Personal Debts Articles

Personal Debts

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...

Personal Debts

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...

Personal Debts

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...

Personal Debts

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...

Personal Debts

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...

Personal Debts

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.

Personal Debts

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...

Personal Debts

What financial support is there for families in Scotland?

If you’re struggling to make ends meet as a family, there are a number of grants and loans available in Scotland that can ease the pressure, particularly if you’re on a low income or are in seriou...

Personal Debts

What happens to my personal debts when I get married?

If you’re getting married and are worried about what happens to your personal debts, initially you need to consider whether the debts are in your name only, or are joint with your partner – this d...

Personal Debts

I can’t afford my buy-now pay-later payment

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 i...

Personal Debts

Advice for Out of Work Oil and Gas Contractors

The steep decline of the oil and gas industry in Aberdeen severely affected contractors when the price of crude oil dropped dramatically in 2014. Although prices have risen since then, unfortunately j...

Personal Debts

What if I can no longer afford my car lease?

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.’