Articles

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 �...

How to manage your finances if you’ve been made redundant

If you’ve been made redundant, you may be entitled to receive redundancy pay if you’ve worked for the same employer for two continuous years. The amount you receive depends on your age, length of...

Why is a Debt Arrangement Scheme better than a Debt Management Plan?

If you’re struggling to repay debt and looking for a way to better manage the situation, you may have come across two commonly-offered options.

What happens if Universal Credit is frozen in Scotland?

What emergency help is available for people in Scotland while Universal Credit is stopped due to an investigation or dispute? Read more about debt solutions:

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.

Bad Credit Loans and Poor Credit History

If you have a poor credit rating, you may find it difficult to borrow money at ‘regular’ interest rates. Interest will be charged at a higher rate than normal so that lenders can protect themselve...

Understanding Credit Card Debts and Possible Solutions

Although credit cards can be a useful financial tool when used correctly, interest rates of between 10% and 30% make it easy for debt to spiral quickly if spending is uncontrolled.

Sequestration explained for Scots with personal debts

Sequestration is the Scottish term for bankruptcy, and is often seen as a last resort by those in personal debt.

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.