Author: Craig Stocks

Seasonal Affective Disorder (SAD)

Posted on by Craig Stocks
Seasonal Affective Disorder (SAD) is a type of depression that appears seasonally. The episodes of depression tend to occur at the same time each year during the winter. Symptoms can begin to appear in Autumn and usually disappear by the Spring.  

Symptoms

The symptoms of SAD are similar and should be treated the same as other types of depression. The most common symptoms are:-
  • Low mood
  • Loss of pleasure and interest in normal activities
  • Feeling irritable
  • Feelings of despair
  • Feelings of guilt and worthlessness
  • Low self-esteem
  • Tearfulness
  • Feeling stressed or anxious
  • Reduced sex drive
  • Feeling tired or needing more sleep than normal
  • Struggling to concentrate
If you are experiencing any of these symptoms, it’s important to see your GP as soon as possible.  

Treatments

SAD can usually be successfully treated using Cognitive Behavioural Therapy (CBT), Antidepressants, or Light Therapy. CBT is a common treatment for a variety of mental health conditions and helps teach coping skills. It focuses on thoughts, beliefs and attitudes that affect the person’s feelings of actions. Light Therapy can improve the mood of some sufferers of SAD. It involves sitting by a special light box designed to replace the missing sunlight. It’s important to discuss this with your GP before proceeding as Light Therapy is not suitable for everyone and you will need to be advised on the level of intensity to set the light at, and how long and often to use it for. Your GP or Mental Health Nurse will recommend a suitable treatment or combination of treatments for you, based on your own circumstances.  

Causes

The definitive cause for Seasonal Affective Disorder is unknown. However, it is speculated to be linked to the shorter days of the year during the winter months when there is less sunlight. Sunlight can affect the body’s hormones and it’s thought that it can stimulate the part of the brain which controls mood, sleep, and appetite, all of which can affect how you feel. Therefore, a lack of sunlight may directly impact your mood in a negative way.  

Depression and Debt

Depression and debt are intricately linked. Those who have found themselves in debt can find that the burden weighs heavily on them. They can face a lack of motivation, increased anxiety and a consistent feeling of low mood. These symptoms can also develop into depression. Furthermore, those suffering from SAD may find that they do not have the energy or motivation to keep track of their money. They may also struggle to keep up with minimum credit repayments due to time off work to combat their mental health problems. The dangerous cycle continues as the further into debt they find themselves, the worse their mental health condition may get.  

Seeking Debt Advice

If you’re ready to do something about your debts, there are a variety of solutions available in Scotland. Our experienced debt advisers are on hand to give friendly and non-judgemental advice, tailored to you and your own individual circumstances. We’re never here to judge you. 89% of our customers told us that their mental health improved as a result of entering into a formal debt solution in a 2023 survey. Learn more about some of the Scottish debt solutions that we offer by speaking to an adviser today. Call 0141 221 0999, fill out our Trust Deed Wizard, or enquire through WhatsApp if that would make you feel more comfortable.

8,000 Trustpilot Reviews Milestone

Posted on by Craig Stocks
Trust Deed Scotland® have more 5 Star TrustPilot reviews than all other Trust Deed providers combined. As a leading Scottish debt solutions provider, we’ve always been proud of our customer feedback, therefore this has been an important week for us as we’ve reached an important milestone of 8,000 Trustpilot reviews. Life can take our customers on many journeys and we would like to say thank you to our customers for letting us be part of theirs. Trust Deed Scotland® was founded in 2009 with the goal of becoming the best rated debt solutions company in Scotland, with a philosophy of putting our customers’ best interests at heart and helping them to truly realise their potential to achieve a brighter future. We’ve helped over [volume] people in Scotland by giving them tailored Scottish debt advice. Not only do we have an excellent Trustpilot rating, but our numbers stack up too. 98.5% of our proposed Trust Deeds gain approval status making us No.1 in Scotland¹ 99.9% of our proposed Debt Payment Programmes (DPPs) under the Debt Arrangement Scheme are approved by creditors²
Of our most recent debt advice reviews, Owen said: “I was made to feel at ease on the initial phone call and the stress was taken away instantly. I didn’t need to worry any more and all the options that I had were explained to me fully, and if I felt it wasn’t for me then I could walk away at anytime. The people that I dealt with were very understanding of my needs“
Writing a review of her Debt Arrangement Scheme experience and Peter in our debt advice team, our customer Jade wrote: “Came to Trust Deed Scotland after being stressed about my debts and having my wages arrested. All in all, the process was a lot quicker than I thought it would be and I have now found a solution to repay my debt affordably. I never once felt judged by anyone. A special thanks to Peter who talked me through everything and helped me to gather any supporting documents needed. I feel better going into the new year knowing this is going to be resolved.“
Reviewing her Trust Deed, our customer Amy said: “I can’t express enough how much this has saved me. I was in so much debt including loans, catalogues and credit cards. Credit cards which would have never got paid off as I was only covering the interest every month. I was terrified to take this plunge but everyone I spoke with was so lovely and understanding. It’s such a easy process. I went from spending £900 a month towards my debt to £190, 4 years later I’m totally debt free and can work on building my credit again. I was only 22 at the time of having to go into a Trust Deed, it was scary initially but honestly if you are in debt you can’t manage this is the best solution! It doesn’t affect any aspect of your life during those 4 years apart from having a bad credit score, which if you are in lots of debt it’s probably bad anyway. I have just managed to get myself a new car on finance as well so the bad credit won’t affect you forever. Thanks again Trust Deed Scotland!”

What did our 8,000th reviewer say of their Trust Deed Scotland® Experience?

Our 8,000th reviewer, Ethan wrote a short review about our Customer Services adviser Andrew, saying: “Spoke to Andrew today about editing my payment schedule and he had absolutely no issues in doing that for me. He made the process easy going and simple and was a gentlemen about it, great service.“  

Why does getting good debt advice matter?

At Trust Deed Scotland® we invest much time and effort into our own training and compliance in order to constantly evolve and enhance our customers’ experience. TrustPilot feedback and customer feedback surveys help us to drive improvements too. It’s another reason why our reviews matter to us. Our tailored debt advice is: Non-Judgemental – We’re here to listen and advise. Not to judge you. We can promise you that you’re not alone in developing problem debt. There are many changes in personal circumstances that create the situation. Redundancy, divorce, illness and simply overcommitment. Problem debt can happen to anyone, but if it does happen to you, we can help you move on. Confidential – We’ll always respect your privacy and will not divulge your situation to anyone. Safe & Secure – Our advice team are based exclusively in-house and regardless of whether you choose to proceed with us or not, we’ll never share your details with any other company. We will never attempt to push you into a solution, you’ll always be the one that makes the decision in your own time, on your own terms. Balanced – We’re here to give you the risks and benefits of all formal Scottish debt solutions. This helps you to understand what your options are and how they will impact your day-to-day life. You will be the one that makes the decision. Experienced – Not only are we authorised to give debt advice, but our team are vastly experienced, with knowledge of the inner workings of formal Scottish debt solutions legislation.

Get help with your debt today

You can contact Trust Deed Scotland® today for tailored, confidential debt advice on 0141 221 0999. Alternatively, start the process online and find out what options you might be eligible for by trying our Wizard tool.
In 2021-2022, we achieved a protection rate of 98.5%, this made us the best performing volume provider of Protected Trust Deeds in Scotland. Trust Deeds advertised between 01/01/21 and 31/12/22. ²In this sample of 1,144 Debt Payment Programmes (DPPs) under the Debt Arrangement Scheme (DAS), approved between July 2019 and October 2021, only 1 proposed DPP was rejected and unable to proceed.

Debt Awareness Week 2024

Posted on by Craig Stocks
Starting on the 18th March, Debt Awareness Week is just around the corner. Organised by StepChange, this week aims to increase awareness of debt and the available solutions for people who are in need of debt advice. This year is the 10th anniversary of Debt Awareness Week, with 2024 to focus on understanding the main barriers that people face when seeking debt advice in Scotland. There remains a stigma surrounding debt; we want people to understand that they are not alone in their financial worries and that there is help available. Problem debt can happen to anyone; by increasing debt awareness and opening up the conversation about personal debts, we hope that we can empower others in similar positions to ask for debt help. Here at Trust Deed Scotland®, we know that taking the first step in seeking debt help is challenging. With many of our customers saying that they were worried about taking their first step, we want to reassure others in the same position that when they do reach out, experienced debt advisers can guide them towards the best, tailored debt solution.  

Asking for Debt Help

Are you putting off seeking debt help?

Many people with unaffordable debt delay asking for help. The results from a 2023 Trust Deed Scotland® survey showed that although over 93% of our customers said they lost sleep worrying about their debt, and 91% said that their debt had an impact on their mental health; only 16% sought help with their unaffordable debt straight away, and 27% waited over 2 years before asking for help. Although our customers struggled to cope with their unaffordable debt, many waited before reaching out to a debt adviser for help; finding it hard to take that first step. There are various reasons for delaying the search for debt help. In a 2023 survey, we asked our customers what put them off asking for help sooner than they did:
  • 44% felt ashamed or embarrassed about their debt.
  • 32% felt they could deal with the situation themselves.
  • 5% were concerned about the impact on their credit rating.
  • 4% said that they were unaware these types of debt solutions existed.
  • 2% thought they had too much debt to get help.
 

Mental Health and Debt

With 91% of our customers stating that their debt had an impact on their mental health, it’s clear that problem debt and mental health are linked. Taking the first step in seeking debt help can also be the first step towards improving mental health. Alongside 44% of our customers stating that the fear of being judged and feeling ashamed & embarrassed about their debt stopped them from seeking debt help sooner, our 2023 survey results also found that almost 60% of Trust Deed Scotland® customers had stress or anxiety. It’s understandable that the stress, anxiety and embarrassment that comes with unaffordable debt will negatively impact mental health. By having a conversation about your debt, you can improve your physical, mental and financial wellbeing. It isn’t easy talking about money and debt. However, remember you are not alone; MaPS found that 8.1 million (15%) of the UK adult population were in need of debt advice in 2023. If you are looking for debt advice, the Trust Deed Scotland® team of experienced advisers will discuss your circumstances with you confidentially and without judgement.  

Improved Mental Health

In a 2023 survey, we asked our customers if their mental health had improved since entering into a debt solution. To which, 89% of Trust Deed Scotland® customers responded that their mental health had improved. With reduced creditor contact, reduced monthly debt payments, and a payment plan towards a brighter future; the debt solutions that we offer provide a light at the end of tunnel. We were extremely glad to hear from our customers that helping them find a solution to their unaffordable debt also led to improved mental health.  

Impact of Debt on Your Credit Score

Some of our customers state that they delayed in seeking debt help due to concern over how a debt solution would impact their credit score. The debt solutions that we offer do negatively impact your credit score however, there are still many misconceptions on what this means and how this can affect you long-term. It’s important to weigh up the pros and cons of each debt solution in relation to your circumstances, which is a discussion our experienced debt advisers will have with you at the beginning of the process. In many cases, the benefits of entering into a debt solution such as a Trust Deed or Debt Arrangement Scheme thoroughly outweigh the disadvantages of credit score impact. To learn more about how a debt solution will impact your credit score. We are rated No.1 in Scotland for debt advice, with over [reviews] five star reviews on TrustPilot. If you are also concerned about the impact of a debt solution has on your credit score, read reviews from some of our customers below…   “…I am currently in 40k or more of debt. Paying over £1000 a month and my debt was getting worse, I was so scared of damaging my credit score that I let it get worse. After seeing these amazing reviews I decided to speak to trust deed and I’m so glad I did!! I am now on a debt arrangement scheme paying £545 a month for only 4 years. If you are hesitant to do it due to your credit score, don’t let that affect you. Because this has literally changed my life and means I will have 0 debt in 4 years. Soreena was so lovely, took her time, contacted my every step of the way and didn’t judge. Hands down one of the most respectful and understanding people I’ve ever spoken to which made the experience so much better” – Lauren   “… The 4 years flew in, and with only annual reviews by Trust Deed Scotland, it was truly easy to forget about the debt. If you are struggling and can commit to the 4 years then I would 100% recommend a trust deed. I am 5 months post discharge and my credit score is stable. 4.5yrs later and I can still hear Danielle’s voice literally lifting the weight from my shoulders and changing my life.” – Laura   “I can’t express enough how much this has saved me, I was in so much debt including loans/catalogues and credit cards (credit cards which would have never got paid off as I was only covering the interest every month). I was terrified to take this plunge but everyone I spoke with was so lovely and understanding it’s such an easy process. I went from spending £900 a month towards my debt to £190, 4 years later I’m totally debt free and can work on building my credit again. I was only 22 at the time of having to go into a Trust Deed, it was scary initially but honestly, if you are in debt that you can’t manage this is the best solution. It doesn’t affect any aspect on your life during those 4 years apart from having a bad credit score (which if you are in lots of debt it’s probably bad anyway), I have just managed to get myself a new car on finance as well so the bad credit won’t affect you forever…” – Amy  

Take The First Step Today

Taking the first step in dealing with unaffordable debt is often the hardest part. To make that step easier, you can get in touch with us over a range of platforms; choose the best solution for you and get back in control today. For confidential, non-judgemental and friendly advice, contact us via our WhatsApp Debt Advice service, or to quickly check the debt solutions you may be eligible for, use our Trust Deed Wizard® tool. Alternatively, call us on 0141 221 0999.

Cost of Living Crisis

Posted on by Craig Stocks
New polling figures show that 84% of people in debt attribute the rising cost of living, including groceries and utility bills, to the reason for their debt problems. Using this figure, CAS estimates that this equates to 657,323 people in Scotland who are now driven into debt due to the cost of living crisis.  

Cutting Back on Essentials

Are you struggling to cope with rising costs?

With the high cost of everyday essentials, we are feeling the detrimental effects across the country. Many people are cutting back on essentials such as heating and food to cope with these rising costs. In a 2023 Trust Deed Scotland® customer survey, we asked our customers how they were dealing with the cost of living crisis.¹ Many of responses said that they were having to cut back on a range of essentials as well as find the money to pay for essentials elsewhere such as friends, family and taking out additional credit. 78% of our customers told us that they cut back on socialising. 46% of our customers said that they cut back on heating. 44% of our customers told us that they cut back on buying food. 28% of our customers said that they borrowed money from family or friends. 11% of our customers told us that they took on additional credit.

Getting into Unaffordable Debt

Debt happens. After years of speaking to people in unaffordable debt, we know that debt is often out-with our control and that debt can happen to people from many walks of life. With many people now finding themselves in a position where essentials such as food and heating are unaffordable; relying on other methods to get by such as credit cards, personal loans and overdrafts. Trust Deed Scotland® customers reach out to us with many different debt concerns:¹
  • 79% of our customers said that they were most worried about credit card debt.
  • 60% of our customers said that they were mainly concerned about personal loans.
  • 30% of our customers said that overdraft fees were their biggest concern.
  • 18% of our customers said that were worried about council tax arrears.
  • 17% of our customers said that they were most concerned about payday loans.
  • 15% of our customers said that buy now, pay later fees were their biggest worry.
  • 14% of our customers said that were mainly concerned about gas and electric bills.
  • 36% of our customers said that they were most worried about other debt such as mortgage arrears, rent arrears and car finance.

Coping with the Cost of Living Crisis

If you are finding that rising costs are driving you into unaffordable debt, you are not alone. A YouGov active sampling poll asks their panel of users to compare their current financial situation to what they think their financial situation will be in 12 months’ time. Looking at the results for Scotland from January 2023 – March 2024, averages are;²
  • 34% said that they imagine their financial situation to be worse.
  • 35% said that they estimate no change to their financial situation.
  • 20% said that they think their financial situation will be better.
  • 11% said that they didn’t know.

Debt Help is Available

If you are living with unaffordable debt, you are not alone. We provide debt advice for people across Scotland; helping our customers to choose a debt solution that can get their finances back on track. Here at Trust Deed Scotland®, we provide specialist advice on formal debt solutions including a Trust Deed, the Debt Arrangement Scheme, and the Minimal Asset Process. These solutions allow you to reduce your current payments such as credit cards and loans, and other types of debt that you realistically can’t afford to repay. Your reduced payments will become a single monthly payment based on what you can afford, paid over a fixed timeframe. This helps our customers to regain some financial stability and afford the cost of their essentials again. We are rated No.1 in Scotland for debt advice, with over [reviews] five star reviews on TrustPilot. This year, we have already heard from people across Scotland who have felt the detrimental impact of the cost of living crisis. Read some of these reviews from 2024 below:   “After trying to manage and cope with rising living costs over the past 13 years, and more and more debts increasing day by day in recent times, contacting Trust Deed Scotland® was our final option…” “… We have just signed our papers today but the relief and weight that has been lifted has really given me a sense of hope for the next 4 years, knowing that the stress and upset from the challenge of managing mounting debt in recent times will be behind us…” – Mark   “I have been extremely stressed over money problems, with the cost of living and the pandemic, I was hit hard just like many others. I decided enough was enough and reached out to Trust Deed Scotland®, my adviser Matthew has been so kind and reassuring, an asset to the team and has helped immensely. Don’t suffer in silence, if you are struggling give them a call.” – Simone.   “…It’s been an easy process where you regain your financial independence. Some would argue 4 years is a long time but the stress relief alone was worth it and now, coming out the other side, I can say it’s flown by. My experience was very positive from start to finish and I can’t thank the whole team enough. I would strongly advise anyone facing financial hardship due to cost of living etc to take back control of your life…” – Mark.   “I’ve recently used Trust Deed Scotland® to help manage my debt, through the cost of living and always something breaking down be it the boiler or the car, it seemed more and more things were having to go on credit cards, and although I’ve managed to keep on top of the payments there would be literally nothing left to live on. Would cause anxiety, sleepless nights and wondering how I was going to get out of the never ending loop I was going around…” “…the weight that has been taken off my shoulders is amazing, now I pay 1 affordable payment a month with more than enough left that I can actually start to save a little!” – Samantha.   To find out more about the available formal debt solutions that can help you to manage the cost of living, get in touch with our team of experienced debt advisers today. For confidential, non-judgemental and friendly advice, contact us via our WhatsApp Debt Advice service, or to quickly check the debt solutions you may be eligible for, use our Trust Deed Wizard® tool. Alternatively, call us on 0141 221 0999.   ¹Survey results taken from November-December 2023 with 2,246 Trust Deed Scotland® customer responses. ²Figures taken on 18/03/24

Stress Awareness Month

Posted on by Craig Stocks

Dealing with Debt Stress

After helping [volume] people since 2009, we have spoken to many people dealing with debt stress. We know that debt has been on their minds 24/7; impacted their everyday decision making; forced them to go without essentials and in many cases led to social isolation. Debt can be a heavy burden, causing stress for people from all walks of life. With the constant worry as creditors chase after what they’re owed; as essentials become more and more difficult to pay for; as credit card debts and secured loans pile up; and as daily expenditure adds up, debt can lead people to feel overwhelmed.  

Signs of Debt Stress

Feeling sad, sick, or overwhelmed when thinking of money can be a sign that you are struggling with debt stress. You may also struggle to sleep or eat properly; you may be withdrawn from family, friends and loved ones; or you may find it difficult to concentrate on work and family life. No matter who you are; stress and debt affect everyone indiscriminately. Worrying about debt not only harms your quality of life, but also the quality of life of those around you. Stressing about debt can:
  • Keep you from enjoying important moments in your life.
  • Distract you from enjoying time with the people who matter most to you.
  • Cause sleepless or restless nights.
  • Impact your physical health such as eating and exercise habits.
  • Cause negative strain on your relationships.
  • Lead to behavioural issues.
A staggering 93% of Trust Deed Scotland® customers said that debt caused them sleepless nights in a 2023 survey. You may have learned to worry about money from parents, use worry to stay on top of your finances, or simply worry because you don’t know where all your money goes. Many people across the country experience money worries. If you are stressed about your finances, you are not alone.  

Debt and Mental Health

With mental wellbeing in Scotland at a record low (as reported in The Scottish Health Survey 2022 – published in December 2023), it is more important than ever to discuss the causes for stress. Being in debt can be stressful and this can negatively impact on your overall health; including mental health and physical health. In our 2023 survey, almost 91% of Trust Deed Scotland® customers told us that debt had an impact on their mental health before entering a debt solution, with many specifically affected by stress and anxiety.* Research reported by National Debtline shows that 50% of adults who are struggling with debt also have a mental health issue. No matter what mental health problem a person is dealing with, it can be extremely difficult to balance the management of money and debt with the management of mental health.  

Debt Stress Impacts Over 660,000 People in Scotland

Citizens Advice Scotland estimate that over 650,000 people in Scotland are directly driven into debt due to the cost of living crisis. This comes from new figures reported by YouGov showing that 84% of people in debt say that the rising cost of living is the reason for their debt problems. Struggling with debt and a mental health issue are often interlinked; with one negatively impacting the other in a cycle that can feel never-ending. Citizens Advice Scotland have launched the “Stressed about Debt?” campaign in response; aiming to encourage people to reach out for debt advice if they are struggling.  

Managing Debt Stress

For stress management techniques, read our advice on managing debt stress. The first step to improving your stress levels, could be interlinked with your money troubles; by improving your finances, your health can follow. Entering a formal debt solution can give you breathing room with unaffordable expenses and in turn alleviate debt stress. In a recent survey, 89% of Trust Deed Scotland® customers told us that their mental health improved after they entered a debt solution.* See below for TrustPilot reviews from our customers that experienced stress from their debt prior to starting a debt solution. Get in touch with us to discuss the available debt solutions for you, and ease your debt stress. Contact us via our WhatsApp debt advice service, call us on 0141 221 0999, or quickly find out if you qualify for a formal debt solution through our Trust Deed Wizard® tool. “I was struggling with debt and didn’t know where to turn. I made the decision to contact Harper McDermott & Trust Deed Scotland. This was the best decision I ever made. I am now debt and stress free…” – Colin “We have just signed of our papers today but the relief and weight that has been lifted has really given me a sense of hope for the next 4 years, knowing that the stress and upset from the challenge of managing mounting debt in recent times will be behind us…” – Sharon “…I was pretty anxious and unsure that I’d b able to get help. Stress was starting to get the better of me. Thanks to David, the stress has now been lifted. He was very thorough, patient, understanding and happy to help. Anytime I messaged or emailed he got back to me quickly. Went through all my options with me in great detail to make sure I made the right decision…” – Stevie “I have been dealing with multiple payments and debts for many years, causing stress! Decided to look into a Trust Deed as a way of consolidating. Have dealt with Barry who has been fantastic. Friendly, extremely helpful and reassuring! He has put my mind at ease that going forward my worries about my debts will be much less.” – Aisling “At the lowest point before I started I was paying out almost 90% of my income on paying loans, mortgage, car and finance. Trust Deed Scotland® helped me re-arrange my debts in to one affordable monthly payment that took the stress out every day life worrying about debt collectors and Bailiffs…” – Andy   *Survey results taken from November-December 2023 with 2,246 Trust Deed Scotland® customer responses.

Pet Costs in 2024

Posted on by Craig Stocks
With nearly 60% of us in the UK owning a pet, we are clearly a nation of animal lovers. Bringing us comfort, companionship, and – of course – the joy from the adorability of our furry friends; it goes without saying that we have never-ending love for our pets. However, owning a pet doesn’t come cheap.  

Why You Should Consider the Cost of a Pet Beforehand

With the number of UK households owning a pet rising from 40% in 2019, to 62% in 2022, we stress the importance of understanding the costs of owning a pet before committing. More than 1 in 10 dog owners in the UK are now in debt due to the cost of pet care. As well as 33% borrowing money to pay for unexpected pet bills. If not properly considered, the costs of owning a pet can lead to an inability to look after your pet, or an inability to provide them with a good quality of life. Sadly, many Dogs Trust’s centres have been finding themselves at full capacity, with an increasing number of pets brought in with untreated health conditions. Pet owners are simply finding the costs too steep. For anyone considering owning a new pet, it’s important to check that they can fit their pet’s daily expenses into their budget but any unexpected costs that may arise.  

What are the Costs of Owning a Pet?

The costs of owning a pet are dependent on the animal, breed and level of care you want to provide. Read below to get a rough idea of how much a pet costs. On average;
  • Owning a dog in the UK has a lifetime cost of £30,800.
  • Owning a cat in the UK has a lifetime cost of £12,000 – £24,000.
  • Owning a rabbit in the UK has a lifetime cost of £6,500 – £9,000.
  • Owning a fish in the UK will be more low-income friendly than the above pets, averaging at a few thousand pounds through their life.
Check the RSPCA Pet Calculator for a more accurate cost estimate.  

What Pet Costs Should You Factor into your Budget?

In a 2023 Trust Deed Scotland® customer survey, 25% of our customers told us that a lack of control over their finances was the biggest cause of their financial difficulties.* Creating and sticking to a well-planned budget will help you to stay on top of your finances and leave enough money to spend on what’s important to you – or who! A well-planned budget will help you to make room for a happy and well taken care of pet. Costs of pets that you should consider:
  • Upfront payments
  • Pet insurance
  • Medical bills/ vet fees
  • Pet grooming
  • Pet food
  • Vaccinations
  • Lodging (kennels and catteries)
  • Accessories (from toys to pet beds)
 

Rising Costs of Living

The rising costs of living affect our finances across the board. With vets also impacted by rising costs, you can expect higher fees for you and your pet. With many people across the country already cutting costs, many pet owners are also forced into cost-cutting decisions for their pet care which is likely to negatively impact their pet’s health. For example, skipping vaccines, worming treatments and emergency treatments that are now unaffordable people across the UK. A report by Pets4Homes found that 25% of pet owners were skipping trips to the vet as a direct impact of the high costs. Some pet owners may be eligible for help with their Pet’s healthcare from the PDSA. The UK animal charity that helps pets in need and in order to qualify for their help, you would typically be in receipt of benefits and live within certain areas throughout Scotland, or the wider UK. Use their pet health care eligibility calculator to find out more.  

What to Do if You Are Struggling with Your Finances

If you are struggling to keep up with payments and everyday costs, it’s important to reach out for advice as soon as possible. Money problems can quickly snowball into unaffordable debt; and, once in debt, it can be extremely difficult to get yourself out again. We know that taking care of your debt can feel like an intimidating experience. The fear of being judged or feeling ashamed or embarrassed about debt stopped 44% of our customers from reaching out sooner.* The truth is that problem debt can happen to anyone. Our non-judgemental and friendly debt advice team are here for you, you’re not alone! So, if the rising costs for your household have seriously impacted on your finances, reach out to us on our WhatsApp Debt Advice Service, or on 0141 221 0999. *Trust Deed Scotland® Customer survey from November – December 2023, with 2,246 customer responses.

Mental Health Awareness Week 2024

Posted on by Craig Stocks
From 13th May – 19th May 2024, the UK-wide campaign by The Mental Health Foundation aims to spread awareness to the nation about our mental health, ways to improve wellbeing on a personal level, and how to get help for mental health if someone is struggling. In our most recent customer survey, almost 91% of our customers told us that debt had an impact on their mental health before entering into a debt solution¹. We hear from many of our customers that their financial worries lead to stress, anxiety, and difficulties with sleep For Mental Health Awareness Week 2024, the theme is movement. If you are struggling with unaffordable debt, we want to empower you to take action sooner rather than later. With a clear plan to get your finances back on track, the stress and anxiety that comes with having debt can fall away; leaving you to focus on the things in life that are most important to you. In fact, 89% of our customers told us that their mental health improved after they entered into a debt solution¹. We hope that this article can illustrate the link between debt and mental health, spread awareness to people who are struggling with unaffordable debt that they are not alone, and finally to empower people who are dealing with problem debt to reach out for debt advice.  

Mental Health in Scotland

Since 2020, Scotland’s average mental health has been declining, with little evidence to suggest that the effects of 2020 are lifting yet. The Scottish Government’s most recent report found;
  • An increase in adults feeling lonely ‘most’ or ‘all of the time’.
  • A steady increase in adults reporting two or more symptoms of depression.
  • A significant increase in adults reporting two or more symptoms of anxiety.
Scotland’s mental health has been reportedly suffering since 2020, with the cost of living crisis causing additional detriment to the nation’s mental health. Nearly half of Mind’s research respondents said that their mental health was negatively impacted due to the current cost of living. There are various reasons to feel an impact on your mental health. A common cause of mental health issues is financial difficulty; often linked to heightened levels of stress and anxiety.  

The Link Between Mental Health and Problem Debt

There is a stigma attached to having financial problems, and even more so when struggling with problem debt. This stigma can cause people to keep quiet about their financial struggles. In a 2023 survey, almost 50% of our customers told us they waited a year or more before asking for help with their debts¹. However, in Trust Deed Scotland® TrustPilot reviews, many of our customers say they wish they had reached out sooner than they did. When left alone, financial problems can expand to affect other areas of life such as relationships, social life, physical health and mental health;
  • 46% of people dealing with problem debt are also reported to have a mental health issue.
  • 86% of people who experience mental health problems said that their financial situation had caused issues to their mental health.
 

The Cycle of Mental Health and Financial Difficulties

Financial struggles and mental health problems are interlinked. The impact that financial difficulty has on your mental health, and vice versa, makes this a difficult cycle to get out of; as one worsens the other. Across the UK, it has been reported that;
  • People with both depression and unaffordable debt are 4.2 times more likely to still have depression 18 months later compared to people without unaffordable debt.
  • 63% of people with mental health problems find it harder to make financial decisions whilst struggling with their mental health.
  • 42% of people avoided paying bills during moments of bad mental health.
  • 38% of people took out loans while struggling with their mental health that they would not have taken out if they were not having mental health problems.
It’s clear that whilst struggling with mental health, making financial decisions becomes much more difficult. Many people make decisions that detrimentally affect their long-term finances, that they wouldn’t had made if experiencing stable mental health. Once these financial decisions are made, it is likely to cause further impact on mental health; finalising the cycle between mental health and problem debt. When money is tight, people are likely to cut back; such as socialising less and spending less on purchases/ experiences that they enjoy. As well as cutting back on essentials such as heating and food. This has an obvious effect on mental health. If you think you may be in this cycle, there is help available. We have helped thousands of people across Scotland to resolve their debt problems; in turn, improving the mental health issues caused by their unaffordable debt. You are not alone.  

Mental Health and Employment

People with mental health problems are found to have more challenges when it comes to their employment compared to people without mental health problems. For people in the UK, it is reported that;
  • There is a difference of £8,400 less in median gross annual income for people with anxiety and depression compared to people without anxiety and depression.
  • 48% of people with mental health problems were reported as employed compared to 79% of people without mental health problems being in employment.
  • People with mental health problems are more likely to be employed part-time; 37% compared to 24% of people without mental health problems.
  • 37% of people with mental health issues are employed in the 3 lowest-paid occupational groups, whereas this is only the case for 26% of people without mental health issues.
When budgeting a smaller income, it is much more likely to struggle to keep up with living costs and to fall into problem debt. If you are coping with unaffordable debt, we want to encourage you to seek debt advice sooner rather than later.  
“The findings suggest that the economic situation is exacerbating the existing mental health crisis that has been flagged by several reports and studies…”
Professor Craig Morgan, co-director at the ESRC Centre for Society and Mental Health    

Help is Available

Dealing with debt can impact on mental health. If you have debt, you are not alone. We can help. Debt happens, and we will never judge. Trust Deed Scotland® is one of Scotland’s largest debt solutions providers, specialising in debt solutions such as Protected Trust Deeds and DAS. After entering into a debt solution with us, you can have peace of mind knowing that there is now a plan in place for you to get your finances back on track. We deal with your creditors on your behalf. With reduced creditor contact, this means that you feel the space to breathe and experience less anxiety compared to whilst dealing with initial creditor harassment. We understand that it is not always possible to talk on the phone; for lack of free time, privacy, hearing impairments, or anxiety. So, we offer a WhatsApp Debt Advice Service to ensure that you get the debt help you deserve. At Trust Deed Scotland®, our team comprises of friendly, understanding and supportive debt advisers. To understand the Scottish debt help that we can provide you, get in touch today at 0141 221 0999 or message us via our WhatsApp Service. ¹ November – December 2023 Trust Deed Scotland® customer survey with 2,246 responses.

UK Clothing Poverty Awareness Week

Posted on by Craig Stocks
This week is Sharewear Clothing Scheme’s national awareness campaign to highlight the problem of clothing poverty throughout the UK. With the rising cost of living impacting people across the country, it is extremely important to discuss all struggles caused by this, including the impact on the Right to Clothing. With an 11% rise in clothing prices, access to this right is becoming more and more difficult. For people dealing with unaffordable debt, clothing can be one of the first expenses to cut, regardless of how necessary it may be. UK Clothing Poverty Awareness Week hopes to share the belief that the Right to Clothing should have more importance in UK law.  

Clothing Poverty: The Hidden Problem

The UK’s problem with clothing poverty is a stark comparison alongside our growing problem with textile waste. In the UK, the equivalent of £12.5 billion worth of clothing is sent to landfill every year. If you are able to enjoy a new outfit for every event, or you are leaving 73% of your wardrobe untouched, then it’s hard to see the other side; where children are going to school with re-worn uniforms and adults are struggling to afford appropriate wear for an interview. There are an estimated 5.5 million adults experiencing clothing deprivation in the UK; and this number has likely grown in the wake of the cost of living crisis. Many of us are unaware of the depths to which this problem is affecting people across the country. So, clothing poverty is often described as a “hidden problem”. However, people affected by this can include anyone from homeless people, to families who are struggling to make ends meet and so cutting costs on essential clothing, to people who are unable to purchase new clothes once their old ones are worn through or outgrown.  

Cutting Costs by Cutting Back

The cost of living crisis has many of us cutting back on both essential and non-essential expenses. Almost 2/3rds of people across the UK are struggling to pay for grocery shopping, essential travel and household bills. Most of Scottish Government’s People’s Panel members reported that they changed their behaviour as a direct result of rising costs, including clothing, also reporting that they are buying clothes less frequently. A recent survey found that 51% of people across the UK said they will cut spending in 2024. And for those who had cut back on spending, 62% said they had cut back on clothing (as the 2nd most voted for behind eating out). The survey also found that the most important factor when purchasing is price. Shockingly, a recent study reported that 1.4 million people across Scotland regularly sit in the dark to save money on household bills. And close to a quarter of a million have cut spending on their children’s clothes. In a 2023 Trust Deed Scotland® customer survey, we asked our customers what actions they had taken to combat the cost of living crisis¹:
  • 78% cut back on socialising.
  • 46% cut back on heating.
  • 44% cut back on buying food.
  • 28% borrowed money from family or friends.
  • 11% took on additional credit.
 

How to Get Help

We know that one unaffordable expense can quickly lead to an inability to pay for other essential payments. As this builds up, people can find themselves in unaffordable debt. With rising costs for all our expenses including clothing, many of us are struggling to make ends meet. If it’s become too much to handle, there is help available. If you find yourself dealing with unaffordable debt, there are many debt solutions available to you. We are leading Scottish debt help providers, specialising in debt solutions such as Protected Trust Deeds and the Debt Arrangement Scheme. To find out how we can help you, please get in touch.   ¹ Survey results taken from November – December 2023 with 2,246 responses.

Fathers in Debt

Posted on by Craig Stocks
In the annual survey by MaPS released in February 2024, it was found that one of the main profiles for people in the UK who are in need of debt advice were households with children and low incomes, with 73% found to have an annual household income of less than £30,000 before tax. Having and raising a child is expensive; from new clothes and school uniforms each year, to days out and activities to keep kids entertained. The Money Charity estimated that by the end of last year, the cost of raising a child to their 18th birthday in the UK:
  • Cost an average of £9,227 a year for a couple to raise a child from birth to the age of 18.
  • Cost an average of £12,242 a year for a lone parent family to raise a child from birth to the age of 18.
There are many reasons why parents have built up unaffordable debts such as rising living costs, housing costs and low-paid or insecure work.  

Men’s Mental Health

It can be difficult to open up and talk about having debt repayments. We know that many of our customers delayed seeking debt help because they felt embarrassed, ashamed or afraid of being judged.¹ As well as the stigma around debt, there are stigmas and stereotypes surrounding gender roles as well. In Scotland, men often feel as though they must hide their worries, insecurities and stress to appear mentally strong. Within the family, men often feel as though they must be the higher earner and take care of their family financially. If financial struggles arise, it can be hard to admit that help is needed; and, it can be even harder to eventually reach out for this help. It’s important to remember that mental health applies to us all. Although gender differences can play a part; we can all struggle. Women in debt are more likely to open up with their struggles than men, as well as impacted by different factors such as the gender pay gap. We understand that talking about money can be a difficult subject and it weighs heavily on many of our customers’ mind before they first approach us. However, as often as we hear this from our customers in our TrustPilot reviews, we also hear about their relief after speaking with one of our debt advisers. Once receiving the tailored debt advice that we can provide here at Trust Deed Scotland®, customers have said that they wish they had reached out sooner. “It’s like a weight’s been lifted off my shoulders. I cannot thank Jacqui enough for everything she had helped me with. Also Gemma who helped me too. I wouldn’t hesitate to recommend Trust Deed Scotland to anyone experiencing the same financial difficulties. You’ve nothing to lose by enquiring. There is no pressure and everything is explained step by step. I wish I had contacted them sooner.” – Steve  

Debt Help for Parents

If you are struggling with family finances, you are not alone. Here at Trust Deed Scotland®, we speak to thousands of mums and dads every year with unaffordable debt and advise them on the best solution for their circumstances. Almost half of our customers have entered a debt solution with at least one child to support.² We can help you manage your debt, so that debt worries and stress don’t have to get in the way of enjoying time spent with family. Creating a stable financial future for your family can be easier than you think. Contact us for debt advice and feel in control of your finances again. “I gave Trust Deed Scotland a call and they were extremely helpful and understanding and made no judgements. Soreena was absolutely amazing with helping me and now that I have a plan, I feel like a huge weight has been lifted and I can start enjoying family life again without worrying about debts controlling my life, best thing I’ve done.” – Jamie   ¹ Survey results taken from November-December 2023 with 2,246 Trust Deed Scotland® customer responses. ² February 2024 Trust Deed Scotland® and Harper McDermott data.  

Summer Childcare Costs – Parents with Debt

Posted on by Craig Stocks
Many parents in debt find themselves adding to their debts over the summer so that they can arrange childcare or summer activities for their children. We know that family costs can soar once the kids are on school holiday. Budgeting for the cost of childcare as well as simply keeping the kids entertained this summer can feel overwhelming; especially when parents are already dealing with debt. Although this isn’t a new problem for parents, with rising costs impacting people across Scotland, stress and worry about how to spread the budget is growing.  

Childcare Costs during Summer School Holidays

For many, paying for full-time childcare over the summer is unaffordable. With budgets already being squeezed to cope with rising costs, paying for the essentials over summer can push family finances over the edge. In the UK, it cost an of average £943 for a school-age child to receive summer childcare in 2023; a 3% rise on the reported cost from the previous year. It’s important to note that on top of high costs, childcare over the summer can also be difficult to secure depending on where you live. Some partners are able to organise alternate shift patterns so that one parent is always home to take care of the kids as a replacement for childcare. It’s also possible for some parents to arrange a working from home arrangement to look after their children whilst working. Although a good choice as a money saving decision, both of these options can lead to increased stress, reduced quality time with your partner, as well as decreased productivity at work. There are limits to the possibilities of saving on childcare costs. Parents may find themselves with fewer job options due to their need for flexibility, parents can be forced to reduce their working hours to find time to look after their children and may use their holiday time to watch the kids; meaning that they don’t benefit from relaxing time-off. For single parents without friends or family who are able to help out, they can have no choice but to pay for childcare. You may be eligible for childcare funding in Scotland. Although working families can benefit more from the financial support in Scotland such as free school meals, bus fare and lower-cost childcare in comparison to across the UK, many households still struggle to meet a socially acceptable standard of living. This is the case even for parents who work full-time on the national living wage. In the UK, the average cost of nursery childcare for a child under 2 years old is £148.63 per week for 25 hours, or £300 a week for full-time childcare. In Scotland, the average price for holiday childcare was reported at £157.22 per week in 2023.  

Debt Help for Parents

If you are finding it challenging to cover the monthly necessities and make repayments to your debts, Trust Deed Scotland® can advise you on a range of debt solutions to help you manage your debt and free up your money; so you can have less worry about how you’ll cover childcare costs over the summer. 45% of our customers currently in Scottish debt solutions are raising one or more child¹. Having advised nearly half of our customers who have at least one child to support, Trust Deed Scotland® are well-experienced in ensuring the most beneficial debt advice for you and your family. We can talk you through all available debt solutions in Scotland, including Trust Deeds, the Debt Arrangement Scheme (DAS), Minimal Asset Process (MAP) and Sequestration; helping you to choose the right debt solution for you and your family’s circumstances. Get in touch to put a plan in place for your future.   ¹ data from February 2024.