Confidential advice

8am to 8pm Monday to Sunday

Home
- Why Us?
- Our People
- Close
Debt Options
- - Sequestration
    - Scottish based firm
      4 local offices
      Lower your monthly payments
      Write off a proportion of your debt
      Established over 25 years
    - call us on
      0800 063 9250
      or
      0333 009 0011
      Watch
      Chris' Story
    - Close
  - Trust Deed
    - Scottish based firm
      4 local offices
      Lower your monthly payments
      Write off a proportion of your debt
      Established over 25 years
    - call us on
      0800 063 9250
      or
      0333 009 0011
      Watch
      Jackie's Story
    - Close
  - DAS
    - Scottish based firm
      4 local offices
      Lower your monthly payments
      Write off a proportion of your debt
      Established over 25 years
    - call us on
      0800 063 9250
      or
      0333 009 0011
      Watch
      June's Story
    - Close
  - Free Debt Report
    - Scottish based firm
      4 local offices
      Lower your monthly payments
      Write off a proportion of your debt
      Established over 25 years
    - call us on
      0800 063 9250
      or
      0333 009 0011
      
      start here
    - Close
- Regulated by:
Close
Debt Problems
Business Debt
HMRC Debt
FAQ
Contact Us
- Aberdeen
- Dundee
- Edinburgh
- Glasgow
- Close

Articles

Keeping informed about your personal debt options and rights is important. See below for the latest news and views from the SDS team

Scotland Debt Solutions > Articles

Categories

Featured Articles

Can creditors contact me when I am in a trust deed?

17th July 2018

What is a trust deed? Less serious than sequestration (bankruptcy), a trust deed is a formal payment plan which allows you to take control of your debts in an affordable manner. The arrangement typically lasts four years, during which you will be required to make one monthly repayment to an appointed insolvency practitioner who will […]

What debts can I include in a trust deed?

16th July 2018

When it comes to debt, there are two main types which you may be dealing with: secured and unsecured. You may have debts which fall in to either or both of these categories. As each class of debt is viewed differently it is important to know the difference between secured and unsecured borrowing before deciding […]

Will my creditors agree to my trust deed?

15th July 2018

What is a trust deed? A trust deed is a formal debt solution which enables you to make affordable monthly repayments towards your debts for a set period of time, typically four years. After this time is up, so long as you have kept up with the agreed monthly payments, any outstanding debts which were […]

Trust deed vs deed of trust – what’s the difference?

6th July 2018

It is easy to see why a trust deed and a deed of trust may be confused with each other, however, in reality they are entirely different things and you should know the differences between the two if you are considering entering into a trust deed or any other formal debt solution. What is a […]

Moving abroad to escape unpaid debts – what happens?

4th June 2018

If you are drowning with unmanageable debt, you may be tempted to try and escape this for good by leaving the country. You may be considering a move abroad for other reasons, such as to be closer to family or for better employment opportunities. However, does moving abroad mean your creditors can no longer chase […]

What is a charge for payment in Scotland?

22nd May 2018

If you have been struggling with debt and have found yourself unable to make the required payments to your creditors, you may eventually be in the position where you creditors look to take further action against you to recover the money you owe. If this is the case, they may ask a sheriff officer to […]

What is an attachment of property for individuals in debt?

One of the most common worries of people in debt is whether they could have their home taken away from them or their possessions sold in order to pay back the money they owe. Unfortunately this is a possibility; however, it is often the final step after a long process of debt recovery by the […]

What is an inhibition court order in Scotland?

An inhibition order is a form of diligence used by creditors in Scotland which affects what you can do with your heritable property. In Scottish law, ‘heritable’ property refers to all land and buildings that you own, whether you live in them or not. In most cases, an inhibition order will affect your primary place […]

What Scottish individuals need to know about diligence and debts

Diligence is the technical term for enforcement and comes in many forms. Diligence can only be used following court action and is therefore the result of a lengthy recovery campaign on the part of the creditor. Before any type of diligence can be actioned, creditors must have formally requested payment in writing; this is known […]

How to draw up an effective budget

For the thousands of Scots who struggle to get to the end of the month without relying on some form of credit, an effective budget could be a massive help. A comprehensive and truthful budget will allow you to see exactly where your money is going and will highlight any problem areas, allowing you to […]

How to manage your finances if you’ve been made redundant

If you’ve been made redundant, you may be entitled to receive redundancy pay if you’ve worked for the same employer for two continuous years. The amount you receive depends on your age, length of service, and final wage, but it can be a crucial lifeline during the coming months. Managing your finances after redundancy is […]

Consequences of not paying your water bill in Scotland

The Scottish system of paying for water rates means that you receive notice of the amounts due within your council tax bill, if you don’t have a water meter fitted. Should you get behind with your payments for water/sewerage services, the council will let you know by letter initially. You’ll have seven days to bring […]

Advice for individuals being chased by debt recovery companies – what are your rights?

If you are one of the thousands of Scottish people who are struggling with problem debts, you may have also been faced with debt collection agencies chasing you for payment. If this is the case, knowing what your legal rights and options are can make the whole process much less worrying. Why are debt collection agencies contacting […]

How to check your credit score for free

Knowing your credit score and keeping a regular eye on your credit file can prove incredibly beneficial if you wish to apply for a mortgage, credit card, loan or other type of credit. By checking your credit file you can identify any errors that could be standing in the way of you accessing the best deals. There […]

Understanding credit cards: Balance transfer vs money transfer

You may already know that shifting credit card debt from a high interest card over to a low interest one can save you a significant amount of money. But do you know the difference between a balance transfer and a money transfer? Here is our handy guide to both processes and some top tips to […]

What is the ‘simple procedure’ process in Scotland?

Should a creditor decide to take court action against you to recoup the money they are owed they may do this through what is known as the ‘simple procedure’. This process is a civil legal procedure which can only be used for debts under £5,000 and is only available in Scotland. How do I know […]

What are the best options for me based on my level of debt?

When it comes to debt, there is not a one size fits all solution; what may be suitable for one individual may be completely inappropriate for someone else. In Scotland there are three main solutions all of which can help indebted individuals take control of their financial issues and start planning for a debt-free future. […]

Are you entitled to the £900 Marriage Tax Allowance?

It is estimated that nearly two million UK couples are eligible but yet to the claim the Marriage Tax Allowance which was introduced in April 2015. This allows couples who meet certain criteria to transfer £1,190 of their personal tax allowance from one partner to the other, representing a tax saving of £238 for 2018/19. […]

5 simple steps to rebuilding your credit score

If your credit score has been affected by problem debt, you may be looking for ways to start rebuilding it and getting on with your financial future. Whether you are still struggling with your debt or have entered into an official debt management or insolvency procedure such as a Debt Arrangement Scheme (DAS), Trust Deed […]

How to clear your council tax arrears with a trust deed

If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]

How to restore credit rating after Scottish debt programme has been satisfied

A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]

I’ve received a Simple Procedure Notice of Claim – what now?

If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]

What is a Bankruptcy Restriction Order? (BRO)

A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]

What does the DAS Fair and Reasonable Test entail?

Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]

How do I apply for a Debt Payment Programme (DPP)?

If you’re struggling to pay your unsecured debts, a debt payment programme could help you to regain control of the situation, and become financially stable again. Debt payment programmes are a fundamental part of the Debt Arrangement Scheme (DAS) in Scotland, and allow you to repay over a longer period of time. These programmes involve […]

Report Highlights Struggles of Single Parents in Poverty

A new research report has highlighted the extent to which many thousands of single parents throughout the UK struggle to escape poverty while bringing up their children. According to the study conducted by the Gingerbread charity, around 47 per cent of children who grow up in single parent families do so against a backdrop of […]

7 ways to finally tackle your finances in 2018

The start of a new year is the perfect time to take stock of your finances and put plans in place for a financially savvy year ahead. While you may feel your problems are insurmountable, there are always things you can do to help, most of them surprisingly easy. Here are 7 ways you can […]

What is a ‘soft search’ and how can this increase your chances of a successful balance transfer?

If you have credit card debt which is attracting a high level of interest, moving this balance onto a lower interest card could save you a considerable amount of money. This process is known as a ‘balance transfer’, and if done correctly, this could save you money and also reduce the time it takes you […]

Teenage Brits ‘Being Tempted into a Life of Debt’

Many thousands of young Brits are being actively encouraged towards taking on debt and spending borrowed money even before they reach their 18th birthdays. That’s according to the price comparison website comparethemarket.com, whose research suggests that roughly one in four 16 and 17 year olds in the UK have been offered credit cards or asked […]

How can I apply for bankruptcy in Scotland?

If you’re in serious debt with no hope of repaying your unsecured creditors, you don’t have to wait for a creditor to take legal action against you. You may be able to take matters into your own hands and apply for sequestration (bankruptcy in Scotland). This also prevents your situation from worsening. There are two […]

Where should you start when looking to save money each month?

If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]

What are the options for dealing with debt in Scotland?

Scotland has a number of formal debt solutions that can help you deal with a difficult financial situation. It’s advisable to take action as soon as possible, however, to prevent your levels of debt escalating when interest and other charges are added. Obtaining professional advice is key in this respect. An approved money advisor or […]

How Universal Credit works in Scotland

The introduction of Universal Credit was intended to simplify the benefits system and reduce the opportunity for fraud, but it has received much criticism, partly due to an inherent lack of flexibility. The Scottish government is now able to use new social security powers, however, when administering Universal Credit. These devolved powers were brought in […]

The A to Z of Surviving Christmas and New Year Without Getting into Debt

ffordability Forget expectations and only buy what you can afford. Make sure you set aside enough money to cover your household bills and expenditure over the Christmas period. This includes food, heating and paying your rent or mortgage and Council Tax. The most important thing is that you and your family are warm and […]

FREE and Cheap Christmas Events for Children and Families in Scotland 2017

With presents to buy, stocking the cupboards for the family Christmas dinner, not to mention the flurry of festive social events with friends, family, and colleagues alike, the festive season can be an expensive time. However, it is possible to enjoy all this time of year has to offer without spending a fortune. Here are […]

How can I deal with aggressive debt collectors?

Dealing with debt collectors can be a highly stressful experience, but when they’re aggressive in their techniques, how do you deal with it? Strict regulations surround the collection of debts, and it’s against the law for debt collectors to act aggressively, intimidate or bully, or intimate they can carry out certain enforcement actions when in […]

Can I remortgage while in a Trust Deed / Sequestrated / DAS?

If you’re a homeowner in Scotland, and are experiencing high levels of debt, your property may be affected when you enter a formal debt relief procedure. This doesn’t necessarily mean you’ll need to sell your home, however – you may be able to remortgage to provide additional funds for your creditors. If you have a […]

How could sequestration affect my job?

In many cases sequestration doesn’t affect a person’s job, and you may be able to carry on working with no adverse effects on your current or future employment situation. But because sequestration is a serious step to take, it’s worthwhile checking your employment contract for any clause relating to debt or bankruptcy prior to becoming […]

Understanding your credit report – the difference between ‘settled’ and ‘satisfied’

When you look at your credit report, you’ll see various status codes marked against individual loans and other borrowing. These indicate the extent to which you’ve repaid your creditors, whether there were any defaults, and if the account has now been closed. You may also have noticed that two codes sound fairly similar, and relate […]

Which creditor takes priority when repaying debts?

When you owe money to a number of different creditors, it can be difficult to know who should take priority. To clarify which debts should be paid first, consider the consequences of failing to pay each one. A good example is your rent or mortgage payments – failing to pay these could result in the […]

How long does a trust deed last in Scotland?

Scottish trust deeds offer a way out from serious debt, and the chance to rebuild your financial life once the trust deed term has ended. They’re a debt solution that’s only available to residents of Scotland, and generally last for four years although there are certain factors that can affect this length of time. One […]

Can I file for sequestration if a debt collection agency is chasing me?

If you’re filing for sequestration, you’ve probably been pursued by creditors or debt collection agencies for some time, and may view bankruptcy as the best way out of serious debt. When a debt collection agency is chasing you, it doesn’t stop you filing for sequestration, but it doesn’t necessarily mean they have to stop in […]

How to avoid Scottish Pawnbrokers and selling off your prized possessions

Using the services of a pawnbroker may be tempting if you need cash urgently and cannot obtain credit, don’t have a bank account, or are facing serious debt. But it may not be the best way to deal with the situation. As experienced and reliable insolvency practitioners, we can help you avoid using pawnbrokers and […]

What is a Money Adviser in Scotland?

When you’re in debt and don’t know which way to turn, obtaining reliable and up-to-date advice is crucial. As a resident of Scotland you have access to approved local authority money advisers, and reputable money charities, to guide you and help escape the debt spiral. Approved money advisers in Scotland ensure you choose the best […]

What happens after you are discharged from sequestration (bankruptcy)?

Being discharged from sequestration represents a key moment in becoming debt-free, and signifies the beginning of an improved financial situation. The sequestration process may appear to be relatively short at 12 months when compared with other official debt relief procedures, but it doesn’t necessarily mean the end of your obligations at this time. Your Trustee […]

Charity Slams Credit Card Firms for Lifting Limits for Struggling Debtors

Citizens Advice has issued stern criticism of credit card companies for automatically increasing borrowing limits for customers who are already struggling with debt problems they can’t escape from. The charity’s own research has found that almost one in five people who are grappling with credit card debt problems have had their borrowing limits increased without […]

Your options when you cannot afford high property factoring fees in Scotland

High factoring fees are placing an increasing financial strain on many property owners in Scotland, with some property factoring companies being criticised for huge price rises for what is often only essential basic maintenance and insurance. The purpose of a factor is to carry out ongoing maintenance, cleaning, and servicing of communal areas in property […]

What is a ‘continuous payment authority’ (CPA) on a payday loan and how can I cancel it?

Continuous payment authorities, or CPAs, are often used by payday loan providers as a way to take repayments via a debit card, or sometimes a credit card. A CPA effectively grants permission to take recurring payments, but it can be hard to revoke if you later experience financial difficulty and need to cancel the authority. […]

What if I can no longer afford my car lease?

The car finance market is currently under investigation by regulators, as fears grow that it could become the next ‘debt bubble.’ The problem is that personal contract purchase (PCP) and hire purchase (HP) car financing agreements require little in the way of an initial deposit, and can be easily obtained by consumers posing a high […]

Nearest food banks in Scotland – what are your options?

The latest figures on the use of food banks in Scotland show a disproportionately high need by Scottish residents in terms of population numbers, when compared with any other area of the UK. The Trussell Trust distributed 145,865 food parcels to Scottish residents in 2016/17 via their food banks, with almost 48,000 of those food […]

Gambling addiction – what help is available in Scotland?

Because it’s highly addictive, gambling on even a small scale can turn into an addiction that takes over your life. The fact that it’s also easily accessible online now only serves to exacerbate this growing problem. So if you recognise that gambling has become an addiction, either for yourself, a friend, or a family member, […]

What is the time limit for recovering debt? Can it be written off?

Certain time limits exist for creditors to take action against people who owe them money, before the debt becomes what is known as ‘statute barred.’ This timescale depends on the type of debt owed, and the action taken by the creditor. The Prescription and Limitation (Scotland) Act, 1973, sets out the regulations about when a […]

What are the consequences of sequestration (bankruptcy) in Scotland?

Sequestration is often a last resort for people in serious debt, and one that is taken only after all other options have been exhausted. There are many advantages for those who cannot see a way out of their current situation – sequestration provides a fresh start financially, and prevents further harassment from creditors. But you […]

Personal Debt – What action can your creditors take against you?

If you’re struggling to repay personal debt, it’s important that you know the steps that creditors can take to recover their money. It will help you prepare for the inevitable threatening letters, and more serious enforcement measures a creditor might take. Enforcement action in Scotland is known as ‘diligence.’ One of the main aspects of […]

How to prioritise your debts to ensure you pay them off sooner and minimise interest

The amount of interest you pay on your borrowing is often the element that makes it unmanageable at some point. When you miss a payment, you are charged interest on the amount outstanding, plus a fee for being in arrears. These can be significant amounts for anyone to pay, but if you’re already struggling to […]

Regulator Takes Aim at Unarranged Overdraft Charges

The Financial Conduct Authority (FCA) has said it will work to change the underlying dynamics that result in many thousands of Brits suffering financially as a result of excessive unarranged overdraft charges. Charges levied for use of bank account overdrafts without prior permission tend to be very high and are recognised as being a major […]

Former Scotland Football Captain Barry Ferguson Enters Bankruptcy

Barry Ferguson, the former captain of Scotland’s national football team, has entered bankruptcy on a voluntary basis having become insolvent and unable to service some very substantial debts. The ex-Rangers star, aged 39, is understood to have had more than £1.4 million worth of outstanding debts as he entered bankruptcy. Ferguson was until recently the […]

High Cost Credit ‘Hurting Over a Million Vulnerable Brits’

A lack of access to affordable credit is making life more and more difficult for many thousands of UK consumers and households. That’s according to the debt help charity StepChange, which has published a report arguing that there should be more government support for people who are struggling to make ends meet. The charity’s latest […]

Austerity Blamed As More Scots Turn to Debt Solutions

Government policies and austerity measures have been blamed in part for forcing more and more Scots into the position of requiring debt solutions. Paul Wheelhouse, who is a Scottish parliament member and minister for business, innovation and energy, has pinpointed austerity policies as a source of financial problems for many indebted consumers across the country. […]

How Do You Know if You Qualify for an IVA?

Guest article written by William Berry; an experienced personal debt adviser and Director at www.IVA.co.uk. For information on how IVAs work in Scotland, there is a similar process called a Trust Deed If you have unmanageable debt, an Individual Voluntary Arrangement (IVA) helps you repay as much money as possible to creditors over an extended […]

What happens if you lie on credit card applications to obtain credit?

When credit card companies make a decision about you as a potential customer, they use the information on the application form to assess your credit-worthiness, and establish the most appropriate level of credit to offer. This type of information includes your employment position, incomings and outgoings, and your previous history of debt repayment. They will […]

Is it possible to enter into a second Trust Deed?

Scottish Trust Deeds help eligible people in debt to repay as much as possible, with the remainder being written off at the end of the term – usually four years. Creditors vote on whether to accept the repayment arrangement, which becomes protected if they agree. It is an effective way to repay your creditors without […]

Can I enter into a Trust Deed as a sole trader when my business is struggling?

Being in debt as a sole trader can be particularly concerning because you are personally responsible for the debts of your business. Unlike a limited company which is a separate legal entity from its owners/directors, sole traders face the prospect of personal bankruptcy alongside the closure of their business. There are a number of debt […]

Why a Debt Arrangement Scheme is better than a Debt Management Plan

If you’re struggling to repay debt and looking for a way to better manage the situation, you may have come across two commonly-offered options. Both involve repaying all the money you owe rather than writing off a proportion of the debt after the end of the agreement, but one is backed by the Scottish government. […]

What happens to your bank account when entering a Scottish Trust Deed?

If you’re entering a Scottish trust deed, it’s important to make sure you transfer your current account to another bank before it is signed. This is because, if you owe money to the bank, they have the right to use the funds in your account(s) to ‘set off’ your debt with them. Additionally, your bank […]

Scottish mortgage arrears – how can you prevent repossession?

If you’re in arrears with your mortgage, it’s important to know that legal action to repossess it can be delayed or stopped if you act quickly enough. A number of options are available before this stage is reached, so what can you do initially to help with repayments? Having a spare room that you could […]

How will a Scottish Trust Deed affect my property?

It’s natural to be concerned about the fate of your property when you’re struggling with debt. If you’re considering a Scottish trust deed, your home and other property may need to be included before the trust deed can receive ‘protected’ status. An unprotected trust deed does not require the inclusion of property, but it does […]

How to make an offer of Full and Final Settlement to your creditors

When you’re in a situation where debts are spiralling out of control and you want to prevent the situation worsening, one option is to make a ‘full and final settlement’ offer to your creditors. This means that you have to use a lump sum of cash to repay a proportion of your debt, with the […]

A man looking sad and has very little money

Most Scots ‘Run Out of Money Before Payday’

A majority of Scots sometimes find themselves having run out of money in the days before they receive their pay checks. That’s according to a study commissioned by Scotland’s Citizens Advice charity, which found that 51 per cent of Scots run out of money before being paid at least “occasionally” and 15 per cent do […]

Half of Under 35s ‘Couldn’t Pay Bill Worth £250 Without Relying on Debt’

Around half of all British adults aged under 35 wouldn’t be able to pay off an unexpected bill worth £250 or more without resorting to some form of debt. That’s according to the credit information company Experian, whose research suggests that there could be as many as 3.5 million young adults around the UK who […]

Young Brits ‘Need More Lessons in Financial Management’

Most adults across Britain received no advice on how to handle their personal finances while they were in school or at college. That’s according to a study looking into the extent to which children and young adults around the country are being supported in understanding how best to manage their money as they go through […]

Why Scottish individuals should be wary of unregulated debt advice

As part of Scotland’s Financial Health Service, Scottish people in debt are obliged to obtain advice from an approved money advisor prior to entering insolvency processes such as the Debt Arrangement Scheme (DAS) or a Scottish Trust Deed. Cases have been reported in the press, however, where unregulated debt advisors are encouraging Scottish residents to […]

What happens if I am signed off work during a sequestration or a Trust Deed?

When you enter a personal insolvency process such as sequestration (Scottish bankruptcy) or a Trust Deed, you may be concerned about what happens if you’re ill and unable to work for a period of time. It’s reassuring to know that formal insolvency arrangements cater for times like this, when circumstances are out of your control, […]

What are Scotland’s political parties promising about employment?

With personal debt levels rising in Scotland, employment is once again a crucial component of party manifestoes ahead of the upcoming general election. But what are Scotland’s main political parties saying about this issue? Scottish National Party (SNP) Employment in Scotland Sanctions that were placed on people involved in voluntary work programmes in Scotland – […]

How to improve your credit score after a Scottish Trust Deed

Scottish Trust Deeds generally last for four years, so if you’ve successfully reached the end of yours, you’ll be starting to think about rebuilding your financial status. But how will the Trust Deed have affected your credit rating, and what can you do to improve the situation? A Trust Deed remains on your credit file […]

7 Advantages of using a Debt Arrangement Scheme (DAS) to become debt-free

If you’re trying to deal with overwhelming amounts of debt, you may be eligible for the Debt Arrangement Scheme in Scotland. DAS is an extremely effective and much-used method of repaying unsecured debt, and can help you get back on track financially without risking your home. A Debt Payment Plan (DPP) is negotiated with creditors, […]

Charity Backs Debt Arrangement Schemes to Help Rising Number of Indebted Scots

The charity group StepChange has called for an expansion of Debt Arrangement Schemes (DAS) and revealed that the number of indebted Scots reaching out for help from its advisers increased by 20 per cent last year. DAS help thousands of Scots every year get to grips with their debt management problems and reach agreements with […]

UK’s Consumer Debt Binge Worrying the Bank of England

The growth in consumer debt among households throughout the UK has been highlighted as a cause for concern by the Bank of England. Policymakers at the central bank have suggested that the issue could ultimately pose a threat to the financial security and stability of lenders if they’re offering credit too freely to people who […]

Credit Card Companies Must Do More to Help Long-Term Debtors, Says FCA

Credit card companies should do more to assist customers who use their services only to find themselves struggling to escape their resulting debt burdens. That’s according to the Financial Conduct Authority (FCA), which regulates the UK’s financial services sector and has drafted a set of proposals that it hopes will reduce the number of people […]

Research Highlights Financial Knowledge Gap Among Scottish Teenagers

Teenage Scots on the cusp of adulthood are being urged to learn more about how to handle their money amid concerns that many of them are broadly ill-equipped to do so. The Money Advice Service (MAS) recently ran an awareness building campaign around these issues in collaboration with Education Scotland with the aim of encouraging […]

What happens when a creditor takes me to court in Scotland?

If a creditor is taking you to court in Scotland, the initial notification will be a writ or summons. This document should include details of your creditor, the amount owed, name of the court, and what the sheriff has been requested to do. You need to respond by the date specified in the summons or […]

What are the alternatives to formal debt solutions such as DAS, Trust Deed and Sequestration?

When you are in financial difficulty and need to find a solution to your debt problems, there are various formal routes that remove the stress of creditor legal action, and help you get back on the right path. But you may also be able to help yourself without having to make a formal arrangement such […]

Sequestration explained for Scots with personal debts

Sequestration is the Scottish term for bankruptcy, and is often seen as a last resort by those in personal debt. If you are considering applying for your own sequestration, or have creditors who are trying to force you into bankruptcy, you’re probably wondering what the process entails and how it will affect you. Here we […]

Can I apply for my own sequestration?

When you’re struggling to repay unsecured debt and see no way out of a dire financial situation, personal bankruptcy can seem like the only option. This process is known in Scotland as sequestration, and involves handing over your assets to a Trustee who sells them in order to repay your creditors. It is possible to […]

Zero Hours Contract Numbers at Record High

The number of people around the UK who are employed on the basis of zero hours contracts (ZHCs) has reached a record high level. That’s according to an assessment of the latest data from the Office for National Statistics (ONS) by the Resolution Foundation, which says there were as many as 910,000 Brits signed up […]

Home Affordability in British Cities at ‘Worst Level Since 2008’

The costs associated with buying a home in cities around the UK are the least affordable they have been in almost a decade. That’s according to new figures from Lloyds Bank which show that average house price increases are dramatically outpacing rises in typically earning levels in cities nationwide. In fact, the numbers suggest that […]

19 Million Brits ‘Just About Managing at Best’

As many as 19 million British people are living on inadequate or barely adequate incomes and can be described as “just about managing at best” from a personal finance perspective. That’s according to a new report released by the Joseph Rowntree Foundation (JRF), a social policy research charity, which has aimed to highlight the financial […]

Can I use money from my pension to pay debts?

New pension regulations introduced in 2015 completely changed the way you can access your pension, and opened up what was previously a limited range of options. Some people choose to pay off debt with their pension, but is this wise when there are other ways that could help? Apart from the fact that most pension […]

Diligence against earnings – Information for Scots in debt

Diligence against earnings is a collective term for the ways creditors can deduct money directly from your salary in order to enforce the payment of a debt. The three methods are: earnings arrestment, current maintenance arrestment and conjoined arrestment orders. Earnings Arrestment (EA) – This is the most common type of arrestment order in Scotland. Earnings arrestment is […]

What is money attachment in Scotland?

Money attachment allows a creditor to ‘attach’ (seize) money which is located in a premises owned by the debtor. Money attachment can only be carried out following a decree issued by the courts. Following this, a creditor may then instruct a Sheriff Officer to search business premises and seize money to satisfy the outstanding debt. […]

Banks ‘Cashing In on Indebted and Vulnerable Customers’

Major banks across the UK are consistently cashing in on the financial hardship of many of their most vulnerable customers. That’s according to the consumer rights organisation Which?, whose research has found that unarranged overdraft fees on bank accounts are a now a very common source of problem debt. In fact, the charity has claimed […]

Universal Credit Payment Delays Adding to Debt Woes Nationwide

Issues with the UK government’s Universal Credit (UC) benefits system are causing significant debt and housing problems among thousands of individuals and families throughout the country. The system is being introduced in an apparent effort to simplify and streamline the country’s benefits infrastructure but many people are reportedly being left without money they urgently need. […]

1 in 3 Brits ‘Completely Unable to Save’

As many as one in three adults living in the UK now find it impossible to set aside any money as savings on a monthly or an annual basis. That’s according to a new study carried out by the debt help charity StepChange, which is urging the government to provide more support to people who […]

Comparing the cost of DAS, Sequestration and Trust Deed

In Scotland there are 3 main options for those struggling with problem debt. Each one comes with its own positives and negatives, and also its own financial cost – both initial and on-going. Here we compare the 3 choices available to you and how the costs of each stack up: Debt Arrangement Scheme (DAS) […]

1 in 4 People ‘Performing Poorly’ in Their Jobs Because of Money Worries

As many as one in four people around the UK are performing poorly in their professional roles as a result of concerns about their personal finances. That’s according to a new research report put together by the Chartered Institute for Personnel and Development (CIPD), a nationwide association for human resource management professionals. The institute is […]

Average British Household ‘Almost £13,000 in Debt’

British households have an average of close to £13,000 in debts outstanding even before their mortgages are counted into the equation. That’s according to the Trades Union Congress (TUC), which has been assessing official figures compiled by the Office for National Statistics (ONS). The ONS recently revealed that the collective scale of unsecured debts held […]

Log book loans and personal debts explained

If you have a poor credit history and are not eligible for mainstream borrowing, log book loans offer a way to obtain finance quickly. They involve borrowing money against the value of your vehicle, and this becomes the property of the lender until the loan is repaid in full. This type of loan has come […]

Household Debt Rises to Reach Highest Levels Since December 2008

The collective scale of household debts in the UK have risen in recent months to reach the highest level recorded since the immediate aftermath of the 2008 financial crisis. According to official figures from the Bank of England, the value of personal debts throughout the country increased by as much as 10.8 per cent in […]

New Figures Highlight Different Reasons Why Men and Women Enter Bankruptcy

The reasons why people enter bankruptcy around the UK are often very different depending on their gender. That’s according to new figures on the subject which show that bankruptcies among women are disproportionately related to ‘relationship breakdowns’ or a drop in their household incomes. Meanwhile, in the case of men, the financial difficulties of their […]

What happens to my pension in sequestration?

When you enter sequestration, your assets are placed in the control of a Trustee who will seek to realise as much money as possible from them in order to pay your creditors. Your assets include things such as property, vehicles and cash savings. However when it comes to the money you have saved in your […]

A man looking at his credit card at Christmas

1 in 3 Brits Turning to Credit to Cover the Cost of Christmas

As many as a third of all British consumers are turning to credit to cover their costs this Christmas, according to a recent survey. That figure equates to around 16.5 million people who are adding to their debts during the festive period. For many people, taking on extra credit over Christmas won’t cause any real […]

9 practical tips for cutting your household expenses

We all want to save on our household bills and have more money in our pocket for the fun things in life. While bills are an unavoidable fact of life, here are some ways you can help to reduce them: Switch energy supplier. If you’ve never switched supplier, then you could be looking at saving […]

Your guide to getting a mortgage after a Trust Deed

If you’re about to be discharged from a Trust Deed, you may be wondering to what extent your ability to obtain a mortgage has been affected. It’s a common concern for anyone who has struggled with debt, that they won’t be able to borrow in the future, and the general reluctance of banks to lend […]

17 Signs you’re struggling to cope with personal debt and need to take action

Debt seems to be a way of modern day life. For some things in life, such as buying a home or paying for a university education, taking on debt and paying this off in instalments may be the only way of being able to afford some things. However there comes a time when taking on […]

What happens when a Trust Deed ends?

Your Trust Deed has finally come to an end; you’ve made all your payments and have been formally discharged. Congratulations! While you are probably feeling a sense of relief that the process is now behind you, and excitement for a debt-free future, you may also be asking yourself – what happens now? Well the good […]

‹ ›

Latest tweets

Follow us on Twitter @scotlanddebt

Debt Charity Welcomes Government’s ‘Help to Save’ Scheme https://t.co/rNHvSZnw0E

Expert advice to solve your personal debt problems
@ScotlandDebt

What Scottish individuals need to know about diligence and debts https://t.co/qMn838RsNY #Scotland #Aberdeen #Glasgow #Dundee #Edinburgh

Expert advice to solve your personal debt problems
@ScotlandDebt

Pensioners in #Scotland are more likely to be living in poverty than their counterparts across the rest of the UK,… https://t.co/M0TCd66mDf

Expert advice to solve your personal debt problems
@ScotlandDebt

See and hear how we helped set Jackie on her way to becoming debt free with a Debt Arrangement Scheme https://t.co/MvmgpV8PUW

Expert advice to solve your personal debt problems
@ScotlandDebt

Stop HMRC &
Debt Pressure

Same Day
Confidential Meeting

Free Initial
Consultation

Find Your
Nearest Office

Our Insolvency Practitioners
are regulated by ICAS or IPA and our firm is FCA Approved

Call us today on 0800 063 9250 or if you prefer we can call you

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our PRIVACY POLICY

Scotland Debt Solutions is a trading name of Begbies Traynor (Central) LLP
The firm is authorised by the FCA to undertake debt counselling and debt adjusting and its reference number is 660455 - Copyright 2018 - All rights reserved

Watch

Chris' Story

Watch

Jackie's Story

Watch

June's Story

Regulated by:

Articles

Featured Articles

More Articles

Latest tweets

Follow us on Twitter @scotlanddebt

Our Insolvency Practitionersare regulated by ICAS or IPA and our firm is FCA Approved

Call us today on 0800 063 9250 or if you prefer we can call you

Watch

Chris' Story

Watch

Jackie's Story

Watch

June's Story

Regulated by:

Our Insolvency Practitioners
are regulated by ICAS or IPA and our firm is FCA Approved