Personal Debt

If you have money left over at the end of the month, you may be wondering how best to use it. Should you pay off your debts, or is saving a better option? You might even be considering both.

The emotional strain of divorce can be overwhelming, and further exacerbated by uncertainty over money. Divorce is typically an expensive process, so what happens if you can’t afford to pay your divorce legal fees?

The breathing space debt moratorium in Scotland enables people in debt to trigger a six-month period that’s free of creditor action, so they can take stock of their situation and formulate a plan.

Are personal debts in Scotland written off after six years? What is statute-barred debt? When is Scottish debt unenforceable? Find out more in this article.

If you live in Scotland and are considering personal bankruptcy (sequestration), there are certain issues that you need to be aware of. These include an understanding of what will happen to your assets, and also the long-term effect of sequestration on your credit file.

When you’re in serious debt, the consequences could be severe. In Scotland, it's unlikely that you'll go to prison for unpaid debts but it is possible...

Being in debt can be a huge burden that affects every part of your life, but one of the most difficult aspects is when you’re in a relationship, as it can be very difficult to tell your partner about your debts.

A decree is a ‘money judgment’ issued by the sheriff courts in Scotland, and is the same as a County Court Judgment (CCJ) in England and Wales.

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’.

Part of the debt enforcement procedure in Scotland involves the sending out of official enforcement notices to debtors. An enforcement notice can be sent by post, email or fax, or be delivered by hand by bailiffs.

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.

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 debt hinders, rather than helps you in your life. Once debt becomes a problem, the situation can quickly escalate.