Articles

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.

Credit card interest can be extremely high, with rates of 20% or more commonly being paid by consumers.

If the information in your credit report is misleading in some way, or misrepresents you, and the credit reference agency isn’t able to remove or amend it, you’re entitled to use a Notice of Correction (NOC) to explain your situation.

Quickly clearing your debts allows you to take control of your financial situation and start saving for the future.

If financial demands on you are severe, it’s understandable if you’re worried about paying for Christmas. It’s such an expensive time of year and it’s very easy to overspend, but there are some simple steps you can take to help yourself financially.