Articles
Help and advice on your finances
Latest articles
DAS. LILA. Two 'Scotland-only' approaches to debt.
Many borrowers who live in Scotland will be able to take advantage of debt solutions that are only available to Scottish residents - such as DAS (the Debt Arrangement Scheme) and LILA (the Low Income, Low Asset) route into bankruptcy. This article takes a look at DAS and LILA, explaining how they work and who they're designed to help.
DAS - how it works
Getting on top of your debts
Many people across the UK are having a tough time with their finances. The latest figures from Scotland's Insolvency Service, Accountant in Bankruptcy (AiB), reveal that things don't show much sign of improving north of the border in the current climate.
In the final quarter of the financial year 2011-12, 4,856 personal insolvencies were recorded in Scotland - marking a 4% rise on the previous quarter and an increase of 14% compared with January-March 2011.
Trust Deeds: a Scottish form of insolvency
If you have a sizeable amount of unsecured debt and you can't afford to repay it in a period your lenders think reasonable, insolvency is likely to be the best way for you to get on top of the problem.
Being declared insolvent through a Trust Deed means you'll pay whatever you can reasonably afford every month towards your debts - and as long as you stick to all the agreed terms, your lenders will write off the included debt you can't afford to repay once the process successfully finishes.
Could you be 'sleepwalking' into debt problems?
New research has suggested that millions of Scottish residents are 'sleepwalking' into debt because they're not keeping track of rising household expenses, The Scotsman reports .
A study by Halifax Home Insurance has underlined that rises in bills for things like fuel, digital TV, phones, insurance and credit cards have caused an increasing number of people's disposable incomes to fall sharply.
Dealing with debt problems in Scotland
Citizens Advice Scotland ( CAS ) has said that it is expecting the number of people with debt problems in the country to soar over the next few years, as the current climate continues to weigh heavily on many people's finances.
CAS said that the Money Advice Trust (MAT) has predicted a 21% rise in the number of Scottish people going into debt, based on research into the effect of public sector unemployment in Scotland.
Fees payable where continuing services are provided.
Calls may be recorded for training and quality purposes.
We can call you
To make life easier, let us call you free of charge. Simply fill in your details.
