Personal Debt

I’ve received an Earnings Arrestment Order - what next?

An Earnings Arrestment Order (EAO) allows the court to collect money from your wages in order to repay debts that you owe. These payments are deducted from your monthly salary until your debt is paid...

What is moratorium on diligence or moratorium protection?

If you finding it difficult to repay one or more of your creditors, and need more time to consider your options without the threat of legal action, you can now apply to the Accountant in Bankruptcy (A...

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 t...

Is there a link between personal debt and mental health?

Problem debt does not happen overnight. What may start as a niggling worry over how you are going to meet your next monthly payment, can quickly escalate into sleepless nights, and unfortunately for s...

How to avoid selling valuable belongings to a pawnbroker

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 w...

Diligence and debts? What actions can creditors take to recover 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...

Debt Collectors vs Sheriff Officers: what’s the difference?

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.

Understanding defaulted bank loans and the consequences of defaulting

What happens when you default on a bank loan largely depends on whether the loan is secured or unsecured. Secured loans mean that you have provided security in the event of default, usually in the for...

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.

Do personal debts die with you?

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...

What action can creditors take against you to recover debts?

If you’re struggling to repay personal debt, it’s important that you know the steps that creditors can take to recover their money.

What happens after you are discharged from sequestration?

Being discharged from sequestration represents a key moment in becoming debt-free, and signifies the beginning of an improved financial situation.