Articles

High factoring fees are placing an increasing financial strain on many property owners in Scotland, with some property factoring companies being criticised for huge price rises for what is often only essential basic maintenance and insurance.

If you’re in arrears with your mortgage, it’s important to know that legal action to repossess it can be delayed or stopped if you act quickly enough. A number of options are available before this stage is reached, so what can you do initially to help with repayments?

Credit unions in Scotland provide services to more than 250,000 people and one in 20 Scottish residents are members.

When you’re in debt and don’t know which way to turn, obtaining reliable and up-to-date advice is crucial.

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.

Certain time limits exist for creditors to take action against people who owe them money, before the debt becomes what is known as ‘statute barred.’ This timescale depends on the type of debt owed, and the action taken by the creditor.

If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances.

If you are one of the thousands of Scottish people who are struggling with problem debts, you may have also been faced with debt collection agencies chasing you for payment. If this is the case, knowing what your legal rights and options are can make the whole process much less worrying.

If you have a poor credit history and are not eligible for mainstream borrowing, log book loans offer a way to obtain finance quickly. They involve borrowing money against the value of your vehicle, and this becomes the property of the lender until the loan is repaid in full.

If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route.

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors. It is negotiated and set up by a licensed Insolvency Practitioner (IP), who administers it over the full term.

Continuous payment authorities, or CPAs, are often used by payday loan providers as a way to take repayments via a debit card, or sometimes a credit card.