Author: Craig Stocks

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.

Customer Reviews: Debt Help Stories

Posted on by Craig Stocks
No matter which product you’re buying or the service you’re seeking, choosing which company to put your trust in can be a difficult task. Hearing from current and previous customers as they share their experience can help make that process easier. This is why we hold our TrustPilot reviews in such high regard. Every review, whether good or bad, is valued by the team at Trust Deed Scotland®. Not only do they help us to improve the service we provide our customers, but reviews can help other people make the decision to reach out for debt help.  

The Importance of Customer Reviews

We understand that talking about debt isn’t easy. Many of our customers feel that reaching out for debt help can be a stressful and embarrassing experience. However, as written in many of our TrustPilot Reviews, once in contact with Trust Deed Scotland® , this feeling can fall away and customers often wish they had sought debt help sooner. We hope that our reviews can reassure people in debt that they are not alone, inspire people to open up the conversation and encourage people struggling with unaffordable debt to reach out for advice. This month, over 300 customers shared their experience with Trust Deed Scotland® through TrustPilot. Almost 99% of these were 5 Star Reviews.  

Review Spotlight

Below, read customer reviews from people who have shared their experience throughout their debt help journey with Trust Deed Scotland®; we are there to help from start to finish.   “Shaun from Trust Deed Scotland exceeded all expectations with his exceptional service and unwavering commitment to helping me navigate a challenging financial situation.  From the moment I reached out for assistance, Shaun demonstrated unparalleled professionalism and expertise. He took the time to thoroughly explain every aspect of the Trust Deed process, ensuring I felt confident and informed every step of the way. Shaun’s dedication to his clients is evident in his prompt responses to my inquiries and his willingness to go above and beyond to address any concerns I had. His personalised approach made me feel valued and supported throughout the entire process, which can often be overwhelming and stressful. What truly sets Shaun apart is his genuine care for the well-being of his clients. He approached my situation with empathy and understanding, offering practical solutions tailored to my specific needs. It’s clear that Shaun is not just in it for the business – he genuinely wants to see his clients succeed and achieve financial stability. Trust Deed Scotland is incredibly fortunate to have Shaun as part of their team. His professionalism, expertise, and genuine concern for his clients make him an invaluable asset. I cannot recommend Shaun and Trust Deed Scotland highly enough. Five stars simply do not do justice to the level of service and support Shaun provides. Thank you, Shaun, for your outstanding assistance and unwavering dedication!” – Steven, review written after taking the first step in debt help with Trust Deed Scotland®.   “From start to finish this has been a flawless and effortless process. Taking the first step is daunting and it did take me a while to get in contact as this option seemed too good to be true but I am so glad I did! Thanks to the countless 5 star reviews for this service, I was assured this was the real deal. There has been absolutely no judgement from anyone I have spoken to and they’ve been extremely helpful with anything I’ve needed. I highly recommend this service to anyone who is in arrears! I spoke to Andrew during this and he was super helpful and friendly. I’ve now come to the end of my arrangement and the time has flown in. I urge anyone thinking about this service to take the step and get the ball rolling. Again, I highly recommended Trust Deed Scotland to anyone who is looking to sort out their debts!” – Mr AC, review written after completing a debt solution with Trust Deed Scotland® for 4 years.   “Not sure where to start with the amazing experience I had with Trust Deed Scotland. My marriage recently broke down and my debt became unmanageable. I was scared about what the future would hold and the possibility of getting deeper into debt. A friend recommended Trust Deed Scotland. I was contacted by Soreena, who was so lovely and understanding. A real gem who seemed to care about helping me and care how I was coping. She initially recommended a moratorium (something I had no idea existed) until my living situation was sorted. It gave me some breathing space to sort my finances out. She then followed up and gave me my options for debt solutions. Out of all the options a Trust Deed was the best. Progressing through it, Trust Deed Scotland managed to write off a substantial amount of my debt, around half and the amount paid is more than 3 times less than what I was paying into my debt beforehand. I had such a great calming experience during what was a very scary time for me. I can’t recommend them enough.” – Joni, review written after taking the first step in debt help with Trust Deed Scotland®.   “I have felt overwhelmed with the amount of debt I currently have adding up to over £30k and gave Trust Deed Scotland a call to see if they could help. Jacqui was so knowledgeable and helped me put my mind at ease that she was now there to help and support me through it. I read all my options and I chose which one would suit me best and I honestly cannot thank Jacqui enough for this! She went totally above and beyond for not only the company but for me also working around my work schedule and contacting me on her days off to be able to get the ball rolling faster. I would highly recommend Jacqui if you need a chat about your debt.” – Edward, review written after taking the first step in debt help with Trust Deed Scotland®.   “Andrew could not have been more helpful, put me at ease and was extremely reassuring. I felt as if it was a load off my mind, and it’s good to know when unexpected things come up Trust Deed Scotland has your back and will work with you and not be a source of stress and anxiety. Such a brilliant team of people and this is the best thing that has happened as I was really at my wits end with debt issues and problems and now feel as if I’m on my way to tackling this with all the brilliant help and support just on the other end of the telephone line. Thank you so much, and could not recommend them higher. They truly go the extra mile and are so diligent as well as being dedicated to helping you get on an even keel again.” – Craig, review written after contacting the customer services team 6 months into his experience with Trust Deed Scotland®.  

Are You Looking for Debt Help?

It’s important to research the company you are getting debt advice from. We are the No.1 debt solutions provider in Scotland, with more 5 Star TrustPilot reviews than all other Trust Deed providers combined. Taking the time to listen and empathise with our customers is an important part of our process. Our aim is to let customers know that they will not be judged and their enquiry will be dealt with safely, securely and confidentially. We are extremely grateful to our customers for sharing their experiences throughout their journey; from their first contact with us, to their experience with the customer service team, to their final chat with us. Our team of debt advisers work hard to provide a comforting and stress-free service; and we’re glad to see that our reviews reflect this customer-centric approach. We understand the importance of seeing that you are not alone. By reading our TrustPilot reviews, you can hear from other people across Scotland who have found themselves in a similar situation to you. Debt happens, and we are here to help. If you would like to create a brighter future for yourself, give us a call today on 0141 221 0999 or find out if you qualify for a formal debt solution.   [trustpilot]  

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.

Saving Money as a Wedding Guest

Posted on by Craig Stocks
Wedding season is here. It’s time to celebrate with your friends and family as they mark a new chapter in their lives. However, when finances are tight, this can be a stressful time while you figure out how to fit the costs into your budget, save money and still make sure that you can be a part of the couple’s big day. Below are our top tips to keep costs under control and stay within your budget as a wedding guest.  

Budget for the Wedding in Advance

Firstly, figure out your budget for the wedding day and any additional events. This includes accommodation, travel costs, wedding gifts and spending money for any correlating events such as the hen do or stag do. Don’t worry if it’s tight, there are many cost-saving options that can help you stick to this. Tip 1: take cash with you on the wedding day or other event and stick to only spending this. Once it’s gone, it’s gone.  

Book Accommodation Early

It’s unlikely that you will score a good deal on last minute accommodation – and it is risky to wait with the hope that you will! You may end up stuck with the most expensive accommodation as your only option. We recommend looking into your options in advance. Tip 2: book group accommodation. Not only can booking for accommodation as a group add more fun to the experience, it also helps you to save money. There are options that can end up cheaper than booking a hotel room when split around a group of people. Have a look at vrbo.com, airbnb and booking.com. Remember to explore your options with accommodation that’s a bit further out. Splitting a taxi with a group of you to head to a cheaper stay may be a money-saver compared to more expensive accommodation closer to the wedding venue.

Buy the Wedding Gift Early

Browse your family member’s or friend’s wedding gift list early to pick the best option. It’s likely that the least reasonably priced gifts will be left to the end – so get there as soon as you can! This way, you are free to pick which option best fits into your budget. It’s important to remember that for gifts that are truly unaffordable for you, it is best to put your financial stability over buying the dream wedding gift. Alternatively, organise with a group to buy one of the couple’s picks from their wedding gift list by splitting the cost. This way, you can put forward what you can truly afford and the couple still receive their chosen gift. Tip 3: if the couple request wedding gifts in cash, you can get clever with this. For example, find out where they are going for the honeymoon and gift the money in this currency for an added touch. Remember, only gift what you can afford.

Save on Your Wedding Guest Outfit

Try to recycle items in your wardrobe however, we’ve all been there when it feels like you have nothing to wear… but this isn’t an excuse to buy something new! Utilise free options first such as borrowing from friends and family – you can promise to return the favour when they next have an upcoming event! The next step is to check cost-saving shops such as ebay or vinted for a good deal.

Know When To Say No

We all know that a wedding celebration doesn’t always involve just the wedding ceremony. You may feel expected to attend the engagement party, bridal shower, pre-wedding dinner… but don’t feel as though you are obliged to attend everything… or anything. If attending more will put a strain on your finances, politely explain that you can’t make it. Remember, the couple already know what it’s like to be counting the pennies – they are planning a wedding after all! So, if you need to cut costs in certain areas, they are likely to understand. The main goal is for friends and family to be around to celebrate the occasion with them.  

Help is Available

For some, the joy of seeing a loved one celebrate such an important day can be overshadowed by the stress of unaffordable debt. Even as a wedding guest, there are many costs to attending the wedding that can be unaffordable. If you are concerned about your financial situation and need friendly, non-judgemental and confidential debt advice, you can talk to Trust Deed Scotland®. Or try our Trust Deed Wizard® Tool to find out if you are eligible for debt help.

Cycle to Work Day 2024 – The Financial Benefits

Posted on by Craig Stocks
For Cycle to Work Day 2024, we hope to encourage people across Scotland to reassess their commute to work. As prices rise across the country, there may be an alternative way to get to work that provides strong financial benefits.  

Cycle to Work Day

With an average journey time of 54 minutes each day for people across Scotland, we spend a lot of our time commuting to work. However, as any commuter knows, it’s not only time that we spend on the commute, but a lot of money too. In Scotland, the cost of commuting has been on the rise. Since April 2024, Scotland has seen an 8.7% increase in train fares. And bus fares are beginning to follow; with First Bus announcing new prices in Glasgow starting from the 4th of August 2024. We are experiencing rising costs across the country and in all aspects of life; the cost of commuting is no exception. If you are finding it difficult to keep up with your essential costs such as travel as a result of having unaffordable debt, Trust Deed Scotland ® may be able to help you. With a team of experienced debt advisers, we can discuss your circumstances with you and help you to understand if any of the formal debt solutions available in Scotland are right for you, allowing you to free up some much-needed cash to tackle the more basic day to day costs.  

Cycle to Work Scheme

This Cycle to Work Day, we are discussing the potential benefits to your pockets when choosing to ditch the cost of public transportation and your car for a new set of wheels. This is especially a great financial choice if you can enjoy the cycle to work scheme as part of your employee benefits. This scheme allows you to spread the cost of a bike and other cycling accessories to make it more affordable. And – you will no longer be at the mercy of the rising commute costs! Find out if you can apply for the Cycle to Work Scheme.  

Cost of Commuting

In findings from Bank of Scotland’s How Scotland Lives study, in partnership with YouGov, it was found that commuters in Glasgow, Edinburgh and the Lothians are most likely to use public transport, with driving as the second most common choice for travel. Looking at the cost of commuting in cities across the UK, Edinburgh was found to be the second most expensive city to commute to behind London. It was estimated that people commuting to work in Edinburgh pay an average of £308.80 monthly which came to 15.82% of the average salary. People in Glasgow were found to spend an average of £178.80 per month on their commute, which came to 9.08% of the average salary. Although commuting to work takes up a large part of our monthly expenses, for many people across the country it is a necessity. Cycling to work can help reduce or eliminate this cost.  

Mental Health Benefits of Cycling to Work

It’s clear that cycling is physically beneficial; it’s great for the heart, lungs and overall physical health. On top of this, regular cycling can also help with mental health; with the potential to reduce anxiety, stress and depression. We know that mental health issues and financial difficulty are often linked. In our most recent customer survey, almost 91% of our customers told us that debt had an impact on their mental health before entering a debt solution¹. We hear from many of our customers that their financial worries lead to stress, anxiety, and difficulties with sleep. By cycling to work, you can improve not only physical health but mental health and financial strain as well.  

Financial Benefits of Cycling to Work

There is a great potential to save money on fuel, parking and wear-and-tear on your car by saving it the trip to work and back. And, with public transportation costs on the rise, switching to cycle to work can decrease your monthly commute expense. In 2022, it was found that 75% of employees travelled 10 miles or less to work. Depending on your distance – and the UK weather! – we know that cycling to work won’t always be an easy choice. However, simply cycling every so often will still bring your commute costs down. The more you cycle, the more you can save, with the potential to reduce your annual expenses by £1,262.  

How To Cycle to Work

Getting started on your cycle to work journey can feel daunting, not unlike any change. So, read below for some tips on how to get started.

Plan your Route

Whether you know the area well, or you’re unsure of the best cycle routes, planning your journey is the best way to get started. CycleStreets.net provides you with a choice of cycling routes; showing the various elevations on the route as well as the average traffic and crossing delays.

Test Cycle

Before cycling to the office, we recommend trying out your route on a day with no time constraints. This means that you can take your time and reassess your route if necessary. Ideally, the weekend is great to test your route for the first time. If you’re still unsure on how to get started, research more cycle to work tips and talk to co-workers or people you know who already cycle to work.   ¹ November – December 2023 Trust Deed Scotland® customer survey with 2,246 responses.

Elderly and in Debt

Posted on by Craig Stocks
The vast majority of the population spend most of their adult lives saving for retirement and paying into a pension. However, the cost of living crisis has seriously affected everyone, with the elderly being no exception. Countless are experiencing the struggle for their pensions to keep up with the steep hike in everyday prices. Unfortunately, one in seven people aged 65 and over has been turning to loans and credit cards to make ends meet during the cost-of-living crisis.  

Low Income and High Costs

The average pension income in the UK is £1,564 which is equivalent to the minimum wage for someone who works full time. It’s true that the older generations are much more likely to own their own home and have potentially paid off their mortgage. However, it’s expected that the number of retired couples who privately rent will double within the next 10 years.  Even though the older generations are less likely to be paying rent or a mortgage, their everyday costs will have risen along with the rest of the population, yet they do not have the means to increase their statistically low income. 45% of those aged 50-plus currently find it difficult to afford their energy bills. Devastatingly, last year 8,500 elderly people died as a result of living in cold homes. Almost two thirds of elderly tenants have cut back on their everyday spending in the recent climate. To add to this, 71% have said that they would not be able to afford a £50 rise in expenses. For someone who has worked their whole lives and paid into a pension that they believed would support them in later life, this will feel frustrating. This has even led many to an increase in the elderly using credit to keep up with their expenses. When desperate for credit, it can be easy to lose control of what is owed. For example, over five million adults in the UK aren’t sure how much they owe in outstanding debts. To add to this, two thirds of Brits have admitted to having debt that weighs them down. The elderly may not have the means, the knowledge or the time to face the debts that they build up, leaving them in a difficult position financially.  

Struggling in the Digital Age

According to Age UK, older people are traditionally seen as living within their means and reluctant to use credit. However, stagnant income and low returns from savings along with rising basic costs are adding to financial pressures on many retired people. In the future there may be an increase in elderly people in debt as the younger generations move up. This is because the younger generations are far more familiar with debts and having access to credit digitally. For now, the older generation is still relatively new to the digital age. Older people are more likely to struggle when dealing with finances digitally. This could lead to them missing credit payments or taking out credit and not understanding the terms of the agreement. According to Compare the Market, 31% of those over 65 aren’t using the internet at all and are still digitally excluded. Furthermore, 43% of over 65’s are narrow internet users who only go online for a small number of activities.  

Debt Help Available

For those who have found themselves with unaffordable debt, there are solutions that can help. Here at Trust Deed Scotland® we provide advice on all formal debt solutions that are available in Scotland. Our experienced debt advisers will be able to discuss your situation and provide you with information on all the solutions that would suit your individual circumstances so that you can make an informed decision on what is right for you. A Trust Deed is an example of one of the solutions that we offer. A Trust Deed provides legal protection from the people that you owe money to, while freezing interest and charges. It allows you to consolidate all of your debt repayments into just one affordable payment for a period of four years. At the end of the 48-month term, the remainder of the debt is legally written off. Another example of a debt solution that we offer is the Debt Arrangement Scheme (DAS). The DAS, like a Trust Deed, allows you to consolidate your debt into one affordable monthly payment while freezing interest and charges. The difference is that you would pay that affordable payment until the full debt amount is paid. If you think that a debt solution may be the right option for you, you can try either our WhatsApp debt advice service, or quickly check your options using our Trust Deed Wizard tool. Call us on 0141 221 0999.

What should you do after being the victim of loan fraud?

Posted on by Craig Stocks

What is loan fraud?

Loan fraud comes in a couple of different forms. Perhaps the most common is loan fee fraud, in which individuals will pose as loan companies offering fast loans, sometimes without a credit check. The catch comes when they ask for an amount of money upfront to cover insurance or other costs for the loan, usually meaning it’s a scam. The second form is loan repayment fraud, where scammers will target individuals who have already taken out loans. They’ll use this information to impersonate your loan provider, sending requests for payments that are supposedly overdue. However, once you pay the money, you’ll likely still owe the same amount to the real loan company. If you’ve fallen victim to either of these scams, knowing what to do next can be overwhelming. Loan fraud takes advantage of people who are already struggling, which can be particularly stressful during times of the cost of living crisis where many households are barely able to pay their bills. In this article, we look at the help available to victims of loan fraud and the next steps that you can take to protect yourself from further harm.  

Report the fraud

After you’ve realised that you’ve become a victim of loan fraud, it’s crucial to take action right away. The first step is to report the fraud to the police, which can be done through a service called Action Fraud in the UK. They’ll be able to collect all of the relevant information from you and generate a police report, providing you with a crime reference number which will be invaluable as you move into the next steps of contacting your bank and lender.  

Contact your bank or lender

As soon as you’ve obtained your crime reference number, it’s time to contact your bank or lender to inform them of what’s happened. Your financial institution can then guide you through the process of securing your accounts, blocking any fraudulent activity and taking steps to protect your account going forward.  

Freeze your credit

While you may think that the worst is behind you, fraudsters often attempt to use their newly gained information to further take advantage of the victim. They might try to access your bank accounts or even open new lines of credit in your name, so it’s vital that you go through the process of freezing your credit. This can be done through most of the major credit reference agencies, who will then prevent anyone from accessing your credit report or opening new accounts without your prior consent.  

Regularly review your credit report

It’s a good idea to get into the habit of regularly checking your credit report to look for unauthorised usage, particularly if you’ve fallen victim to something like loan fraud. It’s important to remember that loan fraud can happen to anyone, and there’s no need to feel ashamed. Just make sure to stay informed about your credit status and look out for signs of fraud. This way, you can rest assured that your money will be protected going forward.  

Debt Help Available

For those who have found themselves with unaffordable debt, there are solutions that can help. Here at Trust Deed Scotland® we provide advice on all formal debt solutions that are available in Scotland. Our experienced debt advisers will be able to discuss your situation and provide you with information on all the solutions that would suit your individual circumstances so that you can make an informed decision on what is right for you. A Trust Deed is an example of one of the solutions that we offer. A Trust Deed provides legal protection from the people that you owe money to, while freezing interest and charges. It allows you to consolidate all of your debt repayments into just one affordable payment for a typical period of four years. At the end of the minimum 48-month repayment term, the remainder of the debt is legally written off. (Can be extended to 60 months in some cases) Another example of a debt solution that we offer is the Debt Arrangement Scheme (DAS). The DAS, like a Trust Deed, allows you to consolidate your debt into one affordable monthly payment while freezing interest and charges. The difference is that you would pay that affordable payment until the full debt amount is paid. If you think that a debt solution may be the right option for you, you can try either our WhatsApp debt advice service, or quickly check your options using our Trust Deed Wizard tool. Call us on 0141 221 0999.

Talk Money Week 2023

Posted on by Craig Stocks
6-10 November 2023 marks a week known as Talk Money Week in the UK. It’s an annual event run by Money and Pensions Service and it usually falls on the second week of November of any year. It’s a time for debt charities and companies such as Trust Deed Scotland® to come together and encourage people to open up about their money and debt worries. Talk Money Week’s focus for 2023 is to encourage people to Do One Thing that could help improve their financial wellbeing, and encourage others to do the same thing. Their suggestions are to talk to a child about pocket money, use one of the free tools or calculators, or get financially educated. The Money and Pensions Service are funded by levies on both the financial services industry and pension schemes and their vision is “Everyone making the most of their money and pensions.” They are an ‘arm’s-length body’ sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people throughout the UK have guidance and access to the information they need to make effective financial decisions over their lifetime. They deliver those across five core functions. 1. Pension guidance. 2. Debt advice. 3. Money guidance. 4. Consumer protection. and 5. Strategy.  

Why does talking about money and debt matter?

One of the key focuses of Talk Money Week 2023 is to encourage conversations about unaffordable debt. By having a conversation, you can improve your physical, mental and financial wellbeing. Money and Pensions research shows that talking about money can help you to:
  • Make better and less risky financial decisions
  • Have stronger personal relationships
  • Help your children form good lifetime money habits
  • Feel less stressed or anxious and more in control.
Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us and Talk Money Week’s intention is for you to kickstart a conversation in any walk of life, including:
  • In your workplace
  • At home with friends and family
  • In educational establishments, or with debt charities
  • With the people to who you owe money to
However, it isn’t easy talking about money and debt. Many people fear being judged, embarrassed or ashamed of their debt when the truth is problem debt can happen to anyone.

How long do people wait before getting help with their debt?

In a 2022 study of existing Trust Deed Scotland® & Harper McDermott customers.
  • 17% got help with their unaffordable debt straight away
  • 25% waited up to 1 year before asking for help
  • 30% waited between 1-2 years before asking for help
  • 14% waited between 3-4 years before asking for help
  • 14% waited over 4 years before asking for help with debt
57.4% waited over a year before finally asking for help with their unaffordable debt.

What type of debts worried our customers most?

Credit card debts are the most troublesome type of debt that our customers encounter.
  • 33.84% were worried about credit card debts in Scotland
  • 24.33% were concerned about a personal loan
  • 11.60% thought that their overdraft was a worrying debt
  • 7.20% were worried about council tax arrears debt
  • 6.68% are worried about payday loan debt
  • 4.04% are worried about a buy now pay later agreement
  • 3.31% were worried about their gas & electric bills*
  • 2.98% were worried about rent arrears debt
  • 2.95% were worried about HMRC debts
  • Lastly, 3.07% were worried about another type of unaffordable debt
*It’s important to stress that these answers were taken before the cost of living crisis really started to bite. If this same survey were to take place today, the results would be vastly different. For example, a survey from Smart Energy GB in October 2022 found that almost half of its respondents said they were worried about rising energy costs.

What impact did debt have on our customers’ mental health?

We asked our customers if their mental or physical health was impacted by their debt problem and overall 91.36% of our respondents’ mental health was impacted by their debt problem.
  • 57.61% – Yes – My mental health was affected
  • 1.33% – Yes – My physical health was affected
  • 33.75% – Yes – Both my mental and physical health were affected
  • 7.30% – No – My mental or physical health was not impacted by my debt problem
In the same survey, 84% of existing Trust Deed Scotland® & Harper McDermott customers said that their mental health had improved, with 30.39% of our customers also saying that their physical health improved also.

What do people who have previously started a conversation with Trust Deed Scotland® say about their experience?

At Trust Deed Scotland® we currently have over [reviews] reviews from our customers, with a rating of 5/5 rating on Trustpilot. In addition to this statistic, our survey shows that: 97.7% of our customers said they were satisfied or better with the Debt Arrangement Scheme as their chosen debt solution. 98.8% of our customers said they were satisfied or better with a Trust Deed as their chosen debt solution. Our survey asked all active customers for their feedback and also those who had recently been discharged from a debt solution. Our Trust Deed Scotland reviews are just as important to us, not only as a signal that our customers are happy with the service that they have received from us but also because they allow people with problem debt in Scotland to find other individuals who were once in the same position that they too find themselves in Some of those reviews are anonymised by our customers to protect their own identities. Many of the reviews go into great detail, and some contain just a few words. Either way, they are always written completely in our customers’ own words describing their experience in their reviews and we’re always grateful to receive them; both good and bad. We’re always keen to take action on any feedback that we receive to make improvements to our processes wherever we can and continuously improve our own learning and development as a leading Scottish debt solutions provider. Our experienced debt advisers received reviews in the run-up to Talk Money Week 2022 which perfectly described many of the feelings that individuals have when they’re looking for help with their unaffordable debt.
Reviewing one of our experienced debt advisers Soreena, Clang wrote: “The process was quick and Soreena was right on top of it all. I’m so happy my wage arrestment will be lifted and I can now get on top of my debt and finally relax and stop worrying. I’m so happy I made the choice to enter into a Trust Deed and the advice and help I received was just amazing.“
Jane, speaking about her experience with our debt adviser Barry, said “I have just recently started the process of setting up a DAS with Trust Deed Scotland and have had Barry as my point of contact from when I first submitted my enquiry. This has made the process a lot easier as your not having to explain things to someone new each time. Barry has been very good at explaining everything to me and answering any questions I’ve had. He always phones at a time that is convenient for me. I feel like for the first time in a long time I can breathe and can actually start to see past the debt.“
Another customer wrote about the beginning of his journey with Jacqui by saying: “My adviser Jacqui was an absolute pleasure to deal with, and put me at my ease throughout the whole process. She was so attentive, super helpful and such a friendly person. Nothing was too much trouble for her in helping me through the entire process from the start to completion. I would go so far as to say that Jacqui has not just met expectations, she has exceeded them by her friendly, efficient and helpful manner. It has made such a huge difference already. It feels as if there’s been a huge weight and burden lifted from my shoulders and I can finally start living my life again.“

Start a conversation about your unaffordable debt

Our experienced, friendly debt advisers offer tailored debt advice and explain the advantages and disadvantages of any formal debt solutions that you may be eligible for. You can contact Trust Deed Scotland® on 0141 221 0999 or use our Trust Deed Debt Calculator to find out more about your options.
Talk Money Week 2020 Talk Money Week 2021 Talk Money Week 2022 Talk Money Week 2023 Talk Money Week 2024