Articles

How to make an offer of Full and Final Settlement to creditors

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.

What is Attachments of Earnings and how does it work?

An Attachment of Earnings, or Earnings Arrestment as it is known in Scotland, is part of the ‘diligence’ process available to creditors who have been unable to collect their monies despite obtaini...

I recently filed for sequestration, how am I supposed to manage without a bank account?

Despite optimistic reports that the economic situation is improving, sequestration levels remain high in Scotland when compared with pre-recession statistics.

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...

What happens to my pension in sequestration?

When you enter sequestration, your assets are placed in the control of a Trustee who will seek to realise as much money as possible from them in order to pay your creditors.

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...

How do I calculate my monthly living expenses?

If you’ve entered into a Scottish trust deed or any other personal insolvency procedure, and are worried about how you’re going to manage the bills, making a budget is one of the most important st...

The Bankruptcy Procedure in Scotland – Information for Debt-Help Seekers

The bankruptcy procedure in Scotland is also known as sequestration. Both terms mean the same thing – an inability to repay your outstanding unsecured debts now, or in a reasonable future timeframe.

Expert 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...

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.’

What is the process of winding up a company in Scotland?

When a company is wound up it means it permanently closes down, and creditors repaid as far as monies allow. The winding up process in Scotland is set out in the Insolvency Act, 1986, Sections 122-124...

What is Debt Consolidation?

Debt consolidation combines various debt payments into a single monthly repayment. It is designed to make your total debts more affordable, and their management easier. A debt consolidation loan can b...