Author: Craig Stocks

Trust Deeds And Employment

Posted on by Craig Stocks
Scottish Trust Deeds and their affect on employment – A Trust Deed could be something you’re feeling anxious about people finding out about, so here are some clear facts that help to explain exactly how trust deeds and employment may affect you, and what to do about it. What is a Scottish Trust Deed? Well, a Scottish Trust deed is a formal, legally binding document that transfers part or all of the debtor’s assets (this could be money or property) to a trustee. This trustee will manage the debt for the benefit of the creditors. The trustee will probably ask the debtor to pay a sum over to them from their income, on a regular basis. If you have a Scottish Trust Deed, you’ll see the advantages. It avoids the expense and stigma of formal bankruptcy and there are no penalties, investigations and there are fewer disqualifications. However, many people worry about the effect a Scottish Trust Deed could have on their career or job prospects. You could be worried because:
  • You think your employer won’t trust you to do your job properly
  • You think your employer will judge you or sack you
  • You think future employers will avoid you and you won’t be able to get a job
  • You think colleagues will talk about you
So, does it have any effect on your prospects and career? Here we look at a few important points.

Who’s going to tell them?

It is very unlikely that your employer will find out you have a Scottish trust deed. Yes, it is published in the AIB Register, but your employer would have to be reading through thousands of names to find yours. Tip: You don’t need to discuss your Trust Deed at work. Your colleagues may pass the information around and it could get back to your boss. It’s private information, so try and keep it that way.

When you should tell your employer

Some professions of responsibility, such as jobs where you are handling money, will require you to declare your financial background. It may be your responsibility to let them know. This is because you could be considered a ‘risk’ and open to blackmail or corruption within the company. A Scottish trust deed can also affect your credit rating. The police and the fire service are two professions which would need to know. Some professional bodies of accountants also have rules regarding their members being involved in any form of insolvency. Tip: Check your employment contract – if you’re unsure, speak to your Professional Standards team.

You need to be employed to have a Scottish Trust Deed, anyway

You must have a job and afford around £90-£300 of disposable income every month to begin making payments on a Scottish Trust Deed. However, this is only a rough guideline and there are also alternative solutions such as the Debt Arrangement Scheme You cannot pay off your creditors using money you receive from benefits. You must use salary from your job. This means you would already have a job in place when the Scottish Trust Deed is set up.

If you’re changing your career or applying for jobs

If you are considering applying to train in the police, the fire service or the prison service, you will need to go through a financial vetting process. This could flag-up your deed and give you trouble getting your job. Tip: If your employer questions you about a trust deed, it is a good idea to be honest with them. Remember, your deed is a symptom of a past problem, and is not a problem in itself. Yes, you may feel awkward about your deed, but it is better that, than having an out-of-control debt issue.

Trust Deeds And Employment – Help And Advice?

  If you have any questions about trust deeds and employment and regardless of your career vocation, you can get immediate help from Trust Deed Scotland. For over a decade, we’ve helped over 25,000 people from all walks of life and thousands of those individuals have left us a 5* Trust Deed review on the independent reviews platform TrustPilot. 

Scottish sales lower than rest of the UK

Posted on by Craig Stocks
The UK as a whole has seen a 0.9% rise in sales compared to last year but worryingly, Scotland has seen a 2.4% drop in sales from last year. There are a number of factors which may have influenced the decline and left Scottish sales lower than the rest of the UK.
  • Consumers may be reluctant to buy full price goods in the lead up to Black Friday, (particularly expensive electrical goods), as they know many items will be heavily discounted. The sale of non-food items has declined 1.8% since last year.
  • October 2015 was the driest October in 12 years and this may be the reason clothes sales are down, with the shops selling heavy coats and warm winter boots before the weather dictates a need for them.
  • Scotland exiting the Rugby World Cup is suggested to have affected food sales which are down 4.6% from last year.
  Director of the Scottish Retail Consortium, David Lonsdale stated, ‘This demonstrates the need for the government to support the retail industry, which accounts for over 250 000 jobs in Scotland and to resist any further increases in the tax or regulatory burden it faces.’ Alcohol sales have dropped up to 60% in Scottish pubs since the legal driving limit was lowered in December last year. The average decline in sales per Scottish licensed premises is 30% and those in the trade have felt the impact. Chief Executive of the Scottish Licensed Trade Association, Paul Waterston, expressed his concerns and stated, ‘We have not heard of anyone that has not been affected.’ The licensed trade association have already reported 2-3 pubs in Scotland have closed weekly since the law changed and there are serious concerns mass pub closures will sweep across Scotland as a result of these damaging statistics. Pub chain Greene King announced a 2% rise in sales in pubs across England and Wales but reported there was no increase in sales in Scotland. Beacon, the purchasing business that supplies to the UK licencing trade considered the statistics gathered from hotels, bars, restaurants and golf clubs and determined there were drops in trade ranging from 10-60% across the venues. This is not the first time Trust Deed Scotland has reported Scottish economic recovery lagging behind the UK as a whole. It was previously reported that Scotland has a higher rate of unemployment than the rest of the UK. The Scottish housing market has also been affected as a result of job losses with demand for affordable housing exceeding the supply. If you find yourself struggling to make repayments to your debts, entering into a Trust Deed could help you turn your finances around and write off a percentage of your debt. Try the Wizard tool to find out what Scottish Debt Help solutions could help you. Contact Trust Deed Scotland for more information or read our Scottish Debt Advice FAQs.  

Christmas Debts Scotland

Posted on by Craig Stocks

A study conducted on behalf of the Money Advice Service has revealed Scots are more likely to pay for Christmas costs using overdrafts, payday loans and credit cards than the rest of the UK.

Statistics show many choose to put their summer holiday on credit and are still paying for it when Christmas comes, forcing them to get further into debt in order to have a comfortable festive season.

If you’ve been struggling with your finances, Trust Deed Scotland may be able to help.

Try the Trust Deed Wizard tool to find out how a Trust Deed could help you get back on track and write off a percentage of your debt.

25% who borrowed money to cover their holiday pay it off by December but 10% take more than 18 months to clear the debt.  Furthermore, 20% of Scots are still trying to pay off what they owe from last Christmas with a whopping 47% borrowing money to cover gifts and Christmas food.

A Spokesperson for the Money Advice Service, Melanie Taylor, commented:

“There is so much pressure on parents to deliver the perfect Christmas that it’s easy to feel that your children will be the ones missing out unless you spend vast amounts of money.”

Although you may not think so at first glance, it is possible to have a nice festive season without spending more than you can comfortably afford. It is important to be realistic while making your Christmas purchases and consider if you can’t afford to pay for them in cash right now, will you be able to pay for them with extra interest later? Avoid getting into debt over Christmas gifts.

A Spokesperson for the Trust Deed Scotland said:

“Unaffordable debt can be created around Christmas time especially. In recent years, marketing for buy now, pay later products has increased, alongside traditional sources of Christmas debt in Scotland including store cards and credit cards.

We’re here for anyone who needs debt advice in Scotland. Our friendly, non-judgemental advisors are standing by.”

Try some Money Saving Tips for Christmas and see how much you can save. You can also find more information in our info hub article together we can beat Blue Monday.

If you have overspent on Christmas, and you need help with unaffordable debt, then we recommend contacting an experienced money advisor as soon as possible.

If you’d like to find out more, see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland today.

The Devastating Impact of the Scottish Energy Industry Slump

Posted on by Craig Stocks
British manufacturers are set to cut tens of thousands of job next year as the Scottish energy industry continues to struggle. The decline of the oil industry and the collapse of the steel trade has created a range of problems that have spanned the lengths and breadth of the country. Aberdeen has been particularly affected by the downturn with many job losses affecting not only those in the oil and energy sector but in the hotel sector and other industries. It also affected homeowners planning to sell their properties as they are no longer as desirable as a result of the job losses and lack of employment. In 2006, the average house in Aberdeen cost £312 000 with some houses selling for upwards of £3 million. This is in stark contrast to the figures at the end of 2015 which show the average price has dropped by 28% to £225 000.

Help is available for Scottish residents in debt

If you need help with your finances, Trust Deed Scotland may be able to help you get back on track. Try the Wizard tool to find out how a Trust Deed could help write off a percentage of your debt and solve your money worries. Aberdeen airport’s minimum ATM withdrawal is £200, a reflection of the affluence of the clientele who pass through its doors daily including oil workers, executives and engineers. People from this industry who are being laid off are experiencing difficulties adapting to lower paid work as they may already expensive financial commitments to maintain which they took on with the expectancy of earning a high salary. A spokesperson at Trust Deed Scotland observed: “The number of people from Aberdeen enquiring about Trust Deeds has been rising for the past few months and that is most likely due to the lack of employment in the oil and gas business. People are having to change careers and take a very large drop in wages. Last week we spoke to a person who had become an HGV driver after redundancy from the oil sector and is now struggling to get by from month to month. People who were used to a certain standard of living are having to be very stringent.” Manufacturers’ organisation EEF said the factory sector may grow by a small amount in 2016 but a downturn in China is poised to trigger a global slump. The cheap prices of Chinese steel were blamed for the closures of Scottish steelworks which forced thousands into unemployment. Thousands of further jobs are at risk after British OGN failed to make the shortlist for a major North Sea contract on offer from US group Chevron. They appear poised to offer the contract to companies out with the UK, despite the fact OGN have a track record of success. Mary Glindon, MP for North Tyneside where OGN are based commented, ‘If we lose this contract I am petrified that it could lead to closure and that is the end. Once a business closes then it is rare for it to reopen.’ Chairman of OGN, Dennis Clark confirmed as many as 3000 jobs at the Wallsend yard and in other areas of the company are at risk because there is no major work confirmed for the company within the next three years.

Scottish Energy Sector Employees – Debt Help

If you are currently, or were formerly working in the Scottish Energy sector in a self-employed capacity, explore our Small Business debt help page for more info. For information about help with your personal finances, see our FAQs or Contact Trust Deed Scotland.

Get Your Finances On Track – 9 Tips In 2024

Posted on by Craig Stocks

Get Your Finances On Track

  When attempting to get your finances on track in Scotland, there is a range of Scottish debt solutions available to you but the first step is to try budgeting to reduce your debts and sort out your finances. There are simple tricks you can try to get the most from your income and minimise your monthly expenditure. It’s time to wipe the slate clean and regain control of your finances.  

1. Work out a budget

  Everyone has to work on a budget, no matter how high their income or they’ll find they are living outside their means before too long. Write down a list of your monthly income after tax and anything else you receive such as working tax credits or private pension etc. Add up your total monthly income. Next, write down all your outgoings. Start with the priority bills: mortgage or rent and council tax. Then, write down all of your monthly direct debits. Finally, write down the amount you spend monthly on all other monthly expenses that aren’t included within your direct debits e.g. gas and electricity, food and housekeeping, fuel/public transport, parking costs, dentist/optician costs, house maintenance, pocket money and school trips etc. Add the totals up so you now have a final amount for your incomings and outgoings. Your income minus your outgoings is your expendable income. If you find you are spending more than you are earning and relying on overdrafts, credit cards or precious savings, you know you need to act immediately!   Trust Deed Scotland may be able to help you get your finances back on track with a Protected Trust Deed. Try the Trust Deed Wizard to find out what you could expect to pay monthly.  

2. Cancel any unused memberships

  When you went through your direct debits you may have come across something you had forgotten about and don’t use regularly. Did you have a gym membership that you forgot to cancel or are you paying for an online movie and TV watching account even though your partner has one and you can access it on multiple devices? Cancel anything you don’t want and don’t keep too many that you don’t need – it’s okay to have hobbies – you don’t have to limit your life too much.  

3. Switch tariffs/companies

  You could save money by switching your bank, energy, mortgage, credit card, internet, TV package, mobile phone contract etc. to another tariff or company. Shop around to see what’s on offer, then call your current company and see if they can offer you the same. You’ve nothing to lose and it could save you in the long run. See our Trust Deed Scotland reviews page for thousands of testimonials written by people we’ve helped out of debt.  

4. Set up direct debits for recurring payments

Most companies have cheaper tariffs for customers who pay using direct debits, (this is particularly common with energy providers). Why pay more if you don’t have to? This way you also won’t run the risk of missing a payment and being charged a late fee.  

5. Be prepared

  This sounds obvious but it takes some forward planning not to grab a quick coffee on the way to work or splash out in a sale on your lunch break. Take your own coffee and lunch with you. This simple change could be all the difference you need to see a change in your spending and the chances are it will be better for your health too!   See our info hub article for 10 reasons people enter into a Trust Deed.  

6. Use a shopping list

  Before going shopping for groceries, clothes or anything else, look at what you already have and then write a list of what you need to buy. This will prevent impulse shopping that will drain your wallet and leave you short for the month.  

7. Only buy what you can afford

  This may sound like an obvious move too but a lot of people find themselves tempted by a sale in their favourite shop and put the balance on credit because they’ve found a ‘good deal’. Remember, if you end up paying more in the long run on interest, it was not a bargain. Use your expendable income on shopping and you’ll be less likely to build up debts and find yourself struggling with repayments. See our info hub article for 10 common questions about Trust Deeds.  

8. Sell Unwanted Items

  You may be able to sell items you don’t want, need or use very often online or at a car boot sale. You might not get back what you paid for but something is more than the nothing you got from having it sitting in your house gathering dust!  

9. Consider Downsizing

  Downsizing means selling or moving into a smaller, and typically cheaper, property. This could be a temporary measure and you could consider putting your goods into short-term storage.  

Get Your Finances On Track Today With Trust Deed Scotland

  For tailored debt advice, Contact Trust Deed Scotland to see how we could help you get your finances back on track or view our Debt Advice Scotland guidance.

How to Save Money and Avoid Food Waste

Posted on by Craig Stocks

Are you looking for ways to save money?

Love Food Hate Waste report that each month, the average family in the UK bins £60 of uneaten food.  In fact, the European Commission concluded the UK is the largest producer of food waste in the EU.

If you’ve been struggling with you finances, Trust Deed Scotland may be able to help. Try the Trust Deed Wizard and see what your monthly payments could be in a Protected Trust Deed.

The journal of Environmental Research Letters published a study showing up to 80% of food waste is avoidable.  The European Commission’s Joint Research Centre led the work and spokesperson for the study, Davy Vanham evaluated:

“In some ways it’s good that this waste is avoidable, because it means we’re able to do something about it. A lot of food is still good but is thrown away when it passes its sell-by date.”

Trust Deed Scotland have over 98% customer satisfaction rate based on Trust Deed Scotland reviews written by happy customers.

So, how can you minimise your food waste? Here are some simple tips you can apply to see the difference in your wallet and bin at the end of the month.

Plan your Meals

Plan what you need for a week’s worth of meals. This is cheaper than buying individual meals daily. Check your cupboards to see what ingredients you already have before going to the shop to stop you from buying things you don’t need. Don’t forget to take your shopping list to the supermarket as this will cut down on impulse buys.

Execute portion control!     

People are often guilty of making far too much food and then the leftovers end up in the bin. All packets give recommended servings per person. Pay attention to these when cooking and weigh you food to get the portions correct. This will stop you making too much and running out of food so fast and cut down on your waste. If you do have leftovers, freeze them and use them as part of another meal later. For a perishable item that you can only buy in a large quantity, such as a loaf of bread, freeze it on the day of purchase and defrost the number of desired slices as and when you need them.

Read our blog for tips on how to Get Your Finances On Track.

Make extra portions for freezing

When you make lunch or dinner, make enough for a few meals and freeze the rest. That way it could be used for pack lunches or dinner on a night you’re pressed for time. Make sure you get your portions right and don’t eat more just because there’s more in the pot!

Keep in mind what the dates on the packaging means

Use By – The date the food has to be eaten by. Do not keep for longer than this date.

Best Before – The food will be at its optimum condition before this date but can still be consumed after this date although it will gradually lose quality of taste and texture.

Sell By – Used by shops to determine how long they should keep the items on their shelves. You do not need to eat the food by this date.

Display Until – Also used by shops to determine how long they should keep the items on their shelves. You do not need to eat the food by this date.

If you remember what the dates mean, it could prevent you from throwing out perfectly good food that could be eaten.

 

Read our blog to find out 10 Frequently Asked Questions about Trust Deeds.

 

Keep track of what’s in your fridge and use your freezer more

Keep track of what’s in your fridge. Go through it and move older food to the front and newer food to the back. Check the ‘use by’ dates on the food and if you think you won’t manage to eat certain things before this date, put them in the freezer so you don’t miss the deadlines and end up having to through them in the bin.

Consider non-perishables

If you have a tendency to forget fresh food or run out of space in the fridge, try canned foods and frozen options instead. This way you’ll have the same ingredients but less wastage.

If you’d like more information see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland.

5 Myths About Poor Credit Dispelled

Posted on by Craig Stocks

If you’ve never missed a payment you must have a perfect credit score

The fact you’ve never missed a payment is definitely better than if you have defaults, however, this isn’t how companies decide how big a risk you are.

They will consider your current credit limits and how close you are to the maximum limit. For example, if you have a credit limit of £5 000 and you’re balance is £4 500, this may be a sign that you’re borrowing more than you can afford.

Their criteria may also involve means testing which would consider your current debt level compared to your current income. If you make £20 000 per year and have £18 000 of debt, you would be seen as high risk even if you’ve never missed a payment as your debt level is a very high percentage of your annual income.

Trust Deed Scotland may be able to help you get your finances back on track. Try the Trust Deed Wizard tool now for more information.

You can’t get credit if you have a poor credit score

It is possible to get a credit card with a poor credit score. In fact, there are credit cards specifically designed for people with bad credit.

Getting one of these cards can help you begin to rebuild your credit score as long as you keep your payments up-to-date. However as you will be seen as high risk, the chances are the interest rates will be high and if they offer a 0% interest period, it will be shorter than what’s on offer for other cards.

It’s a good idea to clear your balance in full each month and remember only to spend what you can afford to avoid getting yourself into further debt.

 

Trust Deed Scotland have a 5/5 TrustScore on TrustPilot based on independently verified reviews written by happy clients.

 

If your credit history isn’t great, your credit limit will be very low

Your credit limit will not necessarily be low but it should be within a reasonable range of what you can afford. You will probably be charged a higher rate of interest. This insures the company makes more money if you do miss any payments.

Your credit limit will usually be increased incrementally after you demonstrate you can borrow responsibly. You can show this by borrowing small amounts regularly and paying them on time in full.

 

Read our info hub article for 10 Frequently Asked Questions about Trust Deeds.

 

If you’ve had an application for credit declined you won’t get accepted anywhere else

As every lender has different criteria, this isn’t necessarily true, however, failed applications do lower your credit score which can have a negative impact on future applications.

It is important not to make too many applications within a short space of time as other companies will see these applications and you will look like more of a risk.

To check the likelihood of approval, you can do a ‘soft search’ to see what companies are likely to approve your application. This doesn’t guarantee a successful application but it means you will get a better idea of your chances without affecting your credit score. These checks are not visible on your credit file to lenders.

Find out what happens when you are discharged from a Trust Deed.

 

Debt solutions and defaults will stay on your credit file forever

Your credit file is cleared every 6 years. This means if you have entered into a Trust Deed, have gone bankrupt or have defaulted on payments, these entries will be removed from your file 6 years after the event.

You may be able to get credit during this period but it will be more difficult. If you do manage to get credit, borrow small amounts and make sure to pay them back promptly. This means your credit file will show you have been borrowing responsibly, so once the six year period is up, you’ll be more likely to be approved for important credit applications you make.

 

To find out more, see our Scottish Debt Advice FAQs, or Contact Us.

Should you use a Credit Card or Personal Loan?

Posted on by Craig Stocks
If you’ve been trying to decide whether or not to use a credit card or personal loan for finance there are many things to consider. Depending on your credit limit and the price of what you are purchasing, you may be surprised to learn a credit card may work out more cost-efficient than a personal loan. Many credit cards come with the perk of an interest-free period. These periods vary in length but the maximum on offer is longer than a 2 year period. If you are able to clear the debt off within this time you will save money as you won’t be paying the interest on a personal loan and clearing the debt. If you haven’t cleared the debt off within the specified period, depending on you your credit score, you could potentially transfer the remaining balance to another interest-free credit card to finish paying the debt off interest-free. If you don’t think you would be able to pay the debt back within the interest-free period, you could look for a card with a low-interest rate that would last for the duration of your payments. You could spend less on interest than you would with a personal loan. Check how much you would be spending monthly and see what is best for you. If you’d like help with your finances, Trust Deed Scotland can provide you with experienced debt advice to help you make the best decision for you. A Trust Deed is one of several options to get you back on track. Try the Trust Deed Wizard tool now to find out more, or take five minutes to read our article Is a Trust Deed a good idea?
  Depending on what you’re buying and where you’re buying it from, you may not be able to pay by credit card but only by debit or cash. If this is the case, you could get a card that allows money transfers. This means you could transfer money to your bank account which you can then withdraw or spend by debit card. Doing it this way will cost extra as there will be a fee but it means you can pay up the card as normal and get access to the funds to pay companies who don’t accept credit cards. Again, check the fees and interest rates and calculate if you would spend less money overall than you would with a personal loan. See our Debt Advice Reviews for thousands of independently verified reviews showing how we’ve helped customers improve their quality of life. If you need a substantial amount of money, you may be unable to get a credit card with a high enough limit. In that case, you would need to go down the route of a personal loan. Borrow the smallest amount possible in order to meet your needs and choose the shortest repayment term possible that is affordable for you. Make sure you take into consideration what your current incomings and outgoings are and don’t overstretch yourself and put yourself in a difficult position. It’s easy to be tempted into borrowing more and increasing the repayment term, however, you will cost yourself a lot more in interest in the long run. For example, if you borrowed £8 000 at 9% over 4 years, you would pay £1 555.86 in interest but if you borrowed the same amount over 10 years, you would pay £4,160.87 in interest. How much is your overdraft costing in fees and charges? Overdrafts are often overlooked and you could potentially save money every month by considering switching the type of your account or your bank. Another factor to keep in mind is it may cost you less to borrow slightly more. This doesn’t mean borrow thousands more than you’d planned. Check the individual loans interest rates and thresholds and you may find borrowing £4500 costs you more overall than borrowing £5000, depending on the interest rates. Surprisingly, some companies charge up to 33% more interest on a lower loan than a higher one, so you would end up spending more overall once the interest had been accounted for. Make sure to check for hidden costs when considering a personal loan. You are entitled to pay loans off early but you may be subject to a fee which is usually around two months’ interest. You are also able to make overpayments to your loan without charge, (depending on when you took the loan out if it is pre-existing and how much the overpayments are). Have you been given conflicting information about the impacts of bad credit? We’ve dispelled some of the common bad credit myths to enable you to make an informed decision about what step to take next. Many loans have lock-in fees meaning if you want to switch to a cheaper interest rate, you will be fined for moving. In this case, you will have to determine whether it is cheaper to stay on the higher rate of interest or transfer to a lower rate and pay a penalty. It may actually be cheaper to stay where you are depending on how much the fee is. Always check what the early repayment fees are before taking out a loan or check the terms and conditions in your paperwork if you have an existing loan. Finally, remember the interest rates advertised for credit cards and personal loans are representative. This means, 51% of people who apply will receive these rates. The other 49% will pay extra. The only way to find out what rate you will be offered is to apply and this will affect your credit score so do your research before deciding where to apply.

Worried about unaffordable personal loan debt?

For more information see our Scottish Debt Help FAQs or Contact Trust Deed Scotland. Call us on 0141 221 0999 for tailored Scottish debt advice today.

Interest Costs of Loans and Credit Cards

Posted on by Craig Stocks
 

Interest Costs of Loans and Credit Cards In Scotland

  When reading about interests and costs of loans and credit cards in Scotland, it’s easy to get confused by all the facts and figures flying around concerning the interest costs of personal loans, pay day loans and credit cards. Always read the small print and ask questions about anything you are unsure of before committing to making the application. Many payday loans companies such as Wonga and Quickquid have either completely disappeared, or gone into administration but many more companies exist that do still charge excessive interest costs of loans, credit cards and ‘rent to own’ schemes offered by the likes of Brighthouse’s owners, Caversham Finance Limited. If you’ve been struggling with your finances, a Protected Trust Deed may be able to help you get your finances back on track. Try the Trust Deed Wizard tool to find out how.   You will have heard of APR but what does it really mean? APR stands for Annual Percentage Rate and means the amount of interest you would pay to the lender if you borrowed the money for one year, expressed as a percentage of the loan. For example: If you borrowed £500 at 20% interest for one year, you’d pay back £500, plus 20% of £500, (£100), meaning you’d pay back £600 in total. Trust Deed Scotland are the leading provider of the Protected Trust Deed in Scotland. We have thousands of independently verified reviews written by people we’ve helped that you can read to put your mind at rest. Another way to think about APR is by how many pence it costs you to borrow one pound each year. For example: If the APR on your loan was 20%, you’d pay back 20p per year for each pound you borrowed. The APR also includes mandatory administration fees and other charges. It doesn’t include charges such as late payment charges which would be extra on top of the APR. Find out how much overdraft fees really cost you and what options you have to reduce your outgoings. Legally, companies have to state their APR, even if your loan term is for less than a year. This makes it easier to compare the rates different companies have. It is also more transparent as the monthly interest rates may look much smaller but in reality, if taking the loan over a year, the APR is not just the monthly rate times 12 as you are paying on the original amount plus interest each month. This type of interest, (compound interest), means that the amount you owe will be more each month as the interest builds. What does it mean if the if the APR is over 100%? This means you would be required to pay back more than you originally borrowed. For example: If you borrowed £500 at 200% APR for one year, you would pay back a total of £1000, which is £2 per year for each pound borrowed.

What are representative rates?

All the advertised APR rates for credit cards and loans are representative rates. This means, only 51% of successful applicants get those rates and the other 49% of people approved for the loan will be charged a higher rate of interest. Unfortunately, the only way to know what rate you will be offered is to apply which impacts on your credit score. There are many myths about poor credit.

Credit Card Interest – Do you know the fact from the fiction?

Remember to read the terms and conditions carefully and make sure you know the interest rates and fees you will be liable for and don’t take out a form of credit if you’re not confident you are able to pay it back. Contact Trust Deed Scotland for more information on how we give tailored Scottish Debt Advice.

Council Tax Arrears Debts Scotland

Posted on by Craig Stocks
 

Council Tax Arrears Debt – Help In Scotland

Trust Deed Scotland – Inbound Helpline – 01412210999. Council Tax Arrears debts are a priority in Scotland and should be dealt with as quickly as possible to stop the matter from escalating. Scottish councils are able to arrest your earnings and bank account, take you to court for payment and even force you to be sequestrated, (made bankrupt), if your debt level reaches a certain amount. Trust Deeds are one way to get on top of Council Tax Arrears, if you are struggling with multiple debts at the same time, however, the Debt Arrangement Scheme and other alternative solutions exist. All your unaffordable, unsecured debts, including council tax arrears debt, can be added to your Trust Deed and all you need to do is make one manageable monthly payment, (agreed before the Trust Deed is finalised), which will be split between your creditors. Once your agreed term is finished, any remaining balance will be written off. Try the Trust Deed Wizard to find out what you could expect to pay monthly. Your monthly contribution is determined by your debt level, income, expenditure and who you owe money to. There are government guidelines in place to ensure you can cover your necessary living expenses, (including mortgage/rent; council tax; food; gas/electricity; home/life insurance; phone; internet; TV; travel expenses and housekeeping). Only your expendable income goes towards your debts, meaning you don’t have to sacrifice your quality of life in orderto make payments to your creditors. Are you unsure how much overdraft interest fees have been costing you? You could save money by making a few simple changes. Often, council tax arrears are passed to a debt collection company and they will be less accommodating than the council when trying to recover the debt. In the more severe cases, your council tax arrears debt may be passed to a sheriff officer to collect the debt and undertake enforcement action against you. Understandably, you may feel nervous dealing with a debt recovery company or sheriff officer, but under no circumstances should you ignore contact from them as this may result in your situation getting worse. Once the council applies to the court to begin sequestration proceedings against you, it is very difficult, sometimes impossible to stop the process.

Council Tax Debt – Trust Deed Scotland

Do you want to get your finances back on track? Here are some simple tips to help you keep more pounds in your pocket. Trust Deed Scotland is regulated by a UK regulatory body and has thousands of 5* ratings on Trust Pilot. View our Trust Deeds Reviews page to see thousands of independently verified reviews written by our happy clients. Many of whom also had debt problems with their Council Tax Arrears debt in Scotland.

Council Tax Arrears Debt Scotland – Where to get help?

Our experienced debt advice team can arrange a callback, or meet with you to discuss your personal circumstances. Not only will they review your Council Tax Arrears debt, but they will also go over all the other debts you may have including, credit card debts and the debt solutions available to you to allow you to make an informed decision and choose the option best for you. You will be given a list of information to provide before your appointment e.g. proof of income, expenditure, creditors and. If you have these items ready for the advisor, your case can be moved along as quickly as possible. If you have any questions, see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland today for peace of mind and the support to help you get your finances back on track.

Council Tax Arrears Debt Calculator

  If you have council tax arrears debt and have other unsecured debts like personal loans and credit cards, which have created an unaffordable debt spiral for you; you can use our handy Trust Deed Wizard® tool. This can be used to calculate how much you could save when you consolidate your council tax arrears debts alongside those other debts including personal loans and credit cards.