this will be reduced to 51% for people with debts below £75,000.

A standard application process and contract will probably also be introduced to speed up the time it takes to complete an IVA. However, it is believed plans to introduce another tier of IVA, which would have allowed anyone with debts below £25,000 to be automatically approved, have been rejected.

An IVA is a legally binding contract between an individual and his/her creditors that is less restrictive than choosing bankruptcy. Lenders agree to wipe out a proportion of the balance, usually up to 65p in the pound, if the creditor agrees to make a regular monthly repayment.

Existing IVA laws were introduced by the 1986 Insolvency Act and were designed for more complex business-generated debts incurred by entrepreneurs. However, in recent years they have increasingly become a tool for ordinary over-indebted consumers.

The Government wants to make it easier to take out IVAs in a bid to stem the number of consumers choosing bankruptcy. More than 47,000 declared themselves bankrupt last year, up from 35,000 in 2004, and the International Monetary Fund has warned that the UK economy could be damaged if the rate of growth continues.

Ironically, insolvency experts blame the rising bankruptcy rate on the 'quickie' bankruptcy law of 2002. It cut the discharge period - when a bankrupt cannot lead a normal financial life - from three years to one, making bankruptcy less damaging and embarrassing.

http://myvesta.org.uk

Myvesta UK the Not for Profit Financial Crisis Centre have added their insolvency video series to Google Videos for the benefit of consumers wishing to learn more about bankruptcy and IVA strategies. The video clips can be accessed via the links below:


Bankruptcy Video Series (Google Video Format)


IVA To Z Video Series (Google Video Format)


Scottish Bankruptcy Video Series (Google Video Format)

Myvesta have now added a new educational video resource to the Myvesta UK website. The process of bankruptcy (or sequestration) is different in Scotland to England, Northern Ireland and Wales.

The link below will take you to an online video educational resource that explains the sequestration process in detail in new media format:


Bankruptcy In Scotland