If you have surplus income and aren’t on state benefit-only income, you may need to make payments toward your debts for up to four years. Your Trustee will assess your income and essential living costs to determine if payments are required.
Sequestration can impact your finances. It will be recorded on your credit file for six years, which may make it harder to get credit, loans, or a mortgage. You may face restrictions applying for credit over £2,000 without disclosing your sequestration.
Usually, you’ll be discharged from sequestration after one year. If you’ve entered sequestration through the MAP (Minimal Asset Protection) route, you’ll be discharged after six months.