Personal Debt

Sometimes known as a full and final offer, a debt settlement offer is where you agree to make a lump sum payment to your creditors in order to settle the remaining debt you have with them.

If you have fallen behind in your debt repayments to creditors, you may find yourself visited by a Sheriff Officer or debt collector looking to recover the money you owe.

Earnings arrestment is a form of diligence frequently taken by creditors in Scotland to recover unpaid debts. It involves taking money directly from the wages of a debtor who has failed to adequately deal with their debt.

If you are threatened with house repossession, you need to act quickly. You may be able to negotiate more time to pay – it is often the case that repossession can be stopped or temporarily halted, also offering you time to obtain professional advice.

If you fall behind with certain financial liabilities in Scotland, such as council tax or income tax, there are certain procedures available to your creditors that allow them to collect the monies quickly.

Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget.

If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route.

If you’ve entered into a Scottish trust deed or any other personal insolvency procedure, and are worried about how you’re going to manage the bills, making a budget is one of the most important steps to take.

The car finance market has exploded in recent years, with financial experts expressing concern that this type of borrowing could end up being the next ‘debt bubble.’

If you have been contacted by a High Court Enforcement Officer, it means that one of your creditors has been through court process to recover a debt. In Scotland, High Court Enforcement Officers are called Sheriff Officers or Messengers-at-Arms.

When you die, your debts will be paid from your estate unless they were taken out in joint names, in which case the other person takes on liability for the full amount outstanding. If borrowing is in your sole name, liability does not pass to your partner or family unless they were guarantors.

A statute barred debt is one that can no longer be collected by a creditor due to the elapsed time limit laid down in The Prescriptions and Limitation (Scotland) Act, 1973.