Articles

The government has introduced a range of measures to help individuals, families, and sole traders in Scotland who are struggling to cope financially due to the coronavirus pandemic.

When you apply for a personal loan it’s important to be open with the lender and tell them exactly what the loan is for.

In 2019, the Financial Conduct Authority (FCA) instructed banks to introduce a simpler fee structure for arranged and unarranged overdrafts before April 2020, namely a flat annual interest rate.

If you’ve received a persistent debt letter from your credit card provider, you may be wondering what it means and how you should respond.

Inhibition in Scotland is a type of ‘diligence’ or debt enforcement that involves obtaining an order of the court. It protects creditors’ rights to be repaid should property or land owned by their debtor be sold, or cash generated by remortgaging.

Sequestration typically lasts for a period of 12 months, although if you’re also paying a Debtor Contribution Order (DCO), repayments can continue for a further three years after discharge.

If you’ve had a default placed on your credit file it can affect your financial situation in a number of ways. The drop in credit rating makes it more difficult to obtain borrowing, and in some cases, it can even affect your employment.

Budgeting helps you pay for the necessities of life, and also escape debt, so you’re not relying on your credit card simply to get by.

An Earnings Arrestment Order (EAO) is a form of ‘diligence’ that can be taken against you by a creditor. Diligence procedures are permitted once the creditor has been granted an appropriate court order, and earnings arrestment is just one of several measures they can take.

Long after the presents have been unwrapped, the Christmas decorations have been packed away, and the last of the turkey has been eaten, the after-effects of overspending at Christmas can last well into the new year.

While being a time of celebration and spending time with those closest to us, Christmas can also end up being an extremely expensive time of year.

Credit card debt is unsecured so you don’t need to worry about any of your assets being repossessed, but getting behind with credit card repayments can still cause an alarming spiral into debt.