Author: Craig Stocks

The Dangers of Council Tax Debt

Posted on by Craig Stocks

Austerity measures were inevitable after the results of the 2010 election, but voters will be disappointed these are still in place today after a slow economic recovery. Many people fear the Dangers of building up Council Tax Arrears Debt in Scotland.

Personal debt has been a damaging consequence from an unstable and uncertain economy around the globe. Poorer residents have felt that they have been taken advantage of by local authorities, with little leeway for those slipping into debt. This has been difficult to overcome following reduced local government spending.

Things such as Council Tax Reduction have been cut, leaving householders with higher property tax bills among other costly payments.

It’s no wonder personal debt has soared in Scotland and elsewhere. The cost of living never seems to drop in Britain, but funding protecting its citizens unfortunately has.

Thousands rely on the government’s financial support to get by and the economic climate has meant this has been cut quite dramatically. Although this is far from ideal, people can understand that cuts need to be made, but the approach of local authorities has been criticised by many.

UK local governments have been condemned for their aggressive debt collection tactics when attempting to recover people’s debts such as wage arrestments. There are a number of factors in the rise of household debt and increased council tax rates have been detrimental to numerous Scottish residents.

Perhaps most worrying of all is how local authorities are dealing with personal debt in their specific area.

Research from debt charity StepChange revealed that councils are more likely to use enforcement measures instead of offering help. Half of the participants from their survey said they were threatened with bailiffs despite speaking to the council and 62 per cent were threatened with court orders.

A spokesperson for the charity was unimpressed by how local council authorities were conducting themselves in regards to collection of Council Tax Arrears.

“The changing nature of debt problems, where more and more people are struggling to meet their essential living costs, combined with changes to council tax benefits, have conspired to create a debt problem that has grown second only to payday loans.

“Councils need to employ a more consistent, responsible, and proportionate approach to dealing with people in arrears, and not default to aggressive enforcement that often makes a bad situation worse.”

Arguably, the most concerning statistic of them all was that just 13 per cent were encouraged to get debt advice from companies such as us at Trust Deed Scotland.

By keeping your problems bottled up there will only be a negative effect to your finances and overall well-being.

While some councils may not adequately support people who need help the most, our doors are always open at Trust Deed Scotland. By using our Trust Deed Wizard you can quickly control your money troubles and talking to us will help formulate a decisive plan at reducing your debts. Our tailored debt advice service changes people’s lives for the better.

Even if you feel like you’ll be unable to sign up to a Trust Deed, it’s still well worth contacting us. We have several other effective alternatives such as a Debt Arrangement Scheme and Minimal Asset Process which stops harassment from creditors and puts you back in control of your financial situation.

We believe that people in debt should be in command of their finances, rather than fearing about enforcement agents and other intimidating figures.

If you require support then please do not hesitate in contacting a member of our experienced debt advice team today. We have an office in Glasgow so you can visit us in person if this is something that better suits your needs.

Alternatively, you can set up a debt solution using our WhatsApp debt advice service.

How to Reduce Your Credit Card Debt

Posted on by Craig Stocks
Thousands of residents are currently struggling with credit card debt in Scotland. It can be all too easy to quickly accumulate huge amounts of debt due to high-interest rates and hefty charges. Dealing with your credit card debt is not an easy challenge to face. However, there are a few ways you can reduce your credit card debt before you consider the best way to resolve your other unpaid debts.

Add up the Credit Card debts

The time has come to face the music when it comes to your credit card debt. It can be very easy to stick your head in the sand and ignore the spiralling costs. However, having a good overview of your debt will help you to make a realistic timeline for getting out of it. You may feel uncomfortable seeing the entire total of your debt in front of you, but it will also provide invaluable motivation to reduce it as much as possible. You should also record the interest rate of each chunk of debt too, as well as keep records of balance transfers, cash advances, special offers and multiple balances at different interest rates.

Stop using the cards

Avoiding your credit cards is sometimes harder than it seems. This is a necessary step if you have any hope of reducing your debt as the more you spend, the more your debt will worsen. You should cancel any bills that are paid directly from your credit card and choose to pay online or by post instead. Alternatively, you can pay in cash at the appropriate pay points. The most important thing to remember is that getting out of debt is more important than accumulating any air miles or reward points that your credit card company may be offering. Write down the information of your credit cards such as the account numbers, how your name appears on the card, expiration dates and security codes – keep this information in a safe place while you either cut up your cards or store them in a place that you cannot access. It’s recommended to keep one card in case of a real emergency.

Contact your creditor

There is no harm in contacting your creditor to request for a reduction in the interest rate you are paying. Any small reduction may help to alleviate some of the financial pressure. The worst the creditor can do is say no to your request. If you do ask for a reduction in the interest rates, be aware of balance transfer fees. If you don’t pay off the entire balance by the time the special interest rate expires, you may be subject to even higher interest rates.

Calculate available income

If your income varies from month to month, you should base your calculations on the minimum amount of money you are making per month. From here you will be able to draw up a budget of all the predicted expenses in the coming months. Take into account fixed expenses such as rent, utilities and day-to-day shopping but also insurance payments and any medical bills. You should add the minimum credit card payments as part of the expenses you are expected to pay. Grant yourself a small allowance for extra spending. This allowance will help you to prevent uncontrollable splurging. Any remaining funds should go towards paying off your credit card.

Identify your highest interest rate debt

You should put as much spare money as possible towards the highest interest rate debt that you have. You may find that you have a little leftover each month that can go towards eliminating the expensive interest rates. You may even be able to find extra sources of income in your home, such as selling your old clothes, electronics or any other unwanted goods online or through a consignment shop. Any extra funds that you have available to pay off the highest interest rate will alleviate much of the financial pressure and will help you to tackle your credit card debt one card at a time. There is much you can do to reduce your credit card debt, however, eliminating your debt completely can seem virtually impossible. If you are struggling with credit card debt and you see no way of making the repayments, talk to Trust Deed Scotland. It may be time that you invest in a protected Scottish Trust Deed that will help you to make manageable repayments over a set period. Contact Trust Deed Scotland today for more information.

Debt solutions for Credit Card Debt in Scotland?

Some recent questions we’re being asked by people affected by credit card debts who are considering seeking help with debt include: Is a Trust Deed insolvency? Is a Trust Deed right for me? Is an IVA the same thing as a Trust Deed? What is a DAS? If you need Scottish debt help, give us a call on 0141 221 0999 today.

How The Scottish Cost of Living Has Increased

Posted on by Craig Stocks
Despite supermarkets being full of bargain deals on cut-price Easter Eggs, the growing problem of price hikes remains for everyday necessities. Following the tradition of purchasing chocolate may be fairly innocuous to your finances, but there seems to be little letup on monthly charges that appear to be getting more and more expensive. Britons are becoming poorer across the home nations and it is no surprise that the economy is arguably main issue ahead of May’s Westminster election. Pledges have been made as political parties seek to mobilise support and win marginal seats while thousands of householders worry about their own finances. In this day and age it can be easier said than done to avoid slipping into financial problems. With employment opportunities difficult to come by in some cases there are large pressures on citizens providing for their family and themselves. Affording rent, utility bills and food has become challenging over the last few years with government cuts along with an unstable global economy. Credit card debts have continued to be an issue in Britain, but at Trust Deed Scotland we have helped people get out of the red. Our Trust Deed Wizard tool is a quick way of seeing if your debts can be resolved with our unbiased support. Rising costs have been outlined in the Daily Mirror, and most of these categories are effectively enforced spending because of how necessary they are. We can help people struggling to make such vital payments, though. Our tailored advice has led to a 5/5 TrustPilot rating – we are experienced to say the least when it comes to debt help in Scotland.

Council Tax

The property tax has seen rises in charges in certain parts of Scotland, but even recent freezes have done little to ease the strain of financial instability. Many Brits relied on discounts, but these have either been cut or removed altogether since 2010. Opponents of this charge say it bears no relation on people’s ability to pay, but residents cannot avoid paying this with fees dependent on where they live. Some people qualify for reductions without realising, so it is worth double-checking with your council. Council Tax debt should always be treated as a priority debt, at all times.

Dentist Appointments

It is rare to hear about someone’s joy at the prospect of visiting their local dentist, but this ill-feeling will continue for Scots as prices are to rise. Scottish patients will have to pay 81.61 per cent of their dental treatment cost with the total capped remaining the same at £384. It may be effective by checking the prices between private and NHS treatment as Which? revealed some private dentists offer cheaper fillings than public facilities.

Car Tax

Although there has been some reductions in fuel prices, car tax has risen this financial year. First licence rates have increased by £10 for bands L and M. An effective way of legally avoiding road tax is by owning a car which emits under 100g/km of carbon dioxide. For the majority with money issues this will not be a viable solution, but contacting our team at Trust Deed Scotland certainly will help. If you are worried about your financial situation please take action by contacting us today. We give tailored and helpful debt advice to all of our customers so don’t be bogged down by your living costs and speak to us.

The Benefits of a Debt Consolidation Loan

Posted on by Craig Stocks
A guide to the benefits of a debt consolidation loan. Find out more about the best way to consolidate debt in Scotland. Government funding cuts have had a negative impact on several households across the United Kingdom with less protection for public services and other businesses that people are heavily reliant on. This has affected people in virtually every industry since the global recession and shocked many when falling into debt. The lure of payday loans cannot be seen as an effective solution, even after recent regulations capping interest rates for those needing instant cash. At Trust Deed Scotland® we understand how quickly living costs can pile up and become unaffordable in the blink of an eye. For this reason, we offer all of clients tailored and experienced debt advice with sustainable Scottish debt solutions. One of these is a debt consolidation loan. This can be the best method of removing debt and reduce stresses about your finances as a result. It is conceivable that many of us have considered a short-term fix to our money problems, but quite often this will not be beneficial in the long run. Desired sustained answers to debt may feel unrealistic at the time, but we pride ourselves on outstanding reviews from those who have contacted us. Of course, that is not to say that debt consolidation loans easily eradicate your arrears, but they help people manage their repayments. Dealing with debts is easier said than done, however working out exactly what you owe is more effective than some may think. Although the prospect of doing this can be daunting people should not feel embarrassed when finding out the figure – it is the first step to solving your financial issues. We are fully aware that the cost of living has increased in recent years and our team have the necessary experience to help people get back into the black. Our debt advice services are confidential and we are only interested in making clients happy rather than others who seek monetary gain. Debt consolidation loans allows people to repay their debts over a longer time and get out of the red without harming their future finances. This is often a direct consequence from using payday lenders, but repayments recommended by us are much more affordable as well as being more flexible and effective. This method of debt reduction means you can repay exactly what you owe into manageable monthly payments which frees up your income on other vital areas of spending. Although the lower payments mean that you are likely to be in debt for longer, this can make budgeting easier. Your repayments shall be significantly lower than interest rates of payday loan companies and is more affordable for our clients. We are proud to say our TrustPilot rating of 5/5 sets us apart from competitors, enhancing our reliability and proving that it’s possible to reach a brighter future. We help restore confidence and peace of mind and our services do not cost a penny for such incredible effectiveness. There are no setup fees and our clients pay back what they can afford in four years without the risk of losing their home and prized assets. If you would like to hear from our team then contact us today. Alternatively, you can also view what our happy customers have said about our support and advice.

Debt Consolidation Loan alternatives

Trust Deed Scotland® have helped over [volume] people reach a brighter future. With no further borrowing required, no credit checks and affordable repayments – there are other ways to consolidate your debts without needing to resort to applying for a loan. Learn more about the Scottish Trust Deed and alternative Scottish debt solutions such as DAS.

Roll-Over Loans Fuelling Scottish Debt

Posted on by Craig Stocks
roll-over loans scottish debts Debt advisory services both north and south of the border have never been busier, providing advice to scores of families who have been pushed to the financial brink due to the seemingly endless rise in the cost of living. The failure of wages to keep pace with inflation has really tightened the screw and forced families to dip into savings and seek credit in order to make ends meet. Indeed, it is the second of these so-called options that have really exacerbated the debt problem in Scotland and elsewhere.

☑️ Debtor Desperation

Debtor desperation has led many to consider that loans are the only solution to their money troubles. Payday loan companies, in particular, have been relentless in marketing short-term loans as a quick-fix when in reality the rates of interest being charged mean that they only add to an already unmanageable debt situation. If that wasn’t bad enough, it seems that more people than ever in Scotland are now taking out one loan to pay off another, the so-called ‘roll-over’ loan, and becoming entangled in a vicious circle of debt.

☑️ Incontrovertible Evidence

According to recent figures, nearly 160,000 Scots borrowed money to make a loan repayment yearly and Citizens Advice Scotland is in no doubt that this dubious practice is fuelling the growth of personal debt. Citizens Advice Scotland’s chief executive, Margaret Lynch, has revealed that the pattern where roll-over loans are concerned is very familiar, claiming that they inevitably end up with debtors having numerous loans on the go at once, all of them going towards servicing each other and all of them building up late fees and high interest. It’s not hard to see how debtors quickly lose control in these circumstances and start to drown in their debt. Rather than express their shock that such a debt servicing method is being used, Citizens Advice has added that some lenders are still targeting the most vulnerable people and encouraging the use of roll-over loans, despite making pledges not to do so. Typically this manifests itself in a situation whereby a customer contacts the company to say they are unable to make a payment, and the company responds with the offer of another loan. Mrs Lynch, speaking at an event described a situation where there was ‘incontrovertible evidence‘ of a debt issue blighting the lives of many Scottish residents, mostly due to the aggressive marketing strategies of payday loan providers and the emergence of buy now, pay later loans deliberately grooming younger shoppers into a life of debt.

☑️ Roll-Over Loans – The Message

The message to those who either think that loans are the solution to their debt problem or are being offered further loans to pay off existing loans is simple: resist the temptation. Rather than making inroads into your debt, all they do is add to it and push you further and further into the red. Instead, seek professional help from Scotland’s number one debt advisory service, Trust Deed Scotland. If you have any questions, you can always refer to our Debt Advice Scotland FAQ

Trust Deed Specialists

Our team of Trust Deed Specialists offers tailored and experienced debt advice that will get to the root of your debt problem. With your help, you can implement long-term, affordable and sustainable debt repayment solutions that will allow you to regain control of your finances and ultimately set you on the road to a brighter future. Speak to a Trust Deed Specialist now on 0141 221 0999.

The Dangers of Payday Loan Adverts

Posted on by Craig Stocks

The Dangers of Payday Loan Adverts in Scotland
As Christmas approaches we are all likely to feel financial pressures in preparation for this special time of the year, usually in the form of buying gifts and accessories for families. The anticipated build-up towards this festive season can place an unnecessary burden on people struggling to pay their bills. It doesn’t help when payday lenders regularly pop up on television adverts when children are watching. Thankfully, vulnerable targets are set to be protected following discussions in the House of Lords.
Payday loan companies could have their TV and radio advertising banned before the 9pm watershed, driven by a Church of England bishop. Proposed changes to the Consumer Rights Bill include advertising restrictions on payday companies which relate to tobacco, alcohol and gambling industries. The Children’s Society are concerned with young people pressurising parents to take out high interest loans after watching adverts with misleading messages about borrowing.
Currently, a plethora of adverts targeting people with money issues is raising the profile of multiple payday lenders among children. Their awareness could cause damaging financial implications in future if tougher curbs are not introduced. In UK Parliament’s second chamber the Bishop of Truro, Rt Rev Timothy Thornton, Lord Alton and Lord Mitchell tabled the proposed amendments. They hope this bill will come into effect before the General Election in May.
This is more evidence of a clampdown on the industry after a UK regulatory body capped the rates that payday lenders can charge from January. Wonga recently stopped showing its adverts with animated figures after they were condemned for interesting children. A study in 2013 found out a third of parents with children under 10 years old heard their kids repeating slogans of payday loan adverts.
With an abundance of payday adverts on our television screens of these companies’ messages can become engrained in our minds. Their presence is extremely dangerous with debts spiralling out of control. Fortunately, there is a much more reliable option. Unlike payday lenders our team at Trust Deed Scotland value the well-being of our clients. There is a much safer alternative.
If you have fallen into financial difficulty, here at Trust Deed Scotland we offer affordable monthly repayments which prevent creditors from adding more interest and charges. They also are unable to take legal action against you once your Trust Deed is protected. We help those burdened by financial problems get their lives back on track by using government legislation to manage debts within a realistic timeframe.
The three Lords pushing the removal of payday television and radio advertising before 9pm said: “While many parents are struggling to pay the bills, payday loan adverts are making borrowing money seem easy and fun to their children.
“This is creating ‘pester’ pressure on parents to take out high-interest loans.”
Take control of your financial situation by contacting our dedicated team by phone or emailing us at enquiries@https://www.trustdeedscotland.net. Changing government bills can be a strenuous and long-winded process, but our employees at Trust Deed Scotland ensure you get a swift quote which will ease the stress imposed by payday lenders. If their adverts remain on TV and radio before the watershed don’t fret because you are guaranteed an excellent service by our team due to a 96 per cent TrustPilot rating.

Scotland’s Snowballing Debt Problem

Posted on by Craig Stocks
As a company where you can find Trust Deed Scotland reviews from thousands pf people, we are all aware of the financial difficulties that face a large percentage of our population, and a growing need for debt help in Scotland but whether we are aware of quite the extent of the problems debt is causing us is a different question altogether. A recent study by the government has highlighted the number of people being threatened with court summons due to their inability to pay off their debts. The Accountant in Bankruptcy has released some damning figures on snowballing debt problems in Scotland that go a long way in painting a picture of exactly how badly our society is affected by these issues. The court system has accounted for almost 380,000 individual cases dealing with people struggling with debt, a 20 per cent increase from the previous twelve months. Put into perspective, that’s over 1000 people every single day of the year. There are some areas that have been hit terribly by the increase in the cost of living that the country has experienced over the decade. In Lothian, for example, the number of cases increased by just under 50 per cent – an astonishing incline in such as short space of time. As local authorities begin to gain greater power through the measures they can use to recoup monies owed to them, ordinary people are being plunged into difficulty as debts begin to snowball out of control. While the governments in Westminster and Holyrood are confident that suitable economic recovery is being made, the harsh reality is that for the people of Scotland the effects of the recession are still being felt.

Snowballing debt problems – What type of debts are they?

As well as council tax arrears debt problems, the number of court cases for other forms of debt – personal loans, credit cards and the like – has also increased by 44 per cent. It’s a growing trend that is seeing many of us unable to halt our finances spinning out of control. Debt builds, and our options become thinner and less appealing. Leonie Donald, a partner at law firm Aberdein Considine, said in regards to reported snowballing debt problems in Scotland: “The figures are worrying in that they highlight the difficulties that are being encountered by individuals in paying their council tax, which is an increasing concern for all those involved. It is indicative of an economy still struggling to recover. It is also an indicator that councils are taking a harder line in recovering arrears.” There is a growing fear that those in the worst financial situations are not being provided with the support and advice they need in times of hardship. Here at Trust Deed Scotland, we believe that people need to be aware of other viable options of debt relief that are available to them. With the opportunity to have a secure payment plan set up with facility to protect the deed from further intervention from creditors, we are able to provide people with the support they need. If you feel your debts have snowballed into an unmanageable situation, it is important you act sooner rather than later. For more information on Trust Deed Scotland and what benefits applying for a Scottish Trust Deed can have on your financial situation, do not hesitate to contact one of our Scottish Debt Help team today.

Young People in Debt Rising Throughout Scotland

Posted on by Craig Stocks

Young People in Debt Rising Throughout Scotland

Austerity measures throughout the UK have caused financial difficulty for a number of groups as the government have cut grants to councils and support streams for individuals. As a result, several people are struggling to afford paying for their food, rent and household bills.

Therefore, it should come as no surprise that young people in Scotland are suffering financially.

With organisations and politicians under increased scrutiny to lower their expenditure, there is a lack of employment options for all Scottish and British residents which has negatively affected the financial security of those aged between 16 and 24. Ten per cent of British people in this age group are finding the current economic climate ‘difficult or very difficult’ according to a recent report published by the Office for National Statistics (ONS).

Research carried out by Citizens Advice Scotland alarmingly revealed that a quarter of young people in Scotland have been in debt before turning 22. Approximately a third of all debts exceeded £5,000 placing a huge amount of pressure on Scotland’s youth.

When finances are stretched one short-term fix a large number opt for is a risky loan from payday loan companies. These lenders may seem like a competent way of combating debt at the time, but their high interest rates often result in customers being worse off than before so their difficulties prolong.

An adequate way of reducing your debt without the threat of spiralling interest rates is by choosing to receive support from us at Trust Deed Scotland, thanks to our 5/5 TrustPilot rating from thousands of reviews. This gives our company unrivalled credibility and vital trust for people in hardship.

Unlike payday lenders, those who sign up for a Trust Deed settlement only repay what they can afford. Our staff’s motives are to help people in need of financial support, not boosting profits as loan companies often do.

More evidence from the ONS demonstrated that unemployment for Scottish youngsters rose by nine per cent in the last 10 years, with 21 per cent of young people jobless.

Late teenagers and people in their early twenties should not be worrying about their economic situation and we are committed to offering affordable repayment plans here at Trust Deed Scotland. In most cases, you will have two years to repay what you owe meaning you shall be able to keep your home and car.

These are also speedy to set up – taking around five or six weeks generally. This eases the burden of debt on our clients who regain a sense of freedom from paying back affordable monthly fees.

Another advantage of managing your debt with a Trust Deed is that creditors are powerless to take legal action as soon as your Trust Deed is protected. With young unemployment rising, the number of 16 to 24-year-olds in debt has also increased.

Our Glasgow office and phone lines are open for anyone who needs urgent Debt Help Scotland for their cash problems.

One of our friendly experts shall be willing to speak with you today. We’ve been giving Debt Advice in Scotland since 2009 and became the No.1 rated on TrustPilot.

Are We Destined to a Lifetime in the Red?

Posted on by Craig Stocks

With campaigning for the General Election now well and truly under way, the spotlight on the amount of personal debt is lying on the shoulders of the British public is only going to increase. With reports in the mainstream media detailing in great length the extent of the country’s problems, there is clamour for a change in attitude towards our current over-reliance on credit.

Without doing so, we are warned, we are faced with the very real prospect of spending our lives battling debt in one way or another – something that is the cause of much stress and anguish for a huge number of people, especially here in Scotland. Whether it is credit cards, bank loans or borrowing from payday lenders, it seems it is a problem that is just refusing to go away.

Although there have been small measures to try and curtail this downward spiral, it is felt throughout the political spectrum that not enough is being done to help people tackle their financial difficulties in the proper manner. While a cap on the charges that can be imposed upon a borrower by payday lending companies has been introduced recently, ‘still the public drowns in bills, with little respite in sight’, according to shadow business minister Stella Creasy. While the public can wait for changes to be put through Westminster or Hollywood, for many of us our problems are much more pressing and require attention sooner rather than later; the need for evasive action on debt has rarely been greater in the modern era.

The bill itself will provide a small piece of respite for those in financial difficulty, but it is hard to see how big an impact it will have later down the line. Interest rates are now capped at £15 per day, and defaults have been set at a maximum of £15.

On top of this, customers can now no longer be charged twice the amount they originally borrowed – a move that prevents small debts snowballing out of control. While this is all well and good, it doesn’t necessarily provide the structured support required to beat serious financial problems.

As the shadow minister said in her statement, the cap needs to be lowered ‘to have real bite’ – until that point (a point that may indeed be a long way off), we need to work towards resolution positively. With the credit industry under pressure to adhere to ethical practice, the opportunity that the securing of a protected trust deed provides to Scottish residents is something that could have a serious impact on any financial predicament. Instead of leaving your loans and debts in the hands of creditors eager to put the boot in before stricter regulations come in place, protecting your debt and structuring your repayments will allow you to regain control over your finances and start to move forward out of the red.

Here at Trust Deed Scotland, we are a team of experienced personal finance experts who specialise in helping people get their lives back on track.

While we are aware of how suffocating money troubles can be, we are also aware of the invaluable benefit our service can provide for people struggling with money.

For more information on what a Scottish Trust Deed entails, what is a Trust Deed and how Trust Deeds work and whether it could provide a way out of your current financial predicament, please contact one of the team today.

Debt levels show no signs of relenting

Posted on by Craig Stocks

When the Global Financial Crisis began in 2008 a dark mist of gloom spread across the United Kingdom with difficult times inevitable for most taxpayers.

Nearly seven years have passed since the world was plunged into economic uncertainty and rates of panic loans to cover debts show little evidence of slowing down. In fact, there has been a record number of loans and credit card debt from October to December, 2014 since before the worldwide economic crash. Despite the fact that politicians warned about the consequences, even they must be surprised that Britain’s economic recovery has been so slow although progress has been made.

This progress has not resulted in prosperous times for the majority of UK citizens, however. The soaring debt problems arising from the Christmas period were expected because of the high expenditure this festive season brings, but the Bank of England England’s figures are quite concerning. They revealed that unsecured lending was at its highest since the second quarter in 2007 over the past three months.

Nearly 55 per cent of lenders revealed there was more demand in terms of unsecured learning, with 58 per cent of credit card debt also announced by these groups. Reasons for this include more appealing interest charges and larger scale marketing of credit cards. Britons borrowed an incredible sum of £1.25 billion in November –unfortunately another record since the recession. Over one-third (35 per cent) of credit card providers believe that demand, and consequently debt, will soar from January to March.

Adam Marshall, director of policy and external affairs at the British Chambers of Commerce wants financial institutions to re-evaluate their strategies after these findings. He said: “With credit availability to small firms expected to weaken in the coming months, the findings from the latest credit conditions survey reinforce the case for more radical action – by financial institutions, the regulators, the ministers building up the British Business Bank and the Bank of England itself, which must do so much more to build up a liquid market for SME debt.”

A lot of small firms have been forced to close during the financial crisis due to job losses and less consumer spending because of this. People having disposal income was crucial to their survival and increased unemployment did not help their cause. Unemployment has gradually been falling, but this did correspond with people avoiding payday lenders at the end of 2014. Going to a payday lender may seem like a last resort, but you have much cheaper and more effective alternatives.

One of these is by contacting our helpful and experienced team here at Trust Deed Scotland. We offer tailored debt advice to anyone who calls us or visits our offices in Glasgow, Edinburgh or Aberdeen. We ensure that you take control of your finances without having to spend extortionate fees to payday loan companies and you will not lose your property if you can demonstrate you’re able to make affordable repayments. For more information contact us today – it’s time to solve your problems rather let lenders worsen them.