Articles

It is possible to get a mortgage with a bad credit rating, even if you have previously been declared bankrupt. Mortgage loans for bad credit borrowers do exist – you may just need to look a little harder for a specialist mortgage lender for bad credit.

If you are experiencing financial worries and your debt simply does not seem to be going down, you may be considering entering into a formal debt solution in order to help you manage.

The term for creditor legal action in Scotland is ‘diligence.’ Your creditor will be obliged to follow strict rules for each type of diligence, and if they fail to meet their legal obligations in this way, the action can be challenged.

Liability for a partner’s debt depends on whether the borrowing is in joint names or your partner’s sole name. In essence, if the debt is in their sole name you cannot be held liable unless you have acted as guarantor when the loan was taken out.

For the thousands of Scots who struggle to get to the end of the month without relying on some form of credit, an effective budget could be a massive help. A comprehensive and truthful budget will allow you to see exactly where your money is going and will highlight any problem areas, allowing you to start taking steps to remedy the situation before your debt problems get out of hand

In Scotland, County Court Judgments (CCJs) are referred to as a decree.

Universal Credit is replacing a number of state benefits including Working Tax Credits. It incorporates a childcare element for people in work, regardless of the number of hours they’re working.

Being in debt can be a huge burden that affects every part of your life, but one of the most difficult aspects is when you’re in a relationship, as it can be very difficult to tell your partner about your debts.

The strict criteria applied by mortgage lenders make it difficult to obtain borrowing, even for those with a good credit rating. If you’ve entered into an Individual Voluntary Arrangement in Scotland, or a Trust Deed, unfortunately you won’t have access to borrowing until its completion.

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 themselves from the risk of default.

Part of an insolvency practitioner’s duties in administering your Trust Deed is to establish eligibility to claim PPI.

Just as marital assets are divided during divorce proceedings, responsibility for debt incurred during the marriage will also need to be split.