RUNCORN, England — From the north to the south and the east to the west, debt is a problem for millions of people across the United Kingdom. The problem of too much debt may be a common one in the UK, but the solutions available for those seeking relief from their debts differ depending on where you live. For most people in the UK bankruptcy comes to mind when considering one's options to resolve a debt problem, but for those living in Scotland sequestration is often the solution considered.
"It may seem confusing, but sequestration is just the term used for bankruptcy in Scotland," said Steve Rhode, chairman of Myvesta UK, a not-for-profit financial crisis centre. "But while bankruptcy is referred to as sequestration in Scotland, sequestration does differ from bankruptcy in the rest of the UK. It has it's own set of rules and regulations and in the end it's a completely different process."
To help people understand sequestration Myvesta UK has launched a new online video series containing common questions and answers about bankruptcy in Scotland. The Sequestration Video Series offers more than 30 questions that are answered by a Senior Insolvency Practitioner. Each answer is available separately allowing for users of the web site to freely access the issues concerning them. Some of the questions available include:
- Can I Apply For Sequestration Myself?
- Will My Home Be Repossessed During Sequestration?
- Will I Be Able To Get Credit Again After Sequestration?
- Who Will Be Informed Of My Sequestration?
- Can I Keep My Car In Sequestration?
Mr Rhode Added: "This new addition to our online video library will provide education and clarification to the people of Scotland who are researching sequestration and trying to determine if it is right for them. When facing debt problems and looking for a solution, you can never have too much information."
To access all of Myvesta UK's free online videos, including the sequestration, individual voluntary arrangement (IVA) and bankruptcy videos, visit Myvesta.org.uk online.
