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…
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…
What is a Statutory Moratorium? A statutory moratorium is a temporary period during which a person or business facing financial difficulties is protected from their creditors. During this time, creditors are not allowed to take any action to recover their debts. The aim of the statutory moratorium is to provide breathing space for the debtor…
Introduction Dealing with debt can be a stressful and overwhelming experience, especially when you’re not sure where to turn for help. Fortunately, there are debt management tools available in Scotland that can help you get back on track and regain control of your finances. The two most common debt management tools are Trust Deeds and…
Managing your finances can often be a challenging task, especially when you find yourself in a situation where you have entered into a Trust Deed. For those living in Scotland, a Trust Deed is a legally binding debt solution that enables you to consolidate your unsecured debts into one affordable monthly payment, ultimately making it…
Entering into a trust deed, also known as a Scottish trust deed, can have an impact on your credit rating. Trust deeds are a form of insolvency in Scotland, and they will be recorded on your credit file for six years, which can make it difficult for you to obtain credit during that time. Additionally,…