The 70/20/10 budget is a personal finance strategy that aims to allocate one’s income into specific categories to effectively manage spending and savings. It suggests that individuals should spend 70% of their income on monthly expenses, save 20% for the future, and use 10% for personal spending or discretionary items. This method offers a structured…
In Scotland, wages arrestment is a legal process that allows creditors to recover outstanding debts directly from a debtor’s earnings. If you find yourself unable to repay debts and facing the possibility of wages arrestment, it is essential to understand the process and its implications on your financial circumstances. As a debtor, it is crucial…
Navigating the world of debt and legal proceedings can be challenging, especially when terms and processes vary from one jurisdiction to another. In Scotland, you may come across something called a ‘decree’ while dealing with debt matters. A decree, simply put, is the Scottish equivalent of a County Court Judgment (CCJ) in England and Wales….
Sheriff Officers in Scotland play a vital role in the country’s legal system, with authority granted to them by the courts to enforce various civil matters. Throughout this article, you will gain a thorough understanding of the powers and limitations of these legal professionals, providing clarity on their role within Scottish law. These officers are…
In the realm of debt solutions, Scotland offers a unique and helpful option known as the Minimal Asset Process (MAP). If you are a resident of Scotland and struggling with unmanageable debt, MAP could be the appropriate method to tackle your financial difficulties and gain a fresh start. The Minimal Asset Process is a form…
As a debt solution in Scotland, sequestration, also known as Scottish bankruptcy, is governed by the Bankruptcy (Scotland) Act 2016. Overview Sequestration, a bankruptcy type in Scotland, involves a Trustee managing your estate to address the debts owed by you. As a formal insolvency method, it offers an alternative to personal bankruptcy or an Individual…
Debt Arrangement Scheme (DAS) is an option to consider if you’re struggling with multiple debts. It’s a government-backed initiative that allows you to repay your debts in a manageable way. Below are some key features of DAS: Remember, DAS is not the only debt solution available. Explore other options like trust deeds, insolvency, and DMPs…
A Protected Trust Deed in Scotland is a legally binding debt solution that helps individuals struggling with financial difficulties to manage their unsecured debts. Established under Scottish law, this voluntary arrangement allows individuals to pay back a portion of their debts while protecting them from legal actions taken by creditors. The process is facilitated by…
If you have unpaid debts in Scotland, you may be wondering if there is a time limit on when your creditor can take legal action against you. The answer is yes – there is a legal time limit known as the statute of limitations or limitation period. If your debt falls within the limitation period,…
Wage arrestment, also known as earnings arrestment, is a legal process that allows creditors to recover unpaid debts from a debtor’s wages. It is a common debt recovery method in Scotland. If you are living and working in Scotland and you have unpaid debts, it is important to understand how wage arrestment works, what your…