Category: Debt Advice

How Do People In Scotland Get Themselves Into Debt?

Posted on by Craig Stocks

How Can Debt Happen?

Read below to understand the most common reasons that people in Scotland get themselves into debt. We know that debt is very easy to get into, but it can be extremely difficult to get out of. But being aware of the common causes can help you avoid it, or prove useful if you are already having trouble with your money. If you are in this position – you are not alone. Trust Deed Scotland® is here for you. Or, if you are worried about a partner or family member who has gotten themselves into financial difficulties, ask them to reach out to us. We would like to break the taboo that is associated with unaffordable debts, so that you can understand that it is very rarely the individuals ‘fault’ and that the most important thing is getting help with debts from thereon.  

A Change in Circumstances

One reason for building up debt can be a change in circumstances. A reduction in income, or one-half of a couple losing their job, can be a tricky thing to adjust to. However, the quicker you can get used to being on a stricter budget, the less likely you are to fall into debt. As soon as a change occurs, it’s important to look at your spending and do what you can to cut back. Life events such as divorce or illness are also common causes of debt, and it can be particularly difficult to stick to budgets or pay attention to finances during these stressful times. A change in circumstances can also go the other way. Getting a job after a period of unemployment is a cause for celebration, but you should still be careful with your spending. The temptation to splash out can lead to living beyond your means and potentially cause financial trouble down the line. Unexpected bills are a very common reason for why people do get themselves into debt. For example, dental bills, parking fines, and vet bills. As a company that have advised thousands of clients since 2009, very rarely in our experience does a person find themselves in debt through reckless, or deliberate misspending. For us, it’s important that we help our customers to understand that taking the first step of seeking help, while also the most difficult; is ultimately the most important step to take.  

Gambling and Over-Shopping

Gambling and shopping have become far more accessible activities thanks to the internet, which means the number of people developing addictions to these pastimes has increased too. Struggling to control the amount you gamble, or how much you spend on nonessential items, is a sure-fire way to get into debt. Organisations such as Gamblers Anonymous Scotland can be very helpful for situations such as these.  

Not Having a Spending Plan

If money is especially tight, a monthly spending plan or budget is vital. 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.* Going back through your receipts and checking how much you are spending on specific things will also enable you to identify less necessary purchases. Shopping around in various supermarkets and checking which offer the cheapest options can be a smart move too. Making plans and checking on your spending will also make you feel far more in control of your finances, and allow you to see if a problem is developing, thereby enabling you to take action or seek help before the problem worsens.  

Spending Your Savings

Not everyone is in the privileged position to be able to put a little money aside each month. If you can, however, this will be hugely beneficial if you run into any unexpected expenditures in the future. The need for repairs in the home, for example, can come from nowhere, and having money set aside will prevent you from having to pay out of your monthly income, which could potentially throw other payments – particularly direct debits – into disarray.  

Not Talking About Money

Finances can seem scary without proper explanations, and people can be made to feel bad for not understanding specific terms used when speaking about money. If you have children, beginning to educate them about money and how it works from an early age will help them significantly in the long term. If you are in a relationship, you should also talk often and openly about your finances. Keeping money problems a secret will only cause issues later on – money brings on enough stress as it is!  

Why Do People Get Themselves Into Debt? – Where To Get Help

How does debt happen? Whatever the reason for debt, it’s extremely easy to find yourself in debt. If you are concerned about your financial situation and need some non-judgemental debt advice, you can talk to Trust Deed Scotland®. If you are thinking about reaching out for Scottish debt help and would like more information in the meantime, try our Trust Deed Wizard® tool to see how we can help.   *Trust Deed Scotland® Customer survey from November – December 2023, with 2,246 customer responses.

5 Trust Deeds Questions

Posted on by Craig Stocks
When it comes to trust deeds, there are certain questions people commonly have. Here at Trust Deed Scotland, we’ve compiled 5 Trust Deeds Questions, as well as the answers to each of them, to help you stay in the know.  

What is the difference between a trust deed and sequestration?

Trust Deeds differ from sequestration, or bankruptcy, in a number of ways:
  • A trust deed is less formal than sequestration and doesn’t involve the court – it’s a private contract between you, your trustees and your creditors
  • If you’re a homeowner, you can still keep your home if you enter a Trust Deed
  • Unlike sequestration, you can borrow money without disclosing your status, be a company director, and qualify for elected public office
Where they’re similar, though, is the minimum period for contributing to an insolvency estate. Recent legislation changes have increased this time for sequestrations from three years to four, on par with trusts deeds. This is thought to be the main reason why trust deeds today exceed sequestrations, according to government statistics – with no difference in the period of contribution, more and more people are shunning bankruptcy and going for the more ‘positive’ trust deed option.  Yes, a trust deed does affect your credit rating. This is because entering one means you’re breaching the original terms of your credit agreement. However, remember that if you’ve already missed credit payments or are paying your creditors decreased amounts, your credit rating may have been negatively affected, to begin with. After you’ve completed a Trust Deed, it will show on credit reference agency files for another two years. Your credit rating will stop mentioning it when six years have passed since you first entered a trust deed.

When does a Trust Deed become protected?

A trust deed becomes protected once the majority of your creditors (two-thirds by debt value, or more than half by number) agree to the proposal. They can then no longer contact you for any reason or start any legal proceedings against you to recover debt. However, you should know that even after your trust deed becomes protected, your trustees or creditors can still seek for your sequestration if they’re able to prove that it will give more back to your creditors than what a trust deed would. For more information on the Debt Arrangemennt Scheme, see our related article What is a DAS?

What is the minimum debt level required to take out a trust deed?

The minimum debt level needed to enter a trust deed with Trust Deed Scotland is £5,000 (as compared to £3,000 for sequestration). Keep in mind that there are some trust deed providers that may require higher levels of debt for them to take on your case. And of course, you also need to have been a resident in Scotland for a minimum of six months and have an income, or someone willing to act as a third party, for you to qualify for a trust deed.  

Trust Deeds Questions – Additional Queries Not Answered Here?

Setting up a trust deed with Trust Deed Scotland is easy. Enter your details on our website or call our office to arrange a free meeting with one of our debt advisors, who’ll then let you know all your options and help you find the best debt solution for you. Once we have all the information we need from you, we’ll start drafting your case. At this point, we’ll also help you set up your first trust deed payment, which means you can immediately stop any current payments to your creditors. Before you start setting up a trust deed, though, try our Trust Deed Wizard to see exactly how one could help you become free of debt. There are many more than just 5 Trust Deeds Questions. There are other alternatives in Scotland too. Get answers to more of your questions about financial options on our debt solutions.

10 Trust Deeds Reasons

Posted on by Craig Stocks
There are many more than 10 reasons why people enter into a Trust Deed. Below are ten of the most common reasons and what it would mean for someone in those circumstances. Find out more about how it works and explore all Scottish debt solutions for a balanced view on what your options are for clearing debt in Scotland.

1. One Affordable Monthly Payment

Lots of people struggle to manage many payments between several different creditors that often add up to an unmanageable sum each month. You may find yourself unable to clear your overdraft each month and/or be incurring constant bank charges or you may feel you simply have too much debt to cope with. A Trust Deed allows you to make one affordable monthly payment – based on your disposable income – which is then distributed to your creditors.

2. Write Off A Percentage Of Your Debt

Trust Deed legislation means, once you have completed the terms of your Trust Deed, any remaining debt will be written off. For example: if your debt was £15,300 and your agreed monthly contribution was £150 over 48 months, you would pay back a total of £7,200 and the remaining £8,100 of your debt would be written off.*

3. Protects your Home

Before the trust deed is agreed, we will arrange a form 1B, which values your house at the start of the Trust Deed and ensures your property is eligible for protection.

4. Get Out Of Debt Quickly

The Trust Deed has an agreed term of typically 48 months, after which all debts included in your plan will be written off. Other debt solutions last longer lengths of time, such as the Debt Arrangement Scheme (DAS), which lasts up to 12 years or a Debt Management Plan which can last an unlimited amount of time until your debts are paid.

5. Stop Creditors Chasing you for Payments

Once your Trust Deed has been protected your creditors will be prohibited from contacting you, using any method of communication, to try to obtain payments towards your debts. Try the Trust Deed Wizard to see how Trust Deed Scotland could help you write off a percentage of your debt and step towards a brighter future. See our Trust Deed Scotland reviews page for thousands of testimonials from people we’ve helped get their finances back on track.

6. Alternative To Sequestration

Unlike with Sequestration, once you have completed the agreed terms of your Trust Deed, you do not need to make any further payments and your debts will be shown as satisfied, which is seen more favourably than bankruptcy on your credit file. There are also government guidelines relating to Trust Deeds that ensure you have enough money each month to cover the necessities and make your monthly contribution. The guidelines relating to Sequestration and Minimal Asset Process are much more stringent.

7. Helps You Gain Peace Of Mind

Understandably, being in debt can cause a lot of stress and sleepless nights. A Trust Deed helps you see the light at the end of the tunnel by having a structured process with a known end in sight. All you need to do is make the agreed contribution each month and once you have met your Trust Deed terms, all debts included in your plan will be written off.

8. Lifts Wage Arrestments

Once your Trust Deed is protected, any wage arrestments already in place would be lifted and your creditors would be unable to take any further court action against you to recover your debts. Trust Deed, or Debt Payment Programmes stop court proceedings being initiated.

9. Freezes Interest And Charges

During the Trust Deed, all interest and charges on your debts will be frozen, ensuring you are not simply paying off interest without actually clearing any of your debt, (which commonly happens when people are making token payments or in a Debt Management Plan).

10. Gradually Rebuild Your Credit History

Once your Trust Deed terms have been met, you can begin to rebuild your credit with a clean financial slate. Your debts will show as satisfied and you can apply for credit the same way as you do when you turn 18. Gradually, from responsible borrowing, you can rebuild your credit score and become eligible for mortgages and other important forms of credit. *Each person’s contribution is based upon their disposable income, debt level and who their creditors are. These figures are taken from an actual Trust Deed Scotland case.

Help With Debt In Scotland

There are alternative solutions to a Trust Deed, and there are of course Trust Deed pros and cons to consider. In order to find out your options and what it all means to you, and your situation – you can get help with debt in Scotland from Trust Deed Scotland® Our experienced debt advisers provide an empathetic, non-judgemental service that’s also confidential and we’ve helped people from all walks of life. After a phone call with you, we provide you will a personalised illustration of your options, and come up with a plan to help get you out of debt. *Each person’s contribution is based upon their disposable income, debt level and who their creditors are. These figures are taken from an actual Trust Deed review case.

Trust Deeds and Employment – The Basics

Posted on by Craig Stocks
Debt is a serious concern for many people across Scotland, but with a Protected Trust Deed your money problems could be organised into manageable monthly payments. This provides households with the support they need and lifts the weight off the shoulders of those struggling with debt. A lot of people wonder how much of an impact a Trust Deed has on your job, and whether or not it would influence your chances of gaining employment further down the line. This is an understandable concern, but having a Trust Deed doesn’t automatically rule you out of work unless you’re employed in some specific sectors.

Employment in certain sectors

There are some professions which will have a contract of employment claiming that you’re not permitted to be sequestrated or involved in any insolvency issues. These professions are usually the Police Force, the Prison Service and the Fire Service. If you’re employed in one of these positions then it’s worth checking your contract to see the specific terms and conditions that apply for your role. Having a Trust Deed might also cause concern for employers if you’re in a privileged position where you’re handling money, such as accountancy, so again it’s best to check the conditions of your contract. If you aren’t involved in these kinds of positions then it’s very unlikely an employer will find out about your Trust Deed. The AiB register publishes the names of people on Trust Deeds but your employer would have to be actively searching through the list in order to discover your situation. If an employer does find out about the Trust Deed then it’s doubtful that you’ll lose your job, as it wouldn’t affect your ability to perform a role successfully. If you are concerned about losing your job then it might be worth having a confidential talk with someone at your workplace, who will be able to give you the full details regarding your position. If you want to find a new job while taking out a Trust Deed, again you are only likely to find problems when applying to a few specific areas. The Police, Fire Service and Prison Service have certain rules and guidelines regarding insolvency, so you won’t be able to work in these areas while your Trust Deed is still active. Self-employed contractors applying for council contracts will also find it difficult to get work, as councils perform extensive financial background checks. Solicitors, accountants and other positions where you’re handling money also have certain rules which may make it difficult to get work. For most other jobs, however, having a Trust Deed won’t affect your chances of employment. Trust Deeds are vital in helping people gain control of their debt problems in Scotland, and they’ve provided thousands of people with answers when they needed them. If you’re unsure about the impact a Trust Deed will have on your job, or any jobs you might apply for in the future, then the experts at Trust Deed Scotland can help, with tailored and confidential debt advice that can give you the guidance you’ve been searching for.

Viable alternatives for affected sectors and careers

You can find out more about DAS in our guide What is a DAS?

How a Trust Deed Could Help With Council Tax Arrears

Posted on by Craig Stocks
Often, people who come to us looking to improve their financial situation have council tax debt. It is important to address council tax debt as soon as possible because the council can take you to court for payment, place an arrestment on your earnings and even force you to go bankrupt in some cases. Many people feel overwhelmed and can be nervous dealing with the council or the debt collection companies they pass the debts to. A Scottish Trust Deed could offer a solution for you if you find yourself in this position as your council tax debt could be included into your Trust Deed along with your other debts. You would then pay one manageable monthly payment, (agreed before the Trust Deed is finalised), which would be split between your creditors. Once the agreed Trust Deed term has been finalised, all debts included in your plan will be written off. To see how a Trust Deed could help you, try our Trust Deed Wizard tool.
Your monthly contribution would be determined by looking at your level of debt, your income and expenditure and who your creditors are. There are government guidelines to ensure you have adequate funds to cover your monthly necessities and make your Trust Deed payment each month. These necessities include: mortgage/rent; council tax; food; gas and electricity; home and life insurance; phone/internet and TV, travel expenses and housekeeping. Our qualified Scottish debt advisers are available to meet with you, discuss your personal circumstances and see if a Trust Deed would be right for you. They will also go over all the other debts solution options available to you to allow you to make an informed decision. Setting up the Trust Deed can be done quickly if you provide all information relating to your income, expenditure, creditors and ID at the initial appointment. If you have been putting off dealing with your council tax debt, then don’t delay any longer as if the council starts bankruptcy proceedings against you, it may be too late to stop the process. Contact Trust Deed Scotland today to give you peace of mind and get your finances back on track. We understand you may be nervous entering into a debt solution to set your mind at rest, visit our Debt Reviews page for thousands of independently verified reviews written by our happy clients.

How Long Does A Trust Deeds Last?

Posted on by Craig Stocks
If you have taken out a trust deed to help manage your debt, you’ll likely be wondering what happens when trust deeds finish. As your trust deed term comes to an end, you will enter what’s known as the trust deed discharge process. As long as all has gone to plan, this means you have reached the end of your agreement with your creditors and have paid off all your outstanding debt. So how does it all work?

How long does a trust deed last?

Typically, a Scottish Trust Deed will last for a term of four years. During this time, you will make regular monthly repayments to your creditors as you work to pay back your debt, sticking to a plan that’s been agreed in advance. We say “typically” because a trust deed term can sometimes last longer than 48 months which would be arranged prior to entering your trust deed. And you may find yourself in a position to pay off your debts earlier, such as through selling a property and releasing equity. It’s important to note, though, that both of these arrangements need to be formally agreed before the trust deed is set in stone.

What happens when you’ve completed your trust deed term?

After your trust deed is finished, you are discharged from it, as long as you have met the obligations agreed to at the start of the process. The discharge process should take around a month – if it’s taking longer, contact your insolvency practitioner to ask why. Once discharged, all debts included in your plan will be written off. This should reflect on your credit score within 3 months. If your debts are not shown as satisfied within this time, contact your creditors and ask them to update your credit file. You can now begin rebuilding your credit.

How long does a Trust Deed take to set up?

Normally, it takes between 35-56 days for your Trust Deed proposal to be drafted by the Insolvency Practitioner. This may change depending on the complexity of your case. The proposal is then passed to the creditors for approval, who may then take up to 14 days to approve. Depending on the length of your trust deed term, you may find it difficult to obtain credit for the next year or two and you may only be offered higher interest rates during this time. However, six years after your trust deed started it will no longer show on your credit file. If you’d like information about entering a Trust Deed, try our Trust Deed Debt Calculator to see how we could help.

How do people rebuild their credit scores after Trust Deeds?

  • Spread out applications for credit.
  • Get a credit card with as low interest as possible.
  • Make small monthly purchases on the credit card and clear them in full. This enables you to make sure you don’t build up debt again.
  • Make sure you are on the electoral role.
  • Check your credit file for any inaccuracies. If there are, you can ask the company in question to fix them.
  • Don’t take out joint finances with anyone with poor credit.
  • Ask for a notice of correction to be put on your credit file if you had a reason you could not make payments, for example, hospitalisation or redundancy. (These do not have to be taken into consideration but may make a difference to some lenders if you can justify late payments that have affected your credit).

What have others said about their trust deed discharge process?

Trust Deed Scotland has a 99% satisfaction rate. Don’t just take our word for it – here are what some of our customers have said about the process and how long does a trust deed last: “From the 1st initial call right through to signing the paperwork it was great to have the professionalism, help and reassuring assistance from Danielle and Deborah. They were both understanding of my situation and I highly recommend them both as well as Trust Deed Scotland.” Al, 5/5 – Al had a trust deed that lasted 48 months. “Excellent people put my mind at rest after many months of worry. Helpful, reassuring and friendly people!” Chris Forster, 5/5 – Chris looked at solutions DAS Scotland and Trust Deeds which lasted 4 years. After which his unaffordable debt was written off. Chris now enjoys a lift after debt. “I suffer from anxiety and find it difficult to contact people I don’t know. The team was fantastic with me, helping me and catering agents to my needs. They have helped me so much and now I don’t feel as anxious and I can answer my front door again without worrying.” Nataliemary, 5/5 Read our trust deed reviews and learn what everyone is saying about their Trust Deed Scotland experience to help you decide whether it‘s the right debt solution option for you. For more information on Protected Trust Deeds take a look at our guide to protected trust deeds. If you’re wondering how a trust deed works, you will also find our walk-through guide useful too. If you’re based in Scotland and are in need of debt advice, contact us for a confidential chat.

Scottish sales lower than rest of the UK

Posted on by Craig Stocks
The UK as a whole has seen a 0.9% rise in sales compared to last year but worryingly, Scotland has seen a 2.4% drop in sales from last year. There are a number of factors which may have influenced the decline and left Scottish sales lower than the rest of the UK.
  • Consumers may be reluctant to buy full price goods in the lead up to Black Friday, (particularly expensive electrical goods), as they know many items will be heavily discounted. The sale of non-food items has declined 1.8% since last year.
  • October 2015 was the driest October in 12 years and this may be the reason clothes sales are down, with the shops selling heavy coats and warm winter boots before the weather dictates a need for them.
  • Scotland exiting the Rugby World Cup is suggested to have affected food sales which are down 4.6% from last year.
  Director of the Scottish Retail Consortium, David Lonsdale stated, ‘This demonstrates the need for the government to support the retail industry, which accounts for over 250 000 jobs in Scotland and to resist any further increases in the tax or regulatory burden it faces.’ Alcohol sales have dropped up to 60% in Scottish pubs since the legal driving limit was lowered in December last year. The average decline in sales per Scottish licensed premises is 30% and those in the trade have felt the impact. Chief Executive of the Scottish Licensed Trade Association, Paul Waterston, expressed his concerns and stated, ‘We have not heard of anyone that has not been affected.’ The licensed trade association have already reported 2-3 pubs in Scotland have closed weekly since the law changed and there are serious concerns mass pub closures will sweep across Scotland as a result of these damaging statistics. Pub chain Greene King announced a 2% rise in sales in pubs across England and Wales but reported there was no increase in sales in Scotland. Beacon, the purchasing business that supplies to the UK licencing trade considered the statistics gathered from hotels, bars, restaurants and golf clubs and determined there were drops in trade ranging from 10-60% across the venues. This is not the first time Trust Deed Scotland has reported Scottish economic recovery lagging behind the UK as a whole. It was previously reported that Scotland has a higher rate of unemployment than the rest of the UK. The Scottish housing market has also been affected as a result of job losses with demand for affordable housing exceeding the supply. If you find yourself struggling to make repayments to your debts, entering into a Trust Deed could help you turn your finances around and write off a percentage of your debt. Try the Wizard tool to find out what Scottish Debt Help solutions could help you. Contact Trust Deed Scotland for more information or read our Scottish Debt Advice FAQs.  

Christmas Debts Scotland

Posted on by Craig Stocks

A study conducted on behalf of the Money Advice Service has revealed Scots are more likely to pay for Christmas costs using overdrafts, payday loans and credit cards than the rest of the UK.

Statistics show many choose to put their summer holiday on credit and are still paying for it when Christmas comes, forcing them to get further into debt in order to have a comfortable festive season.

If you’ve been struggling with your finances, Trust Deed Scotland may be able to help.

Try the Trust Deed Wizard tool to find out how a Trust Deed could help you get back on track and write off a percentage of your debt.

25% who borrowed money to cover their holiday pay it off by December but 10% take more than 18 months to clear the debt.  Furthermore, 20% of Scots are still trying to pay off what they owe from last Christmas with a whopping 47% borrowing money to cover gifts and Christmas food.

A Spokesperson for the Money Advice Service, Melanie Taylor, commented:

“There is so much pressure on parents to deliver the perfect Christmas that it’s easy to feel that your children will be the ones missing out unless you spend vast amounts of money.”

Although you may not think so at first glance, it is possible to have a nice festive season without spending more than you can comfortably afford. It is important to be realistic while making your Christmas purchases and consider if you can’t afford to pay for them in cash right now, will you be able to pay for them with extra interest later? Avoid getting into debt over Christmas gifts.

A Spokesperson for the Trust Deed Scotland said:

“Unaffordable debt can be created around Christmas time especially. In recent years, marketing for buy now, pay later products has increased, alongside traditional sources of Christmas debt in Scotland including store cards and credit cards.

We’re here for anyone who needs debt advice in Scotland. Our friendly, non-judgemental advisors are standing by.”

Try some Money Saving Tips for Christmas and see how much you can save. You can also find more information in our info hub article together we can beat Blue Monday.

If you have overspent on Christmas, and you need help with unaffordable debt, then we recommend contacting an experienced money advisor as soon as possible.

If you’d like to find out more, see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland today.

Get Your Finances On Track – 9 Tips In 2024

Posted on by Craig Stocks

Get Your Finances On Track

  When attempting to get your finances on track in Scotland, there is a range of Scottish debt solutions available to you but the first step is to try budgeting to reduce your debts and sort out your finances. There are simple tricks you can try to get the most from your income and minimise your monthly expenditure. It’s time to wipe the slate clean and regain control of your finances.  

1. Work out a budget

  Everyone has to work on a budget, no matter how high their income or they’ll find they are living outside their means before too long. Write down a list of your monthly income after tax and anything else you receive such as working tax credits or private pension etc. Add up your total monthly income. Next, write down all your outgoings. Start with the priority bills: mortgage or rent and council tax. Then, write down all of your monthly direct debits. Finally, write down the amount you spend monthly on all other monthly expenses that aren’t included within your direct debits e.g. gas and electricity, food and housekeeping, fuel/public transport, parking costs, dentist/optician costs, house maintenance, pocket money and school trips etc. Add the totals up so you now have a final amount for your incomings and outgoings. Your income minus your outgoings is your expendable income. If you find you are spending more than you are earning and relying on overdrafts, credit cards or precious savings, you know you need to act immediately!   Trust Deed Scotland may be able to help you get your finances back on track with a Protected Trust Deed. Try the Trust Deed Wizard to find out what you could expect to pay monthly.  

2. Cancel any unused memberships

  When you went through your direct debits you may have come across something you had forgotten about and don’t use regularly. Did you have a gym membership that you forgot to cancel or are you paying for an online movie and TV watching account even though your partner has one and you can access it on multiple devices? Cancel anything you don’t want and don’t keep too many that you don’t need – it’s okay to have hobbies – you don’t have to limit your life too much.  

3. Switch tariffs/companies

  You could save money by switching your bank, energy, mortgage, credit card, internet, TV package, mobile phone contract etc. to another tariff or company. Shop around to see what’s on offer, then call your current company and see if they can offer you the same. You’ve nothing to lose and it could save you in the long run. See our Trust Deed Scotland reviews page for thousands of testimonials written by people we’ve helped out of debt.  

4. Set up direct debits for recurring payments

Most companies have cheaper tariffs for customers who pay using direct debits, (this is particularly common with energy providers). Why pay more if you don’t have to? This way you also won’t run the risk of missing a payment and being charged a late fee.  

5. Be prepared

  This sounds obvious but it takes some forward planning not to grab a quick coffee on the way to work or splash out in a sale on your lunch break. Take your own coffee and lunch with you. This simple change could be all the difference you need to see a change in your spending and the chances are it will be better for your health too!   See our info hub article for 10 reasons people enter into a Trust Deed.  

6. Use a shopping list

  Before going shopping for groceries, clothes or anything else, look at what you already have and then write a list of what you need to buy. This will prevent impulse shopping that will drain your wallet and leave you short for the month.  

7. Only buy what you can afford

  This may sound like an obvious move too but a lot of people find themselves tempted by a sale in their favourite shop and put the balance on credit because they’ve found a ‘good deal’. Remember, if you end up paying more in the long run on interest, it was not a bargain. Use your expendable income on shopping and you’ll be less likely to build up debts and find yourself struggling with repayments. See our info hub article for 10 common questions about Trust Deeds.  

8. Sell Unwanted Items

  You may be able to sell items you don’t want, need or use very often online or at a car boot sale. You might not get back what you paid for but something is more than the nothing you got from having it sitting in your house gathering dust!  

9. Consider Downsizing

  Downsizing means selling or moving into a smaller, and typically cheaper, property. This could be a temporary measure and you could consider putting your goods into short-term storage.  

Get Your Finances On Track Today With Trust Deed Scotland

  For tailored debt advice, Contact Trust Deed Scotland to see how we could help you get your finances back on track or view our Debt Advice Scotland guidance.