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Credit Rating

In general terms, it is important to understand that all debt solutions are likely to result in damage to your credit rating. This can cause difficulties in obtaining credit in the short term and there is some likelihood that such difficulties may continue in the medium to long term.

In connection to all debt solutions we draw your attention to the following specific subjects:

Certain account specific information is held on your credit record. Missed payments, late payments, or reduced payments, are all likely to be reported to credit reference agencies and the information that is reported will remain on your credit file for six years.

Default notices may be issued on your accounts. Any such default notice will remain on your credit file for a period of six years.

A damaged credit rating will potentially restrict access to all types of credit. The terms upon which any type of credit is offered to you may be less beneficial than those available to persons with good credit records.

Some employers may include credit checks as part of their employment application or review procedures.

A public register of Scottish debt arrangement schemes is kept.

In connection to insolvency-based debt solutions (bankruptcy, sequestration, Scottish trust deeds, IVA, debt relief order) we draw your attention to the following additional subjects:

Restrictions may be placed upon obtaining any further credit.

Public registers of personal insolvencies are kept.

Employees in some types of employment, especially those working in the “professions”, may find that formal insolvency will prevent them from working in their chosen field.

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