The six-year credit file entry
Sequestration is added to your credit file at the date of the award. It stays for six years.
During those six years, mainstream credit is very difficult. Subprime lenders may lend at high rates.
The Register of Insolvencies
While active, you appear on the public Register of Insolvencies. On discharge, your entry is removed.
Existing credit and accounts
Existing unsecured credit is closed. Bank accounts with overdrafts are usually closed.
Basic bank accounts remain available.
Mortgages and secured car finance continue.
Rebuilding after discharge
Discharge starts the rebuild. Credit-builder cards, controlled use, letting the six-year clock run.