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sequestration second time

Posted: Fri May 13, 2016 6:11 pm
by braindead
I was made bankrupt in 2008 discharged 2009 not my fault but had to go inti sequestration, now I find myself going into sequestration again at end of this month, First time I paid £100 and discharged in a year, now I have been told through map I will be discharged in 6 months and it will cost £90 I thought that it would cost me £200 as this was my second time but I am on ESA, and Disability, am I right or has my advisor right, any help is grateful. ;)

Re: sequestration second time

Posted: Mon May 16, 2016 11:36 am
by Geraldine
Hi braindead and welcome to the forum. This is interesting. I thought sequestration in scotland always cost £200 whether you have been bankrupt in the past or not. I have to say I am not sure on the answer to this. Who told you it was only going to be £90? Have you spoken to your local CAB or money advisor?

Re: sequestration second time

Posted: Mon May 16, 2016 7:00 pm
by braindead
Yes CAB is dealing with it for me, they say it is through MAP that it costs £90 it is low income based as I am on ESA and Disability with no assets

Re: sequestration second time

Posted: Tue May 17, 2016 8:38 am
by James Falla
Hi there braindead

The Sequestration (bankruptcy) process you are using is the "Minimum Assets Process" MAP. This process was introduced on the 1st April 2015. As such it did not exist the first time you went bankrupt. It has replaced the LILA (Low Income Low Assets) process in Scotland. The application fee is just £90 and you are discharged after 6 months. It is cheaper and more straight forward than the standard sequestration process but like the DRO in England you have to meet various criteria to qualify:

1. You must have a low income: Either made up solely of income-related benefits such as jobseekers allowance (JSA) or you have no disposable income.
2. Your debts are more than £1,500 and less than £17,000
3. Your car is worth £3,000 or less
4. Your other assets are worth less than £2,000 in total, with no single item worth more than £1,000
5. You’re not a homeowner
6. You haven’t been bankrupt in the last five years

Given that you fit within all of these criteria you qualify for MAP. This is why the CAB are implementing it for you :)

Re: sequestration second time

Posted: Wed May 18, 2016 5:02 pm
by braindead
All done and dusted, Paid my fee today and was accepted along with my Sequestration,so it is wait now till I am made Bankrupt,but it is a weight of me,and the worry, so now I can sleep. :P :P

Re: sequestration second time

Posted: Wed May 25, 2016 10:41 am
by Geraldine
Great news braindead. Good luck with the bankruptcy. If you need any further advice along the way please let us know :)