Author: Craig Stocks

Household Bills Arrears Increased During 2020

Posted on by Craig Stocks
A new report published by a leading debt advice charity has shown an alarming increase in household bills in Scotland during 2020. The ‘Scotland in the Red‘ report published by Stepchange shows that at least 50% of their clients were behind on at least one utility bill. Household bills are generally classed as ‘priority debts’ and those types of debts should typically be paid ahead of ‘non-priority debts’ which tend to be credit card debts, unsecured loans and catalogue debts. However, the term non-priority is not intended to be implied that it is an unimportant debt that does not have to be dealt with. There are consequences for non-payment of any debt that you may owe.

Household Bills arrears broken down by type

Rent Arrears – The average arrears per Stepchange enquiry in 2020 was £1,230, a 43% increase from the previous year. Mortgage Arrears – The average arrears per client enquiry was £3,667, decreased from the previous year but largely impacted by the availability of payment breaks from lenders. Council Tax Arrears – An average of £1,975 per Stepchange enquiry and the most common individual household bill for their clients to be struggling to repay. Electricity Arrears £1,239 (36% increase from the previous year) and Gas Arrears £823 (29% increase from the previous year) Citizens Advice Scotland earlier in 2020 urged people struggling with council tax arrears debt to make use of the Scottish Government’s council tax reduction scheme. The Scotland in the Red report also highlighted other key information about their Scottish clients such as the age and gender breakdown of clients who approached them for help. 58% of their new clients identify as female, and the most typical age group of client they spoke to was between the 25-39 age bracket (43%), an increase of 35% but this is largely attributed to younger age groups being more directly affected by the financial impact of the Coronavirus pandemic. E.g. younger age groups tend to be employed more in the hospitality, leisure and non-essential retail sectors. Industries decimated by Coronavirus.

Average unsecured debt totals in Scotland

The reported average unsecured debt totals in Scotland rose from £11,712 in 2019 to £14,566 in 2020 which represents an increase of 24%. It has been widely reported that many individuals across the UK are using credit cards and loans to pay off debts included rent arrears and council tax debts, therefore these figures are expected to increase once again. Demand for debt advice in 2021 is expected to increase towards the end of the year, and with many payments breaks arrangements now ending, and with some now being replaced by tailored support, more people in Scotland may now be finding themselves with unaffordable ‘problem debt’ as a result. In conclusion to the Scotland in the red report, Stepchange asked for Scottish government support and stated: “Whilst forbearance has allowed some households to prepare for, or weather the financial storms, the income shocks sustained by thousands of households in recent months will leave many financially vulnerable for years to come, even if they are able initially to avoid immediate detriment. Supporting households in difficulty and preventing them from falling into difficulty in the first place, must be a primary focus for the new Scottish Government through the new parliamentary term.”

Help with unaffordable debts

If you are worried about potential enforcement action such as a visit from Sheriff Officers and wage arrestments over the non-payment of your household bills, including council tax arrears debt, call us on 0141 221 0999 and we will be able to find out more about your situation and offer advice on how to deal with your debts. For people struggling with either their household debts and their unaffordable unsecured debt, it is important to deal with problem debt as soon as possible. Trust Deed Scotland recently reported that 25% of Scots wait 3 years before seeking debt help and while there are many reasons why individuals are allowing their problem debt to worsen, it is advisable to seek professional help. Contact Trust Deed Scotland today for non-judgemental and confidential advice. Our experienced debt advice team offer tailored debt advice and will explain the advantages and disadvantages of any formal Scottish debt solution that you may be eligible to apply for.  

What is a Payday Loan Continuous Payment Authority?

Posted on by Craig Stocks

What is a Continuous Payment Authority?

A payday loan continuous payment authority sometimes referred to as a CPA, is an agreement that you make with a payday loan company, granting them permission to take a recurring amount from your debit or credit card. Payday loans are not the only companies to use continuous payment authorities as a means of collecting a recurring transaction, as most commonly, these agreements are used by streaming service providers such as Netflix, or mail order subscription services such as Amazon Prime. Gym membership, mobile phone apps and magazine subscriptions also frequently use continuous payment authority requests as their preferred recurring payment collection method.

How does a Continuous Payment Authority work?

When a payday loan company sets up a continuous payment authority, they will use your long debit card number, as opposed to a direct debit or standing order payment which uses your sort code and account number. Hidden within the terms and conditions of your payday loan agreement is a clause that previously allowed unlimited attempts to take money from your account, however, this has since been revised in recent times to allow companies to make only two attempts to obtain funds from you, unless you’ve agreed to rollover the balance, and these can only be for the full amount due.

What are the dangers of having Continuous Payment Authority arrangements?

Firstly, many subscription services are offered on a trial basis, which then gets deducted from an account on a regular basis after the trial period ends. Regardless of whether you used the service or not in the time you’ve been billed for. A number of mobile apps exist that encourage trial period based subscriptions, that are not easy or straightforward to cancel. Indeed, these apps offer little in the way of a reminder that a trial period is due to end and sometimes default to annual subscriptions. Secondly,  a continuous payment authority will be taken without any prior consideration of your affordability. If you have taken out a payday loan as a short term solution to financial difficulties then you are more likely to already be within a problem debt cycle and therefore making payments to an unaffordable loan may increase your chances of then not being able to afford a priority debt such as your mortgage, rent or council tax. Martin Lewis, also known online as the Money Saving Expert regularly writes about the need to audit our debit card transactions to monitor payments that are being deducted and not being used. “Do I need it? Can I afford it?” or “Will I use it? Is it worth it?” is a slogan that Martin uses to encourage savvy shoppers to save money in his online articles and TV appearances.. Many people with problem debt tend to check their bank accounts less frequently and therefore are more prone to paying for goods and subscriptions they no longer own, or are subscribed to. This may include a wider range of products such as breakdown cover for white goods and mobile phones no longer owned by the individual, but still being paid for.

How can I cancel a Continuous Payment Authority request?

You can ask your bank to stop the transaction, usually by writing to your bank directly, phoning or email. There are templates online that you can download to cancel a continuous payment authority. It’s also worthwhile emailing your payday loan lender to let them know that you won’t be making the latest payment and making them aware that you are experiencing financial difficulties. The cancellation deadline is close of business on the working day before the payment is to be taken but it is also advisable that you get confirmation that your request has been received and actioned by your bank. Switching banks may be a solution that also stops a continuous payment authority from occurring. However, while switching banking providers means that many standing orders and direct debits can be automatically transferred, continuous payment authority requests are not. This is something you should consider if you pay for insurance premiums using a CPA as your insurance provider may not pay out a claim if you’re uninsured due to non-payment of insurance premiums. If you believe that you have had a continuous payment authority payment taken without your permission, you can firstly complain to the company directly, or escalate your complaint to the Financial Ombudsman Service.

Whatever happened to Payday Loan adverts?

Many of the payday loan providers that once famously dominated our TV screens, newspapers and radio such as Wonga.com, Sunny and Quick Quid have since gone into administration and stopped trading. Payday loan companies haven’t gone away, there are many payday loan providers still in existence, albeit with greater scrutiny on their affordable lending practices. Payday loans have for many years been a well-known source of problem debt for many people throughout the UK for a number of years and recently, Manchester City Council have thwarted attempts at payday loan providers opening stores in disused high street locations, or local convenience stores with a commitment to preventing firms or individuals from applying for planning permission to convert convenience stores or disused offices into loan shops. As many retail units become available on UK high streets due to a succession of lost high street retail brands, this may become an ongoing concern with Provident loans closing their doorstep lending operation also. Therefore face-to-face over-the-counter lending facilities may not always be welcomed additions to high streets if they lead to an increase in irresponsible lending.

Worried about Payday Loan debt in Scotland and need help?

If you are worried about payday loan debts, or any other debts that you have may; it is always best to seek help as soon as possible. It is feared that more people in Scotland are turning to payday loans, and more alarmingly, loan sharks, in order to fund short term cash flow problem. Trust Deed Scotland® offer tailored debt advice and formal debt solutions to residents of Scotland and our experienced debt advice team are well placed to help you understand what your options are, plus the pros and cons of solutions such as the Debt Arrangement Scheme (DAS) or Protected Trust Deeds, which help thousands of Scots every year to deal with their unaffordable debt and allow them to look forward to a brighter future. For confidential, non-judgemental debt advice today, contact Trust Deed Scotland® or call us on 0141 221 0999.

Scrap 5 Week Universal Credit Wait: Scottish Debt Charity

Posted on by Craig Stocks
Citizens Advice Scotland (CAS) has repeated a call for the abolition of the 5 week wait for new Universal Credit claims and the introduction of a non-repayable assessment period grant for everyone claiming Universal Credit to help prevent individuals in Scotland from being dragged into a problem debt cycle. The Scottish debt charity ran a survey of their clients and found that the wait for a first payment was causing stress and anxiety for those respondents to the survey. The survey was based on over 600 people who had sought universal credit advice in Scotland between March 2020 and December 2020.
  • 70% said they found the application for Universal Credit to be stressful.
  • Nearly 50% said they had to borrow or take an advance to get through the 5-week wait.
  • Among those that borrowed to get them through the 5-week waiting period until they got their first payment, 65% said they will find it difficult to repay the loan. Single people, homeless people, and people without a final wage were more likely to require loans during the 5-week wait, saddling them with debt before their UC payments have even begun.
  • Single-parent families were also more likely to borrow during the five-week wait, meaning children in those families may face significant financial hardship before the first payment.
‘Universal Credit should be a safety net, not an obstacle course’  Speaking on their findings, the Scottish debt charity’s spokesperson Nina Ballantyne advised: “CAS has long campaigned to end the five-week wait for the first payment, and today’s research shows the considerable detriment it continued to cause people throughout the pandemic. The five-week wait punishes the most vulnerable; those without savings and without family or friends to borrow from and those who are paid weekly who don’t have a final monthly salary payment to rely on. Many are also reluctant to take on additional debt.”

Pandemic Aftermath

As the country continues to recover, the Scottish debt charity further predicted that another influx of Universal Credit claims are expected when access to the Job Retention Scheme (furlough) is removed after September, and with the UK government also cutting the £20 additional payment in October these are worrying times for those most affected by redundancy and furlough due to the financial impact of the Coronavirus pandemic. From August onwards, the government will reduce their contribution from 80% in June to 60% in August & September with the employer expected to pick up at least the minimal 20% contribution, further causing anxiety for employees and employers alike, particularly in those sectors most affected both pre and post ‘freedom day.’

Getting money and debt advice in Scotland

As well as CAS, you can get impartial help with your money from Money Helper. By using the free services offered by either CAS or Money Helper, you can get guidance on a range of issues from benefits, pension and retirement and housing advice. If you are worried about your finances and in need of help with debt, the best advice is to not ignore the situation and try to deal with the debt issue as soon as you possibly can. If you’re unable to contact the people you owe money to and make your own arrangements, then you should seek advice from an experienced debt advisor in order to understand the severity of your situation, and any possible options available to help you deal with your debt. As Scotland’s leading debt solution company on Trustpilot with over [reviews] reviews, we are in a position to advise you on the advantages and disadvantages of formal debt solutions such as Trust Deeds, the Debt Arrangement Scheme (DAS) and alternatives such as Sequestration and the Minimal Asset Process route into Sequestration. Our experienced debt advisors provide tailored debt advice and every year guide many Scots towards a brighter future. Find out more about Trust Deed Scotland® today and find out more about your options by completing our Trust Deed Wizard tool, or by calling us on 0141 221 0999  

Improving your credit score after a Trust Deed

Posted on by Craig Stocks
One of the biggest downsides for many people considering entering into a Protected Trust Deed, or any other formal Scottish debt solution, is the impact on their credit score. You may typically be in a Protected Trust Deed for a period of 48 months but you will find that for a further 24 months at least, your credit rating is substantially worse than when you were at the peak of your borrowing. However, if you continued to do nothing about your debts, missed contractual repayments and defaulted on your payments, then this in itself would have a severe impact on your credit rating too. Your credit score, lifestyle and needs are taken into consideration while working out which solution may be best for you if you do have unaffordable debt. Ultimately, you are responsible for your own decision and should you approach a company looking for debt help, together you will go through the advantages and disadvantages of each solution and how it may impact you. The process for cleaning your credit rating after a Protected Trust Deed is largely the same as if you were Sequestrated (made bankrupt) or completed a Debt Payment Programme (DPP) as part of the Debt Arrangement Scheme (DAS). In theory, you shouldn’t need to do anything to improve your credit score after a Trust Deed, as it should disappear from your credit rating but sometimes work is required to expedite the process. The detail and dates may vary for Sequestration and Debt Arrangement Scheme, depending on how long you are in the solution. e.g. MAP Sequestration, you may be discharged earlier than you would in a Trust Deed, or with DAS. you may still be making payment contributions for longer than the six year period. The following guide relates to Protected Trust Deeds more specifically, but you can also view our guide: Improving your credit score after repaying debt under the Debt Arrangement Scheme.

How Protected Trust Deeds should show on your credit record

What should happen after a few months?
  • The Trust Deed shows in the Public Record section of your credit record. It can take a few weeks for the entry to appear
  • All debts in your Trust Deed should be marked as defaulted The default date for every debt included in your Trust Deed should be the date your Trust Deed started or earlier
  • There will be no change for any Decrees ( CCJs in Scotland) even though they are in your Trust Deed
  • There will be no change for any debts, such as your mortgage, which do not form part of your Trust Deed.
When your Trust Deed term ends and you have received a ‘Letter of Discharge’ the changes to your credit file depend on whether this is less than six years after the date your Trust Deed started or more than 6 years. With a typical Trust Deed case lasting 48 months, in most cases, you will receive the letter well in advance of the 72 month term. If you have the fortune of being able to pay off your debts in full, even before the term of your Trust Deed has concluded, your credit file will still show an active Trust Deed mark. All debts that you included in the Trust Deed should have their balance owed set to zero. The Information Commission Office (ICO) says that the debts should be marked “to show that you no longer owe money on that account (perhaps by marking the entry as ‘partially satisfied’ or ‘partially settled’ or in some other way).” How this is reported depends on what credit report system you are viewing, however in practice, it shouldn’t matter providing the balance owed is zero. Decrees in your Trust Deed will not be changed – they cannot be marked as ‘partially satisfied’ – barring the unlikely event where you have repaid 100p in the £ to all your debts included in the Decree debt(s). If all the above has happened correctly, after six years everything vanishes and your credit rating will improve substantially.

Correcting problems with your credit score after you have finished your Trust Deed term

Depending on the creditors you have, you may need to check that your credit records with all the Credit Reference Agencies because the creditors only tend to report to one of them. While we often refer to our credit score as a single entity, the reality is that in the UK we have three credit scores as we have three main Credit Reference Agencies in the UK: Equifax Experian TransUnion Each Credit Reference Agencies (CRA) has a record of your data that has been sent to them by your lenders. Most lenders typically report to one of the three CRAs, however, some may report to all three. Your credit report with Equifax can look very different to your Experian file. This doesn’t mean however that you have a better credit rating on one over the other, they are reporting on different information from different lenders. Should you encounter one of the problems below, you shall need to contact your creditors directly, as the agency will forward any complaint directly onto them and not take an active involvement in the correction of the information held about you, as frustrating as that sounds. When it comes to complaining to your lender about an error in your credit report, you should always complain in writing. This will help ensure that there is a paper trail of the logged complaint, but also consider that whoever you speak to, in branch or at call centre level, may not always know what a Trust Deed is, or for that matter any other formal Scottish debt solutions including the Debt Arrangement Scheme. Find information on the Data Controller from the ICO website and send the following letter to your creditor, recorded delivery. Make sure you keep a copy of the letters you send and get proof of postage. This may seem a bit troublesome and intimidating in itself, but while most problems can and will be resolved amicably, this will help you ensure your case is sorted to your satisfaction. Generally, you should wait 6 months after the Trust Deed begins to start this process. There is no rush at this stage since you have several months and years to go.
Dear [Creditor] Re: [account/reference xxxxxxxxxxxxxxx] I started an Protected Trust Deed (PTD) on dd/mm/yyyy. You can confirm this by checking the Register of Insolvencies at https://roi.aib.gov.uk/roi/PublicSearches/PublicSearch I am writing to ask you to correct my credit file for [details of your debt with the creditor, including the account number or reference number]. This debt is included in my Protected Trust Deed. At the moment [there is no default date shown / the default date is shown as dd/mm/yyyy]. This is incorrect and a breach of the Information Commissioner’s Office guidelines and the Data Protection Act 1998. There should be a default date not later than the start date of my Protected Trust Deed. Please correct this entry within 28 days or supply me with a written reason why you will not do so. Regards [Your Name]
If the creditor replies saying that they don’t know anything about the Trust Deed, inform your Insolvency Practitioner. Where a creditor has knowledge of your Protected Trust Deed but refuses to add, or correct the default date, complain to the Financial Ombudsman. Attach copies to the creditor, the proof of posting and any reply that you’ve had from the creditor in question.

If your creditor doesn’t mark your balance as zero after Trust Deed is completed

If the default date for the debt is on/before the date your Trust Deed started, as would typically be the case, the debt is going to disappear from your credit record six years after that date. Where there is a lag of a few months, you may decide to correct this immediately or be content that your credit score will naturally correct itself in the same period. However, if you do want this correctly sooner, send the below letter to your creditor. Again, by recorded delivery and getting proof of delivery, and keeping a copy of the letter that you send.
Dear [Creditor] Re: [account/reference xxxxxxxxxxxxxxx] I completed my Protected Trust Deed on dd/mm/yyyy. I attach a copy of my Letter of Discharge. I am writing to ask you to correct my credit file for the above debt which was included in my Protected Trust Deed. The Information Commissioner’s Office guidelines state that my credit file should show that I no longer owe money on that account, perhaps by marking the entry as ‘partially satisfied’ or ‘partially settled’ or in some other way. Please correct this entry within 28 days or supply me with a written reason why you will not do so. Regards [Your Name]
Again, if the entry is not corrected, complain to the Financial Ombudsman. Please note that your creditor is not obliged to mark your debt as fully settled/satisfied so partially settled/satisfied is more realistically the best you will be able to achieve by taking this action. Decrees are not amended The sheriff court only has to mark a Decree as satisfied if you have paid it in full, which you haven’t done so. A decree will remain on your credit record with a balance showing and can’t be changed.

Is all this worth doing?

It is worth correcting the dates of default unless they are only a few weeks late. If default dates are late or missing, they delay the time until your credit file is clean as those debts will remain for six years after the default date. Depending on your lifestyle and aspirations, you may decide to apply for a mortgage or move to a new property after the Trust Deed term has ended. In which case, it is essential that your credit record is corrected and improved upon as quickly as possible. On the otherhand, having endured an extended period of financial difficulties, resulting in the need to seek help, it’s easy to understand why you would be less inclined to be deemed creditworthy again so soon after finally being able to declare yourself free from debt. Getting the balances set to zero after you get your Letter of Discharge is less important. Even if you get this amended, most applications for credit are likely to be refused whilst the Protected Trust Deed remains on your credit file. If you are close to the six-year drop-off, then you could decide to wait and let that clean everything up. However, if the balances are all zero, although this doesn’t improve your credit score at all, it may be enough for you to be approved for a ‘Poor Credit / Bad Credit’ card, see below. A zero balance also prevents the debt from being ‘sold on’ to another Debt Collector, which will result in you having to correspond with another third party and having to send them details of your Trust Deed.

Getting positive markers on your post-Trust Deed credit score

You should aim to start rebuilding your credit score after the Trust Deed ends. You should aim to start acquiring new, positive credit marks after your Trust Deed has finished. If you don’t, when your credit record becomes clean, it is also has nothing showing. By following the steps above, you are dealing with the cleanup process of your old debts.

1. Electoral Roll

Make sure you are on the electoral roll. and that your address and any other details are correct with the Credit Reference Agencies. This is important as lenders use the electoral register as an indicator that you live where you say you do, helping to prevent fraud. This step of being able to verify your identity will in itself have a positive impact on your credit score.

2. Poor (Bad) Credit Card

There are a number of poor (bad) credit card companies known as Vanquis, Aqua and Luma. You may be familiar with these brands already, generally, you should avoid reapplying for a credit card with one of these lenders, if they were included in your Protected Trust Deed as a creditor. You may still be refused credit by one of these companies, however, ensure your credit score is clean with all three Credit Reference Agencies and, wait another few months and then apply for another poor (bad) credit card. Always be mindful of your affordability and avoid getting back into a situation where you have problem debt once again. Consider that in order to be accepted for a poor (bad) credit card, you will be more risk to that company, and the rates they charge will not be as favourable. These cards can be dangerous. Over 4 million people across the UK have a credit card in this category, which can also be marketed as sub-prime credit cards, credit-builder cards or second chance cards. Research from a UK regulatory body, the body responsible for regulating the credit card industry also found that as many as 25% may default on their poor (bad) credit card within one year, or as reported by Stepchange, many people also use these cards with a typical APR% of 34.9%-69.9%. Therefore, only use a credit card well and your credit score goes up because as recent times have shown, we can never predict a sudden change of circumstances beyond our control. indeed this is something that you most likely experienced before you applied for your Protected Trust Deed originally. To get the biggest boost to your score:
  • Use the card once a month for something that is less than a quarter of your credit limit, such as a tank of petrol.
  • Set the card to repay the full balance every month by direct debit.
  • Know when the direct debit is collected and make sure there is the money in your account for it.
  • Most lenders let you change the date, just after you are paid is often best.
This is the best way to maximise your credit score – using the card, but never too much and never running a balance. Your credit rating will not improve if you leave a balance on the card Your credit score is maximised by using the card every month for small transactions, closely monitored by yourself and repaying the card in full every month.

3. Save with LOQBOX

LOQBOX is a tool designed to help rebuild your credit score with the aim of giving you access to more lenders, and ultimately better rates. LOQBOX works by reporting your monthly savings, (which it classes as a loan) to the Credit Reference Agencies. LOQBOX is not a loan, it’s a ‘cash redeemable savings voucher’ where you essentially use finance to purchase a voucher, which in turn is viewed by the CRA’s as a loan. This lets you save money every month for a year and reports this to the Credit Reference Agencies as a loan you are repaying, so your credit score improves and is less of a risk than walking the tightrope of taking on bad credit cards and falling behind again. However, LOQBOX is not risk-free either. If you do miss one of your payments, this will be reported to the CRAs and will have a detrimental impact on your credit score. It is possible to avoid this by immediately quitting, which may still affect your credit score but with a lesser consequence. LOQBOX is not without cost either, you will typically have to open an account with one of their suggested saving accounts, for which they receive a commission from their partner and should you wish to avoid this and have the money paid into your own account; you’ll have to pay a £30 fee. When all your Trust Deed debts go, there is then this simple loan which you have repaid on time so your credit score is good. Find out more about how LOQBOX works.

Rebuilding a credit rating takes time

If you were expecting the end of your Protected Trust Deed to make an immediate improvement to your credit score, it usually doesn’t, unless it is after the six year point and there isn’t a way to speed this up. Firms selling a ‘repair your credit’ service either don’t work at all, or they will be no better than what you can do yourself using the letters here.

New Scottish Loan Shark Victim Support Service Launched

Posted on by Craig Stocks
The Scottish Illegal Money Lending Unit (SIMLU) has launched a new support service for Scottish loan shark victims, struggling to deal with loan shark debts reports both the Daily Record and Herald newspapers. The unit’s new website – stopillegallending.co.uk – has been set up to provide dedicated advice and support. Trust Deed Scotland recently reported on a clampdown by Manchester City Council on payday loan providers opening in-store locations in their city, with the English local authority fearing that many more people are turning to high cost, short term lending solutions to deal with their problem debt. On average, loans that are taken out from illegal lenders end up costing three times as much as a regular, unsecured loan the UK regulators have previously said. As the country continues to recover from economic and financial uncertainty following successive lockdowns and restrictions, many people have been forced into taking out loans with payday loan providers, with many more borrowing with credit cards and bank overdrafts to pay for essential living expenses, from food and basic living expenses to even paying off their council tax arrears. More worryingly, a growing number have turned to illegal loan sharks in Scotland as a last resort. Scottish loan sharks have been taking advantage of the pandemic, and have been known to adopt illegal methods of debt collection, including violence, theft and in the most extreme cases, forcing borrowers into prostitution and drug dealing. With recent cuts to Universal Credit also expected to cause extended stress to households already struggling with debt, people across Scotland could find themselves borrowing from loan sharks. Indeed, The Guardian earlier this year reported that as well as traditional tactics at the community level, loan sharks are said to targeting new loan shark victims via social media platforms including WhatsApp and Facebook. As well as supporting victims of Scottish Loan Sharks, the group aim to help more residents in communities throughout Scotland report illegal loan shark activity safely and:
  • Immediate support with any urgent issues
  • Longer term support to assist you in moving away from using loan sharks
  • Help to access local services, including debt advice services, credit unions, addiction counselling and local support groups.

Stop Loan Sharks Scotland Charter Mark

The new recipients of the Stop Loan Sharks Scotland charter mark, a scheme initially launched last Christmas to crack down on scams, are social enterprise Scotcash and charity Grampian Regional Equality Council (GREC) in recognition of their commitment to supporting and promoting the work of the SIMLU and for taking a zero-tolerance stance on illegal money lending within their communities. Speaking on the launch of the new service, Fiona Richardson of Trading Standards Scotland commented: “I am delighted that Scotcash and Grampian Regional Equality Council have signed up to the Stop Loan Sharks Charter Mark. We have been working with Scotcash over a number of years to tackle the problem of illegal money lending and we have been working with GREC over the past year on a prevention project. By signing up to the Charter Mark, both organisations confirm their ongoing commitment to work with us on this problem. We will work together to promote the message that you should not use loan sharks, but also to make sure that, where somebody has ended up using an illegal money lender, they know where to go to receive the appropriate help and assistance. In a period of great financial uncertainty, it is important that we take all the steps we can to stop people from borrowing from loan sharks and getting trapped in a cycle of debt and intimidation.” While payment breaks may have ended for more, lenders are still obliged to offer tailored support to those struggling with their debt. Where an individual is struggling with unaffordable debt, help is available from a number of Scottish debt charities and organisations such as Trust Deed Scotland, who can offer tailored debt advice given by an experienced debt advice team. As a leading debt solutions provider in Scotland, we have already helped [volume] people in Scotland, and have also gained [reviews] Trustpilot reviews in the process. We’re suitably placed to give you tailored debt advice, and by speaking to us, you’ll have a better understanding of the options available to you.

Considering borrowing money to repay debt?

If you are struggling with debt and considering borrowing money from any other source of lending, firstly consider your own affordability and whether you will be able to repay the money you are borrowing. This doesn’t just apply to loans, but other forms of borrowing such as credit cards and buy now pay later agreements. If you feel that you have unaffordable debts and cannot manage to repay the debt, don’t borrow. Borrowing money to repay debt, via an illegal loan shark, or a high-cost lending source such as a payday loan is never a good idea, but especially when you are unable to continue the repayment of these finances. Never pay a non-priority bill (e.g. credit card debt, payday loan) in favour of a priority bill (e.g. mortgage, rent, council tax) Seek help immediately. You can get free and impartial help with money, set up by the government: MoneyHelper, an independent service set up to help people manage their money. Or, you can call Trust Deed Scotland today on 0141 221 0999 for confidential, non-judgemental debt advice.

Credit Card Debt and Scottish Debt Solutions – What You Need To Know

Posted on by Craig Stocks

Overcoming credit card debt in Scotland

Credit card debt in Scotland can be difficult to repay, especially when you are only able to repay the minimum repayment amounts on a monthly basis. Problem debt can often occur when multiple credit card debts and other debts develop into unmanageable debt. Every year, thousands of Scots develop unmanageable, unaffordable debt due to their financial circumstances changing, or simply overcommitting. As problem debt can happen to anyone, it is important to seek help with your credit card debt as soon as you think you can no longer cope. Many people put off seeking help for fear of being judged, or because they may feel ashamed or embarrassed about their debt. Trust Deed Scotland® have helped over [volume] people in Scotland and our friendly, experienced advisers have collected over [reviews] five star reviews as a result. Many of those reviews say that they found our confidential service to be non-judgemental and that they wish they had done something about their debt sooner than they did. If you are struggling with debt; thankfully there are solutions open to you that can allow you to manage your debt and go on to enjoy a brighter future. If you do something about your debt today, you can stop worrying about it tomorrow.

What solutions help you repay credit card debt in Scotland?

A Protected Trust Deed is a formal debt solution that is available to Scottish residents that allows you to write off unaffordable debt and have a clear plan to get your finances back on track. The Debt Arrangement Scheme (DAS) allows you to legally freeze interest and charges and reduce creditor contact. There are other formal alternative solutions available in Scotland such as the Minimal Asset Process route into Sequestration. By restructuring your credit card debts and other forms of unsecured lending, you will typically reduce your debts to a more affordable level that will give you the opportunity to sort out your finances and get your life back on track.

What are the advantages of using a formal debt solution for credit card debt?

 
  • Additional interest and other fees such as late payment charges are stopped when you enter into a formal debt solution
  • Depending on the solution you choose, some of your unaffordable debt can be written off when you finish your term
  • Assets are protected when you enter a Trust Deed, or DAS
  • Your employment won’t typically be affected
  • Monthly debt payments become more affordable

What are the disadvantages of using a formal debt solution for credit card debt?

 
  • Your credit rating will be adversely affected for at least 6 years
  • Obtaining credit in the future may then afterwards become more difficult
  • If you don’t keep up your payments, your solution could fail
 

Is a formal Scottish debt solution right for me?

If you would like more information on whether you are eligible to apply for a Trust Deed, DAS or alternative, you can get in touch with the team at Trust Deed Scotland® today. We have a team of experienced debt advisers who every year help Scottish residents to manage their credit card debts and other unaffordable debts by offering tailored debt advice. Not everyone with a debt problem requires a formal Scottish debt solution. It is important to make sure that you seek professional advice from an experienced debt adviser and not be drawn into forming your own conclusion based on something that you read on a forum or advert that you clicked on social media for example. During a call with us, we’ll help you to understand your options. By making sure that our clients get personalised debt advice based on their affordability, lifestyle and needs you can then become better informed on whether you feel that a formal debt solution is right for you.

40% Of Scots Worried About Income Reports Citizens Advice Scotland

Posted on by Craig Stocks
The research, carried out by the Diffley Partnership, found that 2 in 5 people of people in Scotland are concerned about their income during Coronavirus. As reported by Scottish Housing News, the research, commissioned by Citizens Advice Scotland, released to mark Talk Money Week 2020 in Scotland also found that:
  • 27% of people were concerned about utility bills
  • 24% were concerned about council tax payments
  • 25% were concerned about rent and 26% concerned about mortgage repayments
  • 23% were concerned about paying for food and essentials
  • 32% were concerned about debt repayments
The research concludes seven months of tracking attitudes by CAS and the Diffley Partnership and shows concerns around incomes have remained high and relatively static throughout the pandemic. It also reveals that while worries over expenditure dropped after the initial stages of lockdown, the latest figures show these worries are on the rise. CAS is warning that there must be no complacency from policymakers around supporting incomes and easing living costs and welcomed the move from the Chancellor to extend the furlough scheme.

Citizens Advice Scotland commented:

Myles Fitt, CAS financial health spokesperson, said: “It’s massively concerning that almost 2 in 5 people are worried about income a during the pandemic, it underlines yet again that this public health crisis is also an economic crisis that is hitting household budgets across the country. “Looking back at the seven months of tracking, we can take some heart that the initial levels of concern that were very high in each area have fallen, that suggest the fast action taken by policymakers, such as the furlough scheme, boosting Universal Credit, increasing the Scottish Welfare Fund and things like mortgage holidays have had an impact. However, the concern around income has remained high and we’re beginning to see concerns around bills increase. This is not the time for policy makers to be complacent, particularly with energy bills being the next problem as we head into winter, so we welcome the extension of the furlough scheme by the UK Government along with other payment support measures announced by a UK regulatory body. He added: “It is important for people to talk about any money worries they have, and the CAB network is here to listen and to help. In Talk Money Week, local Citizens Advice Bureau across Scotland stand ready to offer advice on managing money, paying bills and avoiding getting into debt.”

Diffley Partnership commented:

Mark Diffley, founder and director of Diffley Partnership, which carried out the research, commented: “Our polling with Citizens Advice Scotland has tracked the financial experiences of people since the COVID-19 pandemic struck in March. “While we have observed some decline since the beginning of the pandemic, it is clear that a significant number of people continue to face significant financial difficulties; this includes four in ten Scots (39 per cent) who are concerned about their income, while around a quarter are concerned specifically about being able to pay utility bills, rent and for food and essentials (27%, 25 % and 23% respectively). “We have observed throughout these waves of research, such financial concern is not spread equally the population. Of particular note, those in less affluent social class groups are clearly more likely to be experiencing financial difficulties, for example, 48% of those in social class groups C2,D and E are concerned about their income, a difference which is repeated across all issues in the survey. As the virus continues to cause a significant impact on the economy, so these findings are likely to continue, causing significant challenges for policymakers.”

Trust Deed Scotland commented:

Trust Deed Scotland, the No.1 rated company in Trustpilot‘s debt relief service category with over 3,000 reviews said: “We are not surprised that people across Scotland are worried about their income, we’re dealing with enquiries from all over the country and many of those have had their income reduced as a direct consequence of the pandemic. Our dedicated advice team have been advising on the risks and benefits of all the Scottish statutory debt solutions, including Minimal Asset Process as a route to bankruptcy, Trust Deeds and the Debt Arrangement Scheme over the duration of the Coronavirus pandemic and we expect to see a rise in enquiries as we move into the next year. We urge anyone who does have unaffordable debts to seek help and with it being Talk Money Week 2020 in Scotland and the rest of the UK, there are many organisations offering to help anyone who needs their support.” Our team can be reached on 0141 221 0999 or you can complete our Trust Deed Wizard.

36% Of Scots With Hidden Credit Card Debts

Posted on by Craig Stocks
A survey has shown that over 36% of the adult population has a hidden credit card debt. OVER 2 MILLION1 MONEY S£CR£TS KEPT FROM LOVED ONES IN SCOTLAND Research released by the Money and Pensions Service as part of Talk Money Week 2020 shows that 37% of people in Scotland have kept secrets from loved ones about credit cards, loans and savings • 37% of people in Scotland admit to keeping financial products secret • People most likely to keep money secrets from their partner • In the UK, millennials (25-34 year-olds) are the most secretive generation with three in five (59%) hiding money products Adults in Scotland have kept over 2 million2 financial products secret from their loved ones, according to a new study of people’s financial behaviours from the Money and Pensions Service (MaPS) to mark Talk Money Week. Of those who have kept financial products a secret in Scotland, the most common were hidden credit cards (36%). Despite Covid-19 having a widespread impact on people’s finances, the stigma surrounding talking about money in our culture remains – 36% of people in Scotland stay silent about money worries, with some of the reasons they give including embarrassment or fear of being judged. The research, which surveyed over 5,200 people across the UK, has been launched to mark the start of Talk Money Week (9-13 November), a public awareness campaign run by MaPS to improve financial wellbeing by encouraging people to open up about their finances, from pocket money through to pensions.

Hidden Credit Card Debts

Across the UK, 40% of people said they had secret financial products, with the most common products being:
  • Hidden credit cards (36%)
  • Undisclosed personal loans (23%)
  • Secret savings accounts (21%)
hidden credit card debts scotland UK millennials proved to be the most secretive generation, with 59% disclosing they have secret financial products, compared to just 25% of retirees. Of 25-34-year-olds who’d kept a product secret across the UK, credit cards, personal loans and overdrafts were most commonly hidden (by 40%, 31% and 23% respectively). The Talk Money Week study also revealed that across the UK people in relationships tend to underestimate the extent of money secrets their partner keeps from them. While 23% of people in relationships suspect their spouse has kept a money secret, hidden products were found to be even more common, with nearly half of those in relationships (45%) admitting to having an undisclosed money product. Some respondents told the researchers about secrets that became easier to manage once they opened up to their partners: one respondent claimed, “I was once close to bankruptcy due to credit cards and loans which I did not reveal to my partner until it couldn’t be hidden any longer. I admitted the issues eventually and we sorted it.” Another respondent said: “I didn’t tell my husband when I lost control of our credit card debt and ended up juggling cards and minimum payments. Eventually, I admitted it to him and actually acknowledged the amount of debt I now had – he supported me to get onto a Debt Payment Plan which I have been paying for just over a year now, and we are far more financially stable. We made a choice as a couple to no longer use credit. We also now have a joint account as our main account and only our agreed personal budget for minor expenses which is transferred out to our personal accounts.” Allison Barnes, Scotland Manager for the Money and Pensions Service said: “With over 2 million people in Scotland admitting they keep money secrets from loved ones, we are encouraging everyone across Scotland to open up and talk about any money worries you may have during Talk Money Week this week. “However, we understand there could be a number of reasons why people keep money secrets from those closest to them; a secret savings account could act as a buffer for those who want to escape a difficult relationship or an unpaid bill could be kept under wraps in order to protect anxious family members. For many who keep money secrets, it can be a feeling of shame or embarrassment that debts have spiralled out of control. 36% of people in Scotland claim to have money worries and initiating a conversation with someone – a friend, family member or expert – can be a first step to start to mitigate and address the problem. Opening up is a valuable start to making problems more manageable, for the benefit of our health, relationships and overall wellbeing. There’s no better time to start talking than today and the Talk Money Week website offers guidance to help start conversations and prepare yourself ahead of these. You are not alone and as our research shows in Scotland there are many others hiding secrets about money; there are resources available to help tackle some of these secrets including debt advice, as well as money and pensions guidance. Jasmine Birtles, TV money expert and Talk Money Week supporter, said: “Talking about money is still off-limits for a lot of people in the UK. Although we’re happy to talk about all sorts of subjects that used to be off-limits, if you ask someone about their income or investments they clam up. Talking about money really does seem to be the last taboo, despite it being something which is on everyone’s mind. In fact, it’s especially helpful to talk about it now, given the impact the pandemic has had on many people’s finances. It’s particularly important when times are uncertain to talk about money with those closest to us, so we can work together towards a common goal and support each other’s progress. If that’s not an option, you can turn to organisations like the Money and Pensions Service, who have trained specialists who give free, non-judgemental and impartial guidance.” MaPS has a wide range of resources to help people improve their financial wellbeing, starting with a conversation, during Talk Money Week and beyond. Guides to talking about money For guidance on kick-starting conversations about money, see the Money Advice Service’s guides: • Read their guide on Talking to your partner about money • Download their guide on how to talk about money. Take action to work through your money worries Money Navigator is a simple tool which helps people navigate their finances in the wake of Covid-19 to find a way forward, get money support now and help avoid future debt problems. Getting expert support To speak to an impartial expert for free guidance about your money and pensions, visit the following websites and helplines. Money Advice Service  0800 138 7777 Pensions Advisory Service   0800 011 3797 Pension Wise  0800 138 3944 Contact Trust Deed Scotland on 0141 221 0999 for tailored Scottish debt help. If your partner is controlling your money or running up debts in your name, you can find further resources and support on the Money Advice Service website. The research was conducted by Opinium for the Money and Pensions Service. A nationally representative survey of 5,225 UK adults aged 18+ was conducted from 9th – 19th October 2020, of which 440 were from Scotland. The data has been weighted to a nationally representative profile. 1. There are over 5,463,300 million people over 18 (the age you can apply for credit) in Scotland (ONS). The research found that 37% admit to keeping a financial product a secret from family and friends, equating to 2,021,421 people. 2. There are over 5,463,300 million people over 18 (the age you can apply for credit) in Scotland (ONS). The research found that 37% admit to keeping a financial product a secret from family and friends, equating to 2,021,421 products.

About Talk Money Week

Talk Money Week is an annual public awareness campaign, run by the Money and Pensions Service, to get the nation having conversations about money. Talking about finances has been shown to help people make better informed and less risky financial decisions, feel less stressed or anxious and more in control, have stronger personal relationships and help their children form good lifetime money habits. Talk Money Week will take place from 9-13 November 2020.

About Trust Deed Scotland®

Trust Deed Scotland® have helped over [volume] people in Scotland since 2009. Specialising in Trust Deeds and the Debt Arrangement Scheme as two formal debt solutions and advising on alternatives. Find out more about Trust Deed Scotland and get confidential, non-judgemental advice today by calling 0141 221 0999.

What is Financial Abuse?

Posted on by Craig Stocks
Financial abuse is also known interchangeably as economic abuse and both are a form of coercive control. Like other forms of domestic abuse, it is feared that financial abuse may have increased during the recent Coronavirus pandemic restrictions and was a recent theme covered during Talk Money Week 2020.

What is financial abuse?

Financial abuse can be described as the control that one person holds over another economically. While financial abuse is most frequently committed by a partner – a family member or other party known to the victim can use coercive control in this way. Examples of financial abuse include:
  • Forcing the victim to take out credit in their name
  • Removing access to household/joint finances
  • Controlling employment earnings and benefit entitlement
Many victims of physical, sexual and emotional abuse are likely to also be suffering financial abuse. Coercive control extends beyond separation and financial abuse may begin, continue or escalate post-seperation. This can then become a factor in returning to the abuser.

What is economic abuse?

Similar to financial abuse, this can be committed by a partner or any other controlling party. Economic abuse is wider in its definition than financial abuse, as it can also include restricting access to essential resources such as food, clothing or transport, and denying the means to improve a person’s economic status e.g, through employment, education or training opportunities. The charity Surviving Economic Abuse describes it in the following way: “Economic abuse is designed to reinforce or create economic instability. In this way it limits women’s choices and ability to access safety. Lack of access to economic resources can result in women staying with abusive men for longer and experiencing more harm as a result.” Examples of economic abuse include:
  • Stopping the victim from going to work
  • Taking the victim’s car keys
  • Destroying the victims mobile phone and SIM card

How many people are affected by financial abuse?

Research from the domestic violence charity Women’s Aid shows that 20% of UK women experienced financial abuse and over 17% of UK men have experienced financial abuse in either a current or past relationship. According to Surviving Economic Abuse, a third of victim-survivors do not tell anyone about financial abuse: those that do are most likely to tell a friend or family member. The charity also reported that only 40% of those who experience financial abuse recognise this from the outset of the relationship. Women’s Aid also reported in 2019 that just under half of survivors of abuse who have children said they did not have enough money to pay for essentials for the children. This in itself increases the likeliness that a victim may then build up an unaffordable debt of their own post-relationship. Six in ten successful prosecutions of the offence of coercive or controlling behaviour involve at least one form of economic abuse Six in ten victim-survivors of coercive control have been coerced into taking out debt which can take many years to repay and impacts credit ratings. Also referred to as coerced debt.

What’s being done about this?

From 2017 onwards, members of the Building Societies Association have committed to improving outcomes for their customers in vulnerable circumstances, including providing further support to victims of financial abuse as per the Financial Services Vulnerability Taskforce recommendations. The Scottish parliament passed a new Domestic Abuse Act in February 2018 which recognised victims of financial abuse. This has latterly been updated from April 2019. Police Scotland and the Crown Office and Procurator Fiscal Service (COPFS) have a shared definition of domestic abuse which is: “Any form of physical, verbal, sexual, psychological or financial abuse which might amount to criminal conduct and which takes place within the context of a relationship. The relationship will be between partners (married, cohabiting, civil partnership or otherwise) or ex-partners. The abuse may be committed in the home or elsewhere including online”. You can either contact Police Scotland and report it or see below for other organisations that can help.

Where can I get help?

Everyone has the right to financial independence. If your partner or someone else you know is running up debts in your name, it’s financial abuse. There’s no need to struggle on alone. There are many support groups available to give you advice and guidance. Women can call the National Domestic Abuse Freephone helpline on 0808 2000 247 and for men, they can call the Men’s Advice Line on 0808 801 0327 Scottish Women’s Aid and LGBT domestic abuse in Scotland are excellent support group websites and Abused Men in Scotland also. The Scottish government have dedicated domestic violence support hubs for female victims and male victims. If you or your children are in immediate danger, call the police on 999. If you can’t talk, call 999 followed by 55 to indicate you need help, but can’t talk.

About Trust Deed Scotland®

Trust Deed Scotland® have helped over [volume] people in Scotland become debt free since 2009. Specialising in Trust Deeds and the Debt Arrangement Scheme as two formal debt solutions and advising on alternatives, over 97% of [reviews] people have rated us 5/5 on Trustpilot. Find out more about Trust Deed Scotland and get confidential, non-judgemental advice today by calling 0141 221 0999.

55% of Young Scots Losing Sleep Worrying About Debt

Posted on by Craig Stocks
A poll commissioned by the registered debt charity Christians Against Poverty (Scotland) found that 55% of young Scots aged 16-34 are losing sleep worrying about their personal finances with almost 60% revealing that it is negatively affecting their mental health. The survey, conducted by Savanta ComRes, a market research consultancy based in London, surveyed over one thousand Scots and said that 54% of those in the 16-34 age category did not know where to access free debt help. Speaking in regards to the findings of the survey, the National Director of Christians Against Poverty Scotland, Emma Jackson said: “We know that the economic effects of the pandemic have had a particular effect on young adults. With significant job losses in retail, hospitality and entertainment, it is understandable why large numbers are feeling so worried about their finances. “Many are experiencing debt for the first time and are unsure of what to do. Our message is clear, we urge everyone experiencing problem debt to seek free debt help today.” Trust Deed Scotland said: “We’re aware of the impact that having unaffordable debt can have on the mental health of those who have problem debt, and how that stress can also impact their wider family life. Not only do we see this same trend amongst younger Scots, but among all age groups. As an organisation who have advised over 25,000 Scots from all walks of life, a regular response to our five-star rated TrustPilot reviews talks about how our clients are once able to sleep again at night after a debt solution has been put in place for them. As there is also a stigma attached to being in debt, many people who do have problem debt will avoid seeking help and ultimately attempt to struggle on alone. In agreement with Christians Against Poverty Scotland, we understand the effect of having unaffordable debt has on the frame of mind of any individual who is experiencing financial difficulties and we’re also advising those who are struggling with their unaffordable debt to seek debt help immediately. Our experienced debt advice team at Trust Deed Scotland give non-judgemental, friendly tailored debt advice for residents of Scotland. If you’re struggling with debt, call us on 0141 221 0999 in confidence.”

Problem Debt and Mental Health links

Debt and mental health are frequently linked. In a study conducted by The Money and Mental Health Policy Institute, it was revealed that there were over 1.5m people in England experiencing both problem debt and mental health problems. People with problem debt are significantly more likely to experience mental health problems:
  • 46% of people in problem debt also have a mental health problem.
  • 86% of respondents to the survey of nearly 5,500 people with experience of mental health problems said that their financial situation had made their mental health problems worse.
    • The survey also found that people with mental health problems found that, while unwell:
    • 93% spent more than usual
    • 92% found it harder to make financial decisions
    • 74% put off paying bills
    • 71% avoided dealing with creditors
    • 56% took out a loan that they would not otherwise have taken out.
People with mental health problems are also more likely to be in problem debt:
  • 18% of people with mental health problems are in problem debt. People experiencing mental health problems are three and a half times more likely to be in problem debt than people without mental health problems (5%).
  • 72% of respondents to Money and Mental Health’s survey said that their mental health problems had made their financial situation worse.
Problem debt may not typically always happen overnight caused by a drastic change in circumstances. In some cases, what may begin as a niggling doubt over meeting monthly payments can lead to sleepless nights. Unfortunately for some, an eventual spiral occurs as debts become no longer affordable. Problem debts develop, increasing the likeliness of developing a mental health issue as a result. Closer to home in Scotland, the Herald and more specifically regarding small business owners, the Glasgow-based newspaper recently reported that in a study of 1,200 companies done by the Federation of Small Businesses (FSB) in January 2021, it found that 40% of respondents are worried about their mental health.
  • 30% said repaying debt was weighing on their mind
  • 44% were worried about the financial sustainability of their family.
Small business owners worried about their finances and looking for self-employed debt help are also urged to contact Trust Deed Scotland on 0141 221 0999.

How we’re helping people with debt who are having sleepless nights

Every year, Trust Deed Scotland empower thousands of people in Scotland to deal with their finances and go on to enjoy life after debt. Having received over [reviews] five-star rated debt advice reviews, over 130 of our clients in their own words specifically mention being able to sleep again at night, after receiving help with their unaffordable debts from us. We’ve compiled a selection of our reviews below. In January 2021, J Smillie wrote: “Vicky was great from start to finish. I now have my life back and able to sleep at night again.”   Also reviewing Trust Deed Scotland in 2021, Edwin wrote: “From the first contact, I have been dealt with sympathetically and professionally. All options were explained thoroughly and questions answered. This has lifted a great weight off my shoulders which affected my work life as well as my personal life. Thank you Trust Deed Scotland, I can sleep at nights now.” Another 2021 Trust Deed Scotland client said: “For the last year, I have been suffering so much with stress and anxiety over my money worries. I couldn’t sleep, I was so down and crying at least once a day as I couldn’t see a way out the hole I got myself in. I got in touch with Vicky and I cannot praise this girl enough she was so understanding with my situation and got me finally on route to a debt free life. Thank you so much, Vicky, you are a credit to your company.” In 2020, Claire said: “I was recommended to Trust Deed Scotland by a work colleague as I was well over my head with debt, it was affecting my health mentally and physically. I plucked up the courage to seek advice, I spoke with Jacqui Richardson who made me feel so at ease, she didn’t judge me, she explained everything to me from start to finish, kept me updated every second day, it was the best decision I have ever made! No need to feel embarrassed, if you are looking for the best advice, please please give them a call, at least now I can sleep at night.” I would like to thank Jacqui for everything she has done for myself and my family, If there were more stars to be given, they would certainly deserve them.” K McDonald wrote of their Trust Deed Scotland experience in 2020: “Soreena has been amazing. Never judged me and has helped out so much. For the first time in many months, I’ve been able to have a full night sleep. I can’t thank her enough for all her help.” In 2019, Mr Smith said: “After two years of non-stop worry and no sleep, it was affecting everything I did 24 hours a day. Eventually plucked up the courage to do something about it. One phone call my mind was put at ease. I am now in the middle of a plan being put in place which means I’m going to be back in control. Thank you Trust Deed Scotland.” Katrina left a review in 2017 where she advised: “Danielle at Trust Deed Scotland was Superb, understanding informative clearly answered all questions in plain language keeping me up to date every step of the way. Thank you, I can manage to sleep at night.” Donna, a client that Trust Deed Scotland helped in 2016 said: “If you’re feeling stressed out & getting deeper into debt, struggling to repay your debt. I would 100% recommend Trust Deed Scotland. They are all so friendly and don’t make you feel like a bad person. My husband and I were just getting deeper into debt and didn’t see any solution to get out of it, it was just building up. We contacted Trust Deed Scotland and they made us feel at ease and totally stress free right away, I would recommend a trust deed to anyone struggling with their debt. We now have low monthly payments which are so much easier to afford and we will be debt free in 5 years. We can now sleep better at night and see a better future.”

How to get Scottish Debt Advice today

If you’re worried about your finances and would like to take control of your unaffordable debt, you can contact Trust Deed Scotland on 0141 221 0999, or use our online Trust Deed calculator  tool for more information. As a leading provider of formal Scottish debt solutions including Trust Deeds, and the Debt Arrangement Scheme, our experienced debt advice team are able to work with you and offer tailored debt advice that puts you at the heart of the decision-making process.