Personal Debt

Buy-now pay-later is a type of credit that offers a deferred period during which you don’t have to make any payments. This could be for a month or longer – sometimes the first payment on an item is deferred for as long as 12 months.

When you’re in serious debt and can’t see a way out, it’s important to know your rights and how the situation may affect you.

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.

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?

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.

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)

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.

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.

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.

Being a sole trader can feel like a lonely existence, even when business is good. You make all the decisions yourself, and have to rely on your own judgement to make the business a success.

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