Author: Craig Stocks

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.

Gloom Lifted After Bankruptcy Decreases

Posted on by Craig Stocks

Find out more about Minimal Asset Process and Sequestration.

The effects of a financial crisis can be testing at the best of times with struggles to pay household bills prevalent across Britain. Job losses, limited employment options and increased inflation all have restricted the enjoyment of a large number of Scottish citizens, but the final quarter of 2014 saw improvements for some Scottish businesses along with their workers. For too long the people of Britain have been suffering financially as a result of the global crash and required Debt Help in Scotland – something that was no fault of their own. The figures published by the Accountant in Bankruptcy (AiB) reflect a positive step forward for Scottish businesses and their population.

Personal insolvencies dropped by 12 per cent between October and December 2014 (2,633) which is the lowest since the recession began. Fewer companies went into liquidation during these three months which was nearly 16 per cent lower than the same period in 2013. Although this does not guarantee a swift economic recovery, it is at least some positive news after a troubling number of years. Britain’s economy has slowly been growing although it’s fair to say politicians would have hoped for a speedier and more significant economic growth in the UK.

It is understandable to view the AiB’s figures with an element of pessimism, because of the financial uncertainty around Europe. Bryan Jackson, business restructuring partner with accountancy firm BDO, believes there will be difficult times ahead for European companies: “Business owners need to prepare themselves for a bumpy ride in 2015 as patchy growth in many parts of Europe may impact on growth in Scotland,” he warned.

On the other hand the fact there has been a reduction in personal insolvencies should not be dismissed either. Unemployment is falling in the UK and that can only be a good thing for its people. A downside of the research is that the period was before, not after Christmas. Unfortunately, there are several cases of people plunging into debt by spending too much during this special time of the year and some take out high-interest loans that actually worsen financial positions.

Business minister Fergus Ewing said the government could not rest on their laurels on bankruptcy despite improvements at the end of 2014. “There can be no doubt insolvencies falling back to pre-recession levels reflects the improving economic picture in Scotland – but there is no room for complacency,” he said.

Here at Trust Deed Scotland, our team of financial experts are always on hand to provide you with impartial guidance when it comes to your financial difficulties. By keeping abreast of news regarding personal debt, including government legislation, public borrowing trends and national statistics, we are perfect placed to lend a hand.

Payday lenders may seem attractive at the time, but they are like a rotting apple for your finances. They have a bad reputation for a reason, whereas we are proud to say Trust Deed Scotland have an excellent Trust Pilot rating thanks to our helpful staff and expertise.

For more information contact us by phone 01412210999 or email enquiries@https://www.trustdeedscotland.net. If you would rather speak to us in person then please visit our offices in Aberdeen, Glasgow or Edinburgh today.

Sheriff Officer Role in Scotland

Posted on by Craig Stocks
 

Explaining the Sheriff Officer Role in Scotland

Sheriff Officers in Scotland are similar to bailiffs in England, Wales and Northern Irelandbut there are a few key differences that are very important to learn. Knowing the law and what to do in certain circumstances could prove very helpful in the future if you should ever come across a Sheriff Officer, and it’s also very helpful for making sure they don’t overstep any boundaries. If your debts are beginning to spiral out of control then these details could prove extremely useful. Sheriff Officers are officers of the court who are employed by different firms, or they can be self-employed. They take orders from individuals, companies, solicitors, local authorities and government departments, and they can enforce a number of court orders. This includes eviction, debt enforcement, property disputes and family matters such as adoption or divorce. However they are not the same as the police, and they can only enforce existing court orders or deliver legal papers. Sometimes this power may include a civil warrant that allows them to detain or remove someone from premises. Learn more about how to stop a Sheriff Officer, in our more recent guide. Before a creditor sends a Sheriff Officer to you they must have first tried other ways of collecting your money. They also need a court order to enter your home and seize any possessions, so make sure you ask to see the correct documentation first. Documents allowing entry into your home usually include phrases such as ‘grants warrant for all lawful execution’. If you have any doubt as to whether the documents allow the Sheriff Officer into your home then phone the firm that sent him. If a Sheriff Officer has the correct authority to enter your home and you refuse to let them in, they are allowed to use what’s called ‘necessary reasonable force’. This means they could decide to force a door open or break a lock on a window. You could also be charged with breach of the peace if you refuse entry to an officer of the court who has the correct documentation. If a lock or a window is broken by a Sheriff Officer then the person pursuing the court order, such as a landlord or creditor, has to pay for a replacement. If you aren’t in your home when a Sheriff Officer comes then they can only force entry if they are enforcing an eviction, ensuring certain work has been carried out or recovering property. For enforcements involving the confiscation of possessions to sell them (exceptional attachment) to occur there has to be someone in the home who is at least 16 years of age who understands what’s going on.

What time of day are Sheriif Officers in Scotland permitted to enter your home?

There are also rules regarding the times when a Sheriff Officer can enter your home. For eviction and debt enforcement they usually have to write to tell you they are coming. A Sheriff Officer can only carry out exceptional attachment for debt between 8am and 8pm, and not on a Sunday or on a public holiday. The only time this rule doesn’t stand is if a Sheriff Officer has a warrant to enter the property to see if someone is in danger. It’s imperative that you check the identity of Sheriff Officers before you allow them into your home. Every officer has an identity booklet with a photo of themselves and the crest of the Scottish court service, so ask to see this first. If you’re still unsure about the identify of someone claiming to be a Sheriff Officer then you can ask for the name of the firm they work for and phone them up to confirm. Sheriff Officers do have the power to physically remove you from the home if you are being evicted. However, it is advised that you leave without this happening, as you could be charged with breach of the peace if you come across angry and obstructive. You should get plenty of warning before an eviction, though, which is usually at least two weeks notice. If you feel like a Sheriff Officer has been unreasonable or acted against the law then you can write to the officer of the firm that employs them to ask for an explanation. If you aren’t happy with the response then you can make a written complaint to the Sheriff Principal who may arrange for an investigation. Sheriff Officers in Scotland come with quite a lot of power, provided they have the correct documentation. However, it’s important to know your rights and always double-check to make sure they are who they say they are. If you feel like debt is piling up and you’re having trouble staying on top of it, get in touch with Trust Deed Scotland today. We provide superb, ethical debt advice in Scotland and can tell you about the best steps to take next if you want to gain control over your finances again with products including the Scottish Trust Deed.

How Effective Will the Payday Loan Cap Be for Scotland?

Posted on by Craig Stocks

How Effective Will the Payday Loan Cap Be for Scotland?
In January 2015, caps on payday lending were introduced across the UK in an effort to stem the tide on the snowballing debt problems faced by many people throughout the country. The new set of rules have been designed to protect those who have used – and in some case become reliant on – the countless numbers of payday lending companies that are now ever-present within our society, but for people in Scotland there are still many question marks still hanging over the people in vulnerable financial positions.

Scotland, however, is hit worse than the rest of the UK and in light of this there are calls for more evasive courses of action in order to overcome these problems. Mike O’Connor, chief executive of StepChange, has said “Scotland has suffered more from the rise in payday loans than other parts of the UK. New rules for payday loans are a welcome start to 2015.

“They will help address problems within the payday loan industry which have made bad situations worse for thousands of people. We want to see a mandatory real-time database for payday lenders to share information, limiting the risks of unaffordable multiple borrowing.”

But what does the cap actually mean for borrowers? Fees and daily charges are limited to 0.8 per cent of the loan amount, and default charges have been left capped at £15.

Fees and interest will never account for more than the initial loan value, with the 100 per cent total cost cap also coming into full effect. While extremely useful for those borrowing small amounts, for those that have debts that run into the thousands it may act as only small consolation.

Although in theory, putting a cap on these short-term loan companies can only be a good thing. People can only find themselves accumulating a certain amount of debt, and the worst practices within the cut-throat market of payday loans left consigned to the past. But without widespread action on personal debt, with the root problem – the debt itself – still prevalent within society in Scotland, this cap may well prove to be a drop in the ocean of financial issues.

The regulations have all been taken over by a UK regulatory body, which may offer some hope for people wanting further reform within the sector, but ultimately these changes take a while to be passed legally. It is the smaller changes that ultimately may have a bigger effect in the long run – for example, free debt advice is now a mandatory requirement for those in difficulty, something that can only be beneficial for all parties involved.

While increased spotlight from the media has led to increased scrutiny from authorities, it would be naïve for us to believe debt problems and injustice begin and end with the underhand tactics employed by payday lending companies. With numerous other deregulated avenues for people to pursue when in need of a quick financial fix – not all of them legal – payday loans may soon be seen as the ‘safe option’ when it comes to borrowing.

Letting the cap lull us into a false sense of security regarding short term loans, in reality, is equally as damaging as doing nothing about it at all.

Here at Trust Deed Scotland, we are firm believers in tackling your debt problems head-on as soon as possible. Some recent questions we’re being asked by people suffering at the hands of payday loan lenders include:

Is a Trust Deed insolvency?

Is a Trust Deed right for me?

Is an IVA the same thing as a Trust Deed?

By fixing yourself into a Protected Trust Deed plan, you provide yourself with a much greater opportunity to get out of the red and into the black in the most amicable way possible. We take care of communications with your creditors and provide you with the structure and guidance that is absolutely integral to financial recovery.

Trust Deeds are an extremely real pathway out of debt. For more information on the services we offer, or how to apply for a personalised Trust Deed illustration, contact one of our team immediately. We’ve been giving Debt Advice in Scotland for over a decade and have helped thousands of people look forward to a brighter future.

Trust Deed Scotland is now the Most Trusted Debt Advisor on Trustpilot

Posted on by Craig Stocks

Nobody likes thinking about financial issues. If you haven’t sought out the right debt advice service you’ll probably have a knot in your stomach at the thought of your balance sheets. Fortunately, as thousands of our clients have found out, it doesn’t have to be this way.

With Trust Deed Scotland hitting a TrustScore of 5/5 from over [reviews] reviews, we’re confident that we have the best possible service for people in Scotland struggling with their debt.

Trustpilot is a review driven community where consumers can collect reviews, letting other people know what they think of services they’ve used. It’s like the Yellow Pages where companies are ranked based on how trustworthy they have been found to be.

Consumers are asked to give a star-based rating from 1-5, and to “share your honest experience, and help others make better choices.” This score is averaged out to give a company’s ‘TrustScore’.

With this in mind, we’re proud to announce that our Trustscore has hit a record high of 5/5. The good news doesn’t end there though – we’re also incredibly honoured to be ranked 1st in Scotland in the Trustpilot Debt Relief category.

We’re also high within the Money category. This category is incredibly broad, covering everything from accountants and banks to mortgage brokers and money transfer companies. Unsurprisingly, the two companies which are beating us are in completely different financial sectors, separate from both from us and one another.

This in turn makes us the most trusted debt advisory service on Trustpilot, based on actual client feedback.

We would like to thank the hundreds of people who took the time to rate us on Trustpilot, leaving overwhelmingly positive testimonials left on this site for other consumers to see.

If you’ve used our services, your feedback would be greatly appreciated.

Here at Trust Deed Scotland, we help thousands of people get out of debt every year, and we honestly believe that getting out of debt should be a positive experience.

As you can see from the reviews we’ve been left below, our customers have found just that. If you have any questions about our Scottish Trust Deed and DAS Scotland services, read our reviews and then make sure to call us today on 0141 221 0999.

Please note, Trustpilot is our chosen Trust Deed reviews partner. We’re also on other leading review platforms such as reviews.io and Google.

 

Voluntary And Protected Trust Deed Differences

Posted on by Craig Stocks
If you are struggling to cope with unaffordable debt in Scotland, you may decide to pursue the idea of entering into a  Scottish Trust Deed. A Trust Deed is a formal debt solution and can be either voluntary or protected. Depending on your unique situation you will need to decide how you are going to face your debt problems. Entering into a Trust Deed is not a decision that should be taken lightly. As experts in providing debt advice in Scotland, Trust Deed Scotland® believes that it is important that debtors fully understand the debt solution options that are available to them. Here is our guide on the difference between Voluntary and Protected Trust Deeds.

Voluntary Trust Deed Definition

A voluntary Scottish Trust Deed is a financial agreement that is made between a debtor and their creditors. The voluntary Trust Deed stipulates that the debtor must repay part, or all of what they owe. The Trust Deed will transfer the debtor’s rights to the things that they own, to a trustee, who will sell these items to pay creditors. This type of trust deed will usually require a contribution from income for a set period of around 48 months. Anyone overseeing a voluntary trust deed must be a qualified insolvency practitioner. Insolvency practitioners are regulated by law and should be members of an approved governing body. The voluntary trust is not a binding contract on the part of the creditors. However, if they agree to the terms of the Trust Deed, the Trust Deed ceases being voluntary and becomes protected instead. Therefore voluntary or ‘Unprotected’ Trust Deeds are just the same as a Protected Trust Deed in its initial stages.

Protected Trust Deed Definition

The Protected Trust Deed is a specialised product that binds all creditors to a contract. The trust deed dictates a list of terms and conditions that the debtor must adhere to. As long as the debtor complies with the terms of their protected trust deed, the creditors will be unable to take any further action to pursue any outstanding debt. This means that creditors will not be entitled to make the debtor bankrupt. A Protected Trust Deed will also prevent the debtor from applying for bankruptcy or for any other debt payment programme. If the debtor does acquire any new debts after they signed their trust deed, they will not be protected against any action by their new creditors. A protected trust deed will require the debtor to have debt of at least £5,000.

Why do creditors agree to Voluntary and Protected Trust Deeds?

Creditors are looking to make the best financial decision to suit their own needs. They will look at a proposed Trust Deed arrangement offer and consider whether or not this is the best prospect for making a recovery of some of the money that is owed to them. If a debtor’s financial situation has become serious, Trust Deeds offer a structured debt repayment solution, which is a fair process and which aids both parties. Typically, Trust Deeds offer a better return on debts over Sequestration. If Sequestration appears to be the only real alternative, a lender is likely to support a Protected Trust Deed, rather than a Voluntary Scottish Trust Deed. A reliable Trust Deed provider or insolvency firm will broadly understand what creditors will expect in order to gain their agreement for a Protected Trust Deed. This means that an expert trust deed firm are likely to be able to get your trust deed protected. It will be the responsibility of your trustee to issue any payments.

How will any form of Trust Deed in Scotland affect me?

Any form of Trust Deed should be carefully considered due to the consequence it may have on your professional or financial life. The conditions of a Trust Deed will stipulate that you will have to keep to a strict budget throughout the full term of your Trust Deed. This term is typically four years, meaning you will have limited financial freedom during this time. It is also important to understand that your details will be added to a public register titles the Register of Insolvencies for a period of up to five years. This is available for viewing by the general public and will contain all of the details of your current Protected Trust Deeds. You can also consider alternatives, such as the Debt Arrangement Scheme (Scotland). Find out more about whether DAS is worth it, or is a Trust Deed is a good idea by calling us on 0141 221 0999.