If you find yourself relying on your overdraft regularly, you are not alone but it’s important to remember that it is a form of debt and you are being charged overdraft fees for the privilege of using it. Average interest rates increased from £2 per month in 2008 to £12 by 2013 and last year it was reported that banks increased their rates further, some even tripling the previous rate.
If you need help with your finances, Trust Deed Scotland may be able to help. Try the Trust Deed Wizard now to find out more.
There are several steps you can take to see if you could save money on exorbitant overdraft charges:
Set up low balance alerts
Some banks give you the option to receive a free text alert when you are close to going into your overdraft. If you find yourself forgetting to check your balance which results in you going into your overdraft from time to time it may be a good idea to make use of this service to stop you accidentally becoming overdrawn.
See our testimonials for hundreds of independently verified reviews showing how we’ve helped customers get their finances back on track by entering Trust Deeds.
Check if your overdraft is charged monthly or daily
You may only get charged for the days you use your overdraft, so if you had a negative balance for a few days while waiting to be paid, you would only pay a fee for these days. You may, however, be charged monthly. This means that you would be billed at a flat rate for the month, whether you used the overdraft for just a few days or the entire month.
There are simple steps you can take to get your finances straightened out
Move direct debit dates
If you find yourself running short of cash around the same time each month and you have a direct debit due around that time, contact the company and see if you can change the date the direct debit date. This could be the difference between needing to dip into your overdraft or staying in credit.
There is a lot of conflicting information available about your finances. We have dispelled common myths about bad credit to help you make an informed decision.
Change your current account to one with lower interest fees
Look around at the options available to you. Your current bank may offer an account with more attractive overdraft rates or perhaps changing to another bank is your best option. Some accounts have a monthly usage charge but include no or low interest overdrafts in the cost. Depending on how much your overdraft is costing you at the moment and if you use it regularly, you may you save money by going for this type of account.
To find out more see our Scottish Debt Help page or Contact Trust Deed Scotland for more information.
Unless you in full-time education, under 18 or a student nurse then paying council tax is mandatory and these monthly fees can be a real burden on people’s finances across Scotland and the rest of Britain. On top of paying money for rent, food, as well as expensive utility bills this property tax can leave householders struggling to make ends meet on a regular basis. With the exception of Scotland, council tax increases have been prevalent throughout the UK as central government funding has been dwindling year after year.
The public have little control over the funding policies at Holyrood, but they do have control of their finances, although this can prove to be difficult when they near or reach debt. Residents – especially those with children – can find that their finances are stretched before they are charged with a monthly or annual payment for council tax.
The pressure of combining or prioritising costs can lead to some vital areas being neglected like purchasing healthy food or being able to afford activities for your loved ones.
A recent survey in early 2015 revealed that almost two-thirds of participants would support council tax rises in Scotland – which have been frozen since the SNP won power in 2007 – in order to fund local services.
Pretty much all industries have suffered financially since the global economic crash nearly seven years ago, but levels of debt and bankruptcy have soared. It seems as though the poorest have been made poorer and a lack of support mechanisms has certainly worsened several people’s financial positions.
Falling into debt can be unavoidable from enforced high living costs with wage rates stagnating and hundreds of thousands of UK citizens losing their jobs as companies struggle to make profits.
Levels of debt show few signs of dropping in the near future which makes free and impartial companies like us at Trust Deed Scotland so important. We listen, advise and provide solutions for people who call us or walk into our offices in Aberdeen, Edinburgh or Glasgow such as the Scottish Trust Deed.
Our Scottish Debt Help staff are dedicated to resolving your issues and helping you in the short and long term.
When you are battling debt you need clear and coherent advice on how to turn your life around and out members of staff are experienced enough to make this happen through a trust deed or another solution. We have an excellent Trust Pilot rating of 5/5 – highlighting how credible and trustworthy we are in an industry bogged down by unreliable and greedy payday lenders.
We will be with you through your economic recovery should you need to call us because of debts arising from council tax rates increasing or other payment problems.
For those looking for a solution to their numerous debt problems, debt consolidation is often the best financial resolution. It is an incredibly simple process with a wide range of benefits, Continue reading “Why Debt Consolidation May Be Right for You” 
As Christmas rolls around once more, high streets all over Scotland become busier and busier as the clamour for presents begins to reach fever pitch. While our hyper-consumerist society provides big businesses with huge profits over the festive season, for the normal Scottish citizen it is a completely different story.
According to a recent report released in The Scotsman, it isn’t just this Christmas that is proving to be the source of some extra financial headache. More than one in ten people throughout the country are still paying off their debts from last year, something that is undoubtedly cause for much concern for those of us with numerous outgoings or low incomes. With 12 per cent of people still feeling the strain of last year, Christmas debt seems to be a problem that is continuing to snowball with no sign of slowing down.
In 2013, over a third of people in the country are said to have borrowed money or successfully applied for credit to bankroll the costs of the Christmas period, and a further third of that number still owe creditors over £500. With many short-term fixes such as payday loan companies now readily available for people to temporarily plug their financial holes, it seems that the bigger problem has been widely ignored.
What does this mean for the coming year? Well, according to the report it is looking like this vicious cycle is set to continue. Of all the people that replied to the survey, 12 per cent of people again said that they will be forced to borrow further amounts in order to meet the demands of yet another expensive Christmas. Put into context, only half of those that responded to the survey have said that their earnings alone will cover the soaring costs they are faced with this year.
Ian Williams, part of the organisation that conducted the survey, has said ‘Christmas can be the most expensive time of year for many of us thanks to all of the present-buying and food prep, as well as the travel many of us are expected to do. This might be why some Scots feel the only way they can afford to celebrate is by using credit.’
All of this is symptomatic of Scotland’s wider debt problem. Such accumulation of debt can only lead to deeper financial worries later down the line, and people are being urged to seek help from experienced debt experts in order to remain above water throughout 2015.
Here at Trust Deed Scotland®, our Scottish debt help service is designed to help those with unaffordable debt make positive steps towards complete financial recovery. With Christmas on the horizon, it is important to gain control of your money before the problem becomes too difficult to manage.
The harsh reality of the situation is that once the fanfare of Christmas dies down, your financial issues will be impossible to avoid.
The pressure of creditors in the New Year, a time when everyone is short of expendable income, is one that can cause much stress and strain. With tailored debt advice, we are perfectly placed to ensure you don’t fall victim to Christmas debt this time around.
By contacting our team of experts here at Trust Deed Scotland®, you are making the first move towards a much-desired financial resolution. Whether that be a Scottish Trust Deed, Debt Arrangement Scheme or alternative solution.
With less than 100 days left to the date of May’s General Election intensity around politician’s current and future policies is beginning to gather momentum. In all elections the state of the country’s finances is likely to provoke much debate and disagreement, especially with austerity measures over the last few years implemented by the coalition government.
Just like in 2010, the main issue at this upcoming election will again revolve around Britain’s economy recovery from the global crash. With a seven-party leadership television debate set to take place, voters are going to be hearing a lot of potential changes that will affect the whole nation.
Leaders of the Conservatives, SNP, Labour, Liberal Democrats, Green Party, UKIP and Plaid Cymru are expected to contest three debates during April towards the end of campaigning. Whatever the dates or parties there you can bet talking about Britain’s economy over the last five years will be high on the agendas of all present in front of television cameras. Thousands of Scottish residents have lost their jobs with those employed finding budgeting quite difficult because of higher living costs without higher wages.
David Cameron will undoubtedly point out that 2014 was the year of Britain’s fastest-growing economy since 2007, but opposition to the coalition will list some shortcomings over the last quarter of 2014, a period when GDP dropped by 0.5 per cent. In the fourth quarter construction output lowered by 1.8 percent. Away from this island, experts are concerned about the future financial outlook around the world.
Chris Williamson, an economist at Markit, warned of an unstable world economy. He said: “The eurozone is potentially entering a new phase of political uncertainty arising from the anti-austerity Syriza party victory in Greece. The upcoming general election in the UK also poses a threat to stability in the event of an inconclusive outcome.
“There’s also the possibility of financial market stress if the US starts to hike interest rates later this year, and geopolitical risks such as the escalation of the Russian-Ukraine crisis likewise pose a threat to global stability.” Thoughts echoed by Harper McDermott, leading insolvency practitioners in Scotland.
Worldwide financial stability is craved by national leaders along with citizens who are finding difficulties with regular payments, particularly after Christmas where resources are stretched and the first credit card payment due is a harsh reflection of our nation struggling to make ends meet.
Debt specialists and charities are expected to take a big increase in February compared with November.
Fortunately, at Trust Deed Scotland we offer tailored and experienced debt advice in Scotland for everyone in financial arrears.
We are committed to giving our clients an affordable monthly repayment plan that will put an end to their economic uncertainty and allow them to enjoy their free time rather than worrying about the state of their bank account. If you are able to make regular payments then you should be able to keep your home or property as well as your car.
The future of Scotland’s economy may be uncertain, but giving Trust Deed Scotland a call will certainly deal with your money problems.
