Personal Debt

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.

Debt solutions if you have equity or assets

If there is equity available in your home or you own certain assets such as a vehicle, they may be used to reduce your level of debt should you enter into a formal insolvency procedure.

Are payday loans a good short-term option?

If a financial shortfall has prompted you to consider taking out a payday loan you’re certainly not on your own. There’s been a huge rise in cash strapped people taking out so called short-term �...

What is a debt settlement offer?

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.

What debt solution is suitable 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.

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.

I’ve received a persistent debt letter from my credit card company

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.

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.