November 5, 2013 at 3:16 pm #661
Is it possible for a police officer to become sequestrated? If not what alternative do i have?November 5, 2013 at 3:30 pm #662
In some cases police officers can enter sequestration however it depends on your force’s policies. The best way to find out is by checking your employment contract.
Have you been given any debt advice though just be sure it’s the best solution?November 6, 2013 at 9:22 am #664
I had a friend who was in the police and they declared themselves bankrupt but that was in England so not sure if it’ll be differentNovember 6, 2013 at 11:34 am #663
I have checked my employment contract but it doesn’t state anything about bankruptcy. I haven’t received any formal debt advice however i’ve done a lot of reading into bankruptcy and it appears to be the best option.November 6, 2013 at 11:40 am #665
Hi Laura Wilcock,
I would like to know some more information in order to make sure sequestration is the best solution for you.
- How much is your debt
- How much is your expenditure (monthly)
- How much is you income (monthly after tax)
- Is the debt all in your name
- Do you have any assets (car, house, etc)
I hope you don’t mind me asking these personal questions it’s just to get a better understanding of your circumstances.November 6, 2013 at 12:00 pm #666
Thanks for replying Karen, i don’t have any problem answering these questions.
November 6, 2013 at 12:09 pm #672
- about £700
- it can depend on overtime but usually it’s £1,300
- yes it’s all my debt
- i only rent at the moment because i don’t believe i would be approved for a mortgage
Thank you Laura,
Based on the information you’ve gave i don’t think bankruptcy would be the best solution for you. There appears to be £600 per month available to pay towards the debts. A debt arrangement scheme is probably more suitable because it will freeze your interest and charges while allowing you to repay the debt in 4 years.
Just to confirm you do live in Scotland is that correct?November 6, 2013 at 12:15 pm #673
Yes i do live in Scotland but i thought debt management plans didn’t freeze interest and charges which would mean it would probably take over 5 years.November 6, 2013 at 12:30 pm #674
A debt arrangement scheme is slightly different to a debt management plan and is only suitable to people living in Scotland.
You do pay back the full amount of debt and it is a formal solution but don’t pay any interest and charges.
I haven’t heard any police force stopping people entering into a debt arrangement scheme and can’t imagine any reason they would.November 6, 2013 at 12:53 pm #675
Oh that sounds like a much better option but i’ll look into whether or not it will affect my work first.November 6, 2013 at 1:19 pm #677
I wouldn’t expect it to cause any problems with your employment because it’s not an insolvency solution. You aren’t writing off any debt so it’s usually viewed in the same way as a debt management plan as far as employers are concerned.November 15, 2013 at 10:29 pm #815
I have spoken to my union rep who said neither sequestration nor the debt arrangement scheme would affect my employment.
My only question now is which is the best solution for me?November 18, 2013 at 9:23 am #816
Because your situation is slightly more complex than most it’s probably best to give us a call when you’re available on 0800 085 0226.
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