Regulation 4 Further provisions relating to certification

Prior to granting a certificate for sequestration, an authorised person must—

(a)

provide the debtor with a copy of a Debt Advice and Information Package referred to in section 10(5) of the 2002 Act;

(b)

advise the debtor of the options of a voluntary repayment plan, a debt payment programme under the Debt Arrangement Scheme or a trust deed; and

(c)

advise the debtor of the consequences of sequestration and that an award of sequestration, if granted, is recorded in a public register and may result in one or more of—

(i)

the debtor being refused credit, or being offered credit at a higher rate, whether before or after the date of the debtor being discharged;

(ii)

the debtor not being able to remain in his/her current place of residence;

(iii)

the debtor being required to relinquish property which the debtor owns;

(iv)

the debtor requiring to make contributions from income for the benefit of creditors;

(v)

damage to the debtor’s business interests and employment prospects;

(vi)

the debtor still being liable for some debts;

(vii)

the debtor’s past financial transactions being investigated; and

(viii)

other restrictions or requirements imposed on the debtor as a result of the debtor’s own circumstances and actions.