Articles

Trust Deed

What's the Register of Insolvencies and are Trust Deeds visible?

The Register of Insolvencies is a public register that documents Trust Deeds until five years after the discharge date and includes personal details.

Personal Debts

Debt and divorce – Understanding liability and what happens to marital assets

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

Personal Debts

Am I liable for my partner’s debt?

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 ha...

Sequestration

What is a Minimal Asset Process (MAP)? Formerly LILA

The Minimal Asset Process (MAP) allows a path into sequestration, the term used in Scotland for bankruptcy, for people on low incomes and with few assets who may not otherwise be eligible for a formal...

Credit Score

How the Rental Exchange scheme can help improve credit ratings

The Rental Exchange scheme is a new initiative which allows tenants to have their monthly rental payment recorded on their credit file.

Credit Score

I need a personal loan but have a poor credit score, can a credit union help me?

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

Credit Score

Can a default be removed from your credit file?

When lenders decide whether or not to offer you a loan, it is the information held on your credit file that forms the basis of their decision. This information also helps to combat fraud, as your iden...

Sequestration

Trust Deed

Can I remortgage while in a Trust Deed/Sequestrated/DAS?

If you’re a homeowner in Scotland, and are experiencing high levels of debt, your property may be affected when you enter a formal debt relief procedure.

Trust Deed

What happens to your bank account when entering a Scottish Trust Deed?

If you’re entering a Scottish trust deed, it’s important to make sure you transfer your current account to another bank before it is signed. This is because, if you owe money to the bank, they hav...

Sequestration

How can I apply for bankruptcy in Scotland?

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 h...

Trust Deed

What happens with PPI claims during and after a Trust Deed?

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

Personal Debts

Dealing with rent arrears – Advice for Scottish residents

Keeping up with rent payments isn’t easy for a lot of Scottish residents but if you’ve found yourself unable to pay your landlord for any reason then you should look to take action sooner rather t...