Articles

When you’re in serious debt and can’t see a way out, it’s important to know your rights and how the situation may affect you.

The economic impact of coronavirus continues to cause serious financial difficulty for people in Scotland, creating rising debt levels and severe uncertainty for the future.

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.

The re-opening of Trust Deeds has become a contentious issue in Scotland. Debtors who assumed that, having been discharged from their Trust Deed, no further action would be taken in relation to their insolvency.

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.

New pension regulations introduced in 2015 completely changed the way you can access your pension, and opened up what was previously a limited range of options. Some people choose to pay off debt with their pension, but is this wise when there are other ways that could help?

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 creditor.

The latest figures on the use of food banks in Scotland show a disproportionately high need by Scottish residents in terms of population numbers, when compared with any other area of the UK.

It is estimated that nearly two million UK couples are eligible but yet to the claim the Marriage Tax Allowance which was introduced in April 2015.

Unsecured personal loans are generally taken out for one-off purchases such as a car or a special holiday. The attraction of this type of loan is the fixed interest rate and fixed terms offered, as borrowers can budget accurately and retain better control of their finances.

If you’re in serious debt with no hope of repaying your unsecured creditors, you don’t have to wait for a creditor to take legal action against you. You may be able to take matters into your own hands and apply for sequestration (bankruptcy in Scotland)

If you fall behind with certain financial liabilities in Scotland, such as council tax or income tax, there are certain procedures available to your creditors that allow them to collect the monies quickly.