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Key points of this subject

  1. Some organisations provide free and confidential help and advice. You don’t have to deal with the debts by yourself.
  2. Make sure your income is paid into a bank account that is not linked to your debts.
  3. Write a budget sheet to work out what you can afford to pay.
  4. Separate your debts into priority and non-priority – deal with priority debts first.
  5. If you do not pay your priority debts you may lose something important, for example your home or fuel supply.
  6. If you do not pay non-priority debt you may be contacted by a debt collection agency or get a sheriff court judgment.
  7. You will default on your debt if you do not pay at the rate agreed when the agreement started. This will be noted on your credit reference file.
  8. Find out about all the options you might have to deal with your debts, and get help from a specialist if you need to.

Within this subject

  1. Overview
  2. Priority and non-priority debts
  3. Bank accounts and debt
  4. Drawing up a budget sheet
  5. Negotiating reduced payments to your debts
  6. Free Debt Management Plans
  7. Debt Arrangement Scheme
  8. Bankruptcy
  9. Trust Deeds
  10. Formal bankruptcy or a ‘sequestration’
  11. Write Offs
  12. Will I be 'blacklisted'?
  13. What can creditors do if I don't pay?
  14. Should I tell creditors about my mental health?
  15. Getting help from a specialist adviser
  16. Next steps
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