Category: Debt Advice

How to Save Money and Avoid Food Waste

Posted on by Craig Stocks

Are you looking for ways to save money?

Love Food Hate Waste report that each month, the average family in the UK bins £60 of uneaten food.  In fact, the European Commission concluded the UK is the largest producer of food waste in the EU.

If you’ve been struggling with you finances, Trust Deed Scotland may be able to help. Try the Trust Deed Wizard and see what your monthly payments could be in a Protected Trust Deed.

The journal of Environmental Research Letters published a study showing up to 80% of food waste is avoidable.  The European Commission’s Joint Research Centre led the work and spokesperson for the study, Davy Vanham evaluated:

“In some ways it’s good that this waste is avoidable, because it means we’re able to do something about it. A lot of food is still good but is thrown away when it passes its sell-by date.”

Trust Deed Scotland have over 98% customer satisfaction rate based on Trust Deed Scotland reviews written by happy customers.

So, how can you minimise your food waste? Here are some simple tips you can apply to see the difference in your wallet and bin at the end of the month.

Plan your Meals

Plan what you need for a week’s worth of meals. This is cheaper than buying individual meals daily. Check your cupboards to see what ingredients you already have before going to the shop to stop you from buying things you don’t need. Don’t forget to take your shopping list to the supermarket as this will cut down on impulse buys.

Execute portion control!     

People are often guilty of making far too much food and then the leftovers end up in the bin. All packets give recommended servings per person. Pay attention to these when cooking and weigh you food to get the portions correct. This will stop you making too much and running out of food so fast and cut down on your waste. If you do have leftovers, freeze them and use them as part of another meal later. For a perishable item that you can only buy in a large quantity, such as a loaf of bread, freeze it on the day of purchase and defrost the number of desired slices as and when you need them.

Read our blog for tips on how to Get Your Finances On Track.

Make extra portions for freezing

When you make lunch or dinner, make enough for a few meals and freeze the rest. That way it could be used for pack lunches or dinner on a night you’re pressed for time. Make sure you get your portions right and don’t eat more just because there’s more in the pot!

Keep in mind what the dates on the packaging means

Use By – The date the food has to be eaten by. Do not keep for longer than this date.

Best Before – The food will be at its optimum condition before this date but can still be consumed after this date although it will gradually lose quality of taste and texture.

Sell By – Used by shops to determine how long they should keep the items on their shelves. You do not need to eat the food by this date.

Display Until – Also used by shops to determine how long they should keep the items on their shelves. You do not need to eat the food by this date.

If you remember what the dates mean, it could prevent you from throwing out perfectly good food that could be eaten.

 

Read our blog to find out 10 Frequently Asked Questions about Trust Deeds.

 

Keep track of what’s in your fridge and use your freezer more

Keep track of what’s in your fridge. Go through it and move older food to the front and newer food to the back. Check the ‘use by’ dates on the food and if you think you won’t manage to eat certain things before this date, put them in the freezer so you don’t miss the deadlines and end up having to through them in the bin.

Consider non-perishables

If you have a tendency to forget fresh food or run out of space in the fridge, try canned foods and frozen options instead. This way you’ll have the same ingredients but less wastage.

If you’d like more information see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland.

Should you use a Credit Card or Personal Loan?

Posted on by Craig Stocks
If you’ve been trying to decide whether or not to use a credit card or personal loan for finance there are many things to consider. Depending on your credit limit and the price of what you are purchasing, you may be surprised to learn a credit card may work out more cost-efficient than a personal loan. Many credit cards come with the perk of an interest-free period. These periods vary in length but the maximum on offer is longer than a 2 year period. If you are able to clear the debt off within this time you will save money as you won’t be paying the interest on a personal loan and clearing the debt. If you haven’t cleared the debt off within the specified period, depending on you your credit score, you could potentially transfer the remaining balance to another interest-free credit card to finish paying the debt off interest-free. If you don’t think you would be able to pay the debt back within the interest-free period, you could look for a card with a low-interest rate that would last for the duration of your payments. You could spend less on interest than you would with a personal loan. Check how much you would be spending monthly and see what is best for you. If you’d like help with your finances, Trust Deed Scotland can provide you with experienced debt advice to help you make the best decision for you. A Trust Deed is one of several options to get you back on track. Try the Trust Deed Wizard tool now to find out more, or take five minutes to read our article Is a Trust Deed a good idea?
  Depending on what you’re buying and where you’re buying it from, you may not be able to pay by credit card but only by debit or cash. If this is the case, you could get a card that allows money transfers. This means you could transfer money to your bank account which you can then withdraw or spend by debit card. Doing it this way will cost extra as there will be a fee but it means you can pay up the card as normal and get access to the funds to pay companies who don’t accept credit cards. Again, check the fees and interest rates and calculate if you would spend less money overall than you would with a personal loan. See our Debt Advice Reviews for thousands of independently verified reviews showing how we’ve helped customers improve their quality of life. If you need a substantial amount of money, you may be unable to get a credit card with a high enough limit. In that case, you would need to go down the route of a personal loan. Borrow the smallest amount possible in order to meet your needs and choose the shortest repayment term possible that is affordable for you. Make sure you take into consideration what your current incomings and outgoings are and don’t overstretch yourself and put yourself in a difficult position. It’s easy to be tempted into borrowing more and increasing the repayment term, however, you will cost yourself a lot more in interest in the long run. For example, if you borrowed £8 000 at 9% over 4 years, you would pay £1 555.86 in interest but if you borrowed the same amount over 10 years, you would pay £4,160.87 in interest. How much is your overdraft costing in fees and charges? Overdrafts are often overlooked and you could potentially save money every month by considering switching the type of your account or your bank. Another factor to keep in mind is it may cost you less to borrow slightly more. This doesn’t mean borrow thousands more than you’d planned. Check the individual loans interest rates and thresholds and you may find borrowing £4500 costs you more overall than borrowing £5000, depending on the interest rates. Surprisingly, some companies charge up to 33% more interest on a lower loan than a higher one, so you would end up spending more overall once the interest had been accounted for. Make sure to check for hidden costs when considering a personal loan. You are entitled to pay loans off early but you may be subject to a fee which is usually around two months’ interest. You are also able to make overpayments to your loan without charge, (depending on when you took the loan out if it is pre-existing and how much the overpayments are). Have you been given conflicting information about the impacts of bad credit? We’ve dispelled some of the common bad credit myths to enable you to make an informed decision about what step to take next. Many loans have lock-in fees meaning if you want to switch to a cheaper interest rate, you will be fined for moving. In this case, you will have to determine whether it is cheaper to stay on the higher rate of interest or transfer to a lower rate and pay a penalty. It may actually be cheaper to stay where you are depending on how much the fee is. Always check what the early repayment fees are before taking out a loan or check the terms and conditions in your paperwork if you have an existing loan. Finally, remember the interest rates advertised for credit cards and personal loans are representative. This means, 51% of people who apply will receive these rates. The other 49% will pay extra. The only way to find out what rate you will be offered is to apply and this will affect your credit score so do your research before deciding where to apply.

Worried about unaffordable personal loan debt?

For more information see our Scottish Debt Help FAQs or Contact Trust Deed Scotland. Call us on 0141 221 0999 for tailored Scottish debt advice today.

Interest Costs of Loans and Credit Cards

Posted on by Craig Stocks
 

Interest Costs of Loans and Credit Cards In Scotland

  When reading about interests and costs of loans and credit cards in Scotland, it’s easy to get confused by all the facts and figures flying around concerning the interest costs of personal loans, pay day loans and credit cards. Always read the small print and ask questions about anything you are unsure of before committing to making the application. Many payday loans companies such as Wonga and Quickquid have either completely disappeared, or gone into administration but many more companies exist that do still charge excessive interest costs of loans, credit cards and ‘rent to own’ schemes offered by the likes of Brighthouse’s owners, Caversham Finance Limited. If you’ve been struggling with your finances, a Protected Trust Deed may be able to help you get your finances back on track. Try the Trust Deed Wizard tool to find out how.   You will have heard of APR but what does it really mean? APR stands for Annual Percentage Rate and means the amount of interest you would pay to the lender if you borrowed the money for one year, expressed as a percentage of the loan. For example: If you borrowed £500 at 20% interest for one year, you’d pay back £500, plus 20% of £500, (£100), meaning you’d pay back £600 in total. Trust Deed Scotland are the leading provider of the Protected Trust Deed in Scotland. We have thousands of independently verified reviews written by people we’ve helped that you can read to put your mind at rest. Another way to think about APR is by how many pence it costs you to borrow one pound each year. For example: If the APR on your loan was 20%, you’d pay back 20p per year for each pound you borrowed. The APR also includes mandatory administration fees and other charges. It doesn’t include charges such as late payment charges which would be extra on top of the APR. Find out how much overdraft fees really cost you and what options you have to reduce your outgoings. Legally, companies have to state their APR, even if your loan term is for less than a year. This makes it easier to compare the rates different companies have. It is also more transparent as the monthly interest rates may look much smaller but in reality, if taking the loan over a year, the APR is not just the monthly rate times 12 as you are paying on the original amount plus interest each month. This type of interest, (compound interest), means that the amount you owe will be more each month as the interest builds. What does it mean if the if the APR is over 100%? This means you would be required to pay back more than you originally borrowed. For example: If you borrowed £500 at 200% APR for one year, you would pay back a total of £1000, which is £2 per year for each pound borrowed.

What are representative rates?

All the advertised APR rates for credit cards and loans are representative rates. This means, only 51% of successful applicants get those rates and the other 49% of people approved for the loan will be charged a higher rate of interest. Unfortunately, the only way to know what rate you will be offered is to apply which impacts on your credit score. There are many myths about poor credit.

Credit Card Interest – Do you know the fact from the fiction?

Remember to read the terms and conditions carefully and make sure you know the interest rates and fees you will be liable for and don’t take out a form of credit if you’re not confident you are able to pay it back. Contact Trust Deed Scotland for more information on how we give tailored Scottish Debt Advice.

Council Tax Arrears Debts Scotland

Posted on by Craig Stocks
 

Council Tax Arrears Debt – Help In Scotland

Trust Deed Scotland – Inbound Helpline – 01412210999. Council Tax Arrears debts are a priority in Scotland and should be dealt with as quickly as possible to stop the matter from escalating. Scottish councils are able to arrest your earnings and bank account, take you to court for payment and even force you to be sequestrated, (made bankrupt), if your debt level reaches a certain amount. Trust Deeds are one way to get on top of Council Tax Arrears, if you are struggling with multiple debts at the same time, however, the Debt Arrangement Scheme and other alternative solutions exist. All your unaffordable, unsecured debts, including council tax arrears debt, can be added to your Trust Deed and all you need to do is make one manageable monthly payment, (agreed before the Trust Deed is finalised), which will be split between your creditors. Once your agreed term is finished, any remaining balance will be written off. Try the Trust Deed Wizard to find out what you could expect to pay monthly. Your monthly contribution is determined by your debt level, income, expenditure and who you owe money to. There are government guidelines in place to ensure you can cover your necessary living expenses, (including mortgage/rent; council tax; food; gas/electricity; home/life insurance; phone; internet; TV; travel expenses and housekeeping). Only your expendable income goes towards your debts, meaning you don’t have to sacrifice your quality of life in orderto make payments to your creditors. Are you unsure how much overdraft interest fees have been costing you? You could save money by making a few simple changes. Often, council tax arrears are passed to a debt collection company and they will be less accommodating than the council when trying to recover the debt. In the more severe cases, your council tax arrears debt may be passed to a sheriff officer to collect the debt and undertake enforcement action against you. Understandably, you may feel nervous dealing with a debt recovery company or sheriff officer, but under no circumstances should you ignore contact from them as this may result in your situation getting worse. Once the council applies to the court to begin sequestration proceedings against you, it is very difficult, sometimes impossible to stop the process.

Council Tax Debt – Trust Deed Scotland

Do you want to get your finances back on track? Here are some simple tips to help you keep more pounds in your pocket. Trust Deed Scotland is regulated by a UK regulatory body and has thousands of 5* ratings on Trust Pilot. View our Trust Deeds Reviews page to see thousands of independently verified reviews written by our happy clients. Many of whom also had debt problems with their Council Tax Arrears debt in Scotland.

Council Tax Arrears Debt Scotland – Where to get help?

Our experienced debt advice team can arrange a callback, or meet with you to discuss your personal circumstances. Not only will they review your Council Tax Arrears debt, but they will also go over all the other debts you may have including, credit card debts and the debt solutions available to you to allow you to make an informed decision and choose the option best for you. You will be given a list of information to provide before your appointment e.g. proof of income, expenditure, creditors and. If you have these items ready for the advisor, your case can be moved along as quickly as possible. If you have any questions, see our Debt Advice Scotland FAQs or Contact Trust Deed Scotland today for peace of mind and the support to help you get your finances back on track.

Council Tax Arrears Debt Calculator

  If you have council tax arrears debt and have other unsecured debts like personal loans and credit cards, which have created an unaffordable debt spiral for you; you can use our handy Trust Deed Wizard® tool. This can be used to calculate how much you could save when you consolidate your council tax arrears debts alongside those other debts including personal loans and credit cards.

10 Trust Deeds Misconceptions

Posted on by Craig Stocks
At Trust Deed Scotland® we speak to people every day who have been misinformed in the past about Trust Deeds and how they affect the people who enter them in order to step towards a brighter future. Below are 10 of the most common Trust Deeds misconceptions about Trust Deeds straightened out.  
  1. You will lose your home if you enter a Trust Deed.
This used to be a problem but legislation introduced the form 1B which is addressed at the initial stages of the process, before the Trust Deed is finalised. It ensures a valuation of your property is done and that your property is eligible for protection, before you enter into the Trust Deed.  
  1. Your details will be put in the newspaper if you enter a Trust Deed.
In the past, advertisements were place in the Edinburgh Gazette but this is no longer the case. All those who enter into a Trust Deed are placed on the Accountancy in Bankruptcy (AiB) Register and stay there until 1 year after your trustee discharges from the Trust Deed. Most people have never accessed this unless they work in insolvency and debt solution, so it is not as though your family or friends will come across it by accident.  
  1. Trust Deeds and Bankruptcy/Sequestration are the same thing.
Trust Deeds and Sequestration (Scottish Bankruptcy), have many important differences. Bankruptcy remains on your credit file and you will often be asked on application forms if you have ever been declared bankrupt which could affect your ability to obtain credit indefinitely. Trust Deeds do not show on your credit file 6 years after entering into one. If you are a homeowner and you become bankrupt, you would lose your property, which is not the case with a Trust Deed. Once your Trust Deed term has been completed, you would not make any further payments to your debts but with bankruptcy, depending on your income, you may have to pay into your debts after your bankruptcy has been finalised. If you enter into a Trust Deed, there are government guidelines to ensure you have enough income each month, after your Trust Deed contribution to cover your necessities. This includes things such as: food; housekeeping; rent/mortgage; council tax; gas; electricity; home insurance; life insurance; telephone; internet; television and other expenditure. The guidelines with bankruptcy are much more stringent and you would lead a heavily restricted lifestyle. You also need to pay £200 to apply for bankruptcy, whereas all Trust Deed fees are included in the agreed monthly contribution.  
  1. Your family, friends or employer will find out you are in a Trust Deed.
In the majority of cases, you don’t need to tell anyone at all you’re entering a Trust Deed if you don’t want to. The exception is, people in certain lines of work, (usually positions of high authority or financial responsibility), check your contract and terms of employment or HR department if you are unsure if this applies to you.  
  1. Your income is too high or low to enter a Trust Deed.
Each Trust Deed is considered on a case by case basis. Your income and expenditure, debt level and who your creditors are can all play a part in the process. If your disposable income is high, you may pay a larger contribution than some other people but in the majority of cases, this contribution is still vastly less than what you would be paying prior to entering a Trust Deed, all interest and charges would be frozen and you would write off a percentage of your debt. If you are a low earner you can still qualify if someone you know can act as third party to ensure the contribution will be met each month. Once you discuss your personal circumstances with a debt advisor, they can give you an indication of what to expect. The majority of cases we deal with do not have any problems relating to this.   Try our Trust Deed Wizard tool to see how we could help you turn your finances around.
 
  1. You won’t be able to get credit in the future if you’ve been in a Trust Deed.
You won’t be able to get credit while you are in the Trust Deed but once you complete your agreed Trust Deed term, you can begin applying for credit again and rebuild your credit history. The Trust Deed will show on your credit file for 6 years in total, (from the date it was entered). As most Trust Deed terms are 48 months, this means it would show on your credit file for 2 years after you are discharged from your Trust Deed. During this two year period you may find it more difficult to obtain credit but you can begin rebuilding your credit score. See our blog, How Trust Deeds affect your Credit Rating, for advice on how to rebuild your credit score.  
  1. You would have to give up your mobile phone, Sky/Virgin/Netflix television and other direct debits in other to enter into a Trust Deed.
As stated earlier, when people enter into their Trust Deeds, there are government guidelines in place to ensure you can cover your monthly necessities and your Trust Deed contribution. As long as your outgoings stay within these guidelines, you will not have to cancel any of your direct debits. Only excessive expenditure is not permitted as it would suggest you could contribute more to your debts.  
  1. Entering a Trust Deed is something to be embarrassed or ashamed about.
This is simply not the case. Although you may feel like you are the only person you know struggling with debt, we help thousands of people each year. The chances are you know or have come into contact with many people who are in a Trust Deed but you simply didn’t know it. We’ve already given advice to over [volume] people in Scotland, for over a decade. People get into problems with debt for many different reasons and the fact you are accepting that you need some help and want to get your finances turned around shows you are responsible and committed to changing your life for the better.  
  1. You can shop around to find the lowest Trust Deed contribution.
Your Trust Deed contribution is calculated based on what your debt level is, what your creditors will accept and the amount of disposable income you have. This figure will not change based on what company you deal with as they are all working within the same government guidelines. The importance of what company you choose lies in the training and quality of the debt advisors and how much support you will be given throughout the process. Our advisors are here to help every step of the way from the second you pick up the phone to when you complete your Trust Deed. See our reviews page for thousands of independently written Trust Deed reviews.  
  1. Entering into a Trust Deed would affect the credit of others living in your home.
Trust Deeds are an individual process and only affect you. The only way it may affect your partner is if you have joint debts. Otherwise, it will have no effect whatsoever on the credit history of anyone else living in the property and they needn’t even know you are in a Trust Deed as all correspondence will be confidential. We hope that reading our 10 Trust Deeds Misconceptions guide has helped to appease any anxieties that you may have about whether you would be eligible for a Trust Deed. For more information, find our downloadable Scottish Debt Help Guide or Contact Trust Deed Scotland today.

Recommended further reading

Is a DAS worth it? Is a Trust Deed a good idea? Differences between IVAs and Trust Deeds What debt does a Protected Trust Deed include?

10 Common Trust Deeds Questions

Posted on by Craig Stocks
We often receive calls at Trust Deed Scotland from people asking questions about Trust Deeds. We’ve compiled a list of some of the most commonly asked questions so that you can learn more about the process.

1. How do I set up a Trust Deed?

First common trust deeds questions answered – Enter your details onto the website to arrange a call back, or call the office to arrange an appointment with an experienced debt adviser. The advisor will explain all the options available to you and you can then make an informed decision on whether to proceed with a Trust Deed or another solution. If you decide you would like to proceed with a Trust Deed, we will draft your case as soon as we have received the necessary documentation. Your advisor will give you a checklist of the necessary information. Once your case is drafted, you will receive a call from the insolvency practitioner to confirm the details in your paperwork are correct. After this, your advisor will arrange a final meeting with you to finalise the paperwork and answer any questions you may have. Finally, they will help you set up your first contribution payment and once this is done you can stop paying your creditors directly. Always check with your insolvency practitioner to make sure everything is finalised and you are at the stage where you can cancel payments to your creditors.

2. What if I own my own home?

Second common trust deeds questions answered – You can enter a Trust Deed if you own your own home or if you are a tenant, or living with parents or family. At the beginning of the process, you will be given the opportunity to complete a 1b form which ensures your property is protected, provided you meet the terms of your Trust Deed.

3. Will it cover all my debts?

Third common trust deeds questions answered – It would cover all unsecured finances, excluding student loans or any charges incurred due to fraudulent benefit claims or court fines accrued relating to this. There may be some typical exclusions or grey areas such as a guarantor loan. However, these would be investigated and our debt experts would ensure that any doubt would be immediately resolved, or explained. Remember too that other solutions exist such as Debt Arrangement Scheme.

4. Will I need to have a credit check done?

Fourth common trust deeds questions answered – No, you will not need to have a credit check carried out but a credit check could help verify you creditors and the amounts you owe. This is a good idea if you have additional debts you may have forgotten about or are unsure about who you owe money to.

5. Is a Trust Deed the same as bankruptcy?

Fifth common trust deeds questions answered – No, Trust Deeds and bankruptcy, (called sequestration in Scotland), are not the same. One of the major differences between the two is, if you are a homeowner, you can keep your own home in a Trust Deed but this isn’t always possible with bankruptcy. Click on the following links to find out more about Sequestration and Minimal Asset Process, (MAP). Try the Trust Deed Wizard to see how a Trust Deed could help you. Or, find out how it works.

6. Do I have to tell my family or friends?

Sixth common trust deeds questions answered – As long as you have individual debts, (they aren’t joint with anyone), you do not need to tell anyone at all if you don’t want to. We will never disclose your status to anyone and all correspondence will be discrete.  

7. What if I am self-employed?

Seventh common trust deeds questions answered –  You can apply for a Trust Deed if you are self-employed as long as you can provide evidence of income, accounts and invoices.  

8. What if I stop paying my agreed monthly contribution?

Eighth common trust deeds questions answered – If there is a valid reason you cannot pay your Trust Deed contribution, contact your insolvency practitioner immediately. It is possible to arrange a payment holiday for extenuating circumstances. If you stop paying your agreed contribution without good reason or without contacting your insolvency practitioner, they may discharge themselves from your Trust Deed, meaning your creditors will resume chasing you for the full outstanding balances, they may request a wage arrestment against you or you could be made bankrupt.  

9. Will my credit rating be affected?

Ninth common trust deeds questions answered – Yes, your credit will be affected but if a Trust Deed is the best option for you, it is best to take charge of your finances as soon as you can. If you have not defaulted on any payments but have a high level of unsecured debt, you will find yourself in the position where lenders will not consider giving you any more credit, even if you have a high credit score. This is because the acceptance process is means-tested and even if you have never missed a payment, there will come a time when what you owe exceeds the realistic probability that you can pay it back based on your income and expenditure.  If you have already defaulted on payments to your creditors, your credit will already be negatively affected and each default will show on your credit file for 6 years. Once you have been discharged from your Trust Deed, you can rebuild your credit.  

10. What would a Trust Deed mean for my future?

Tenth common trust deeds questions answered – all debts included in your plan will be written off and you are now able to rebuild your credit score. This would allow you to apply for mortgages, higher purchase loans to buy a car and credit cards. These are things you would never be able to do with poor credit. You will also be free from the stress of having a lot of debt and having multiple creditors chase you. If you have more questions you’d like us to answer, view our Scottish Debt Help page or Contact Trust Deed Scotland today.

Call us on 01412210999 for any other Trust Deeds Questions!

Call 01412210999 for any other Trust Deeds questions you have. The team at Trust Deed Scotland are here to help and honestly, there are no Trust Deed questions that we’ve not answered before.

Unemployment Rates Scotland

Posted on by Craig Stocks

In July 2015, the BBC reported that unemployment in Scotland had fallen by 150,000 between March and May this year.

This was a 39,000 drop in employment compared to the same quarter in 2014. These statistics presented an encouraging overview of economic recovery and even put Scotland at a lower rate of employment than the rest of the UK, with 74.3% of Scots employed, compared to 73.3% in the rest of the UK.

Figures released on the 13th of August 2015 by Gov.uk, reported that the unemployment was 5.6%, the same as the rest of the UK.

The recent statistics released show a worrying picture, suggesting Scotland’s economic recovery has halted and started to take a downward turn. On the 14th of October, the BBC reported that unemployment has risen by 18,000 in Scotland, which puts the unemployment rate higher than the rest of the UK, (6.1% compared to 5.4%).

It has been suggested that cutbacks in the oil and gas industries are the reason for the decline. This theory is supported by the trends developing in debt advice and insolvency sectors.

Clare Greechan, senior manager at Trust Deed Scotland stated:

“We have noticed an increase in enquiries from the North of Scotland. This is mainly due to the downturn in the oil and gas sectors. Reduced earnings are impacting on people’s ability to maintain payments to their creditors and they are forced to look at other options.”

There has been a 55% decline in crude oil prices since June 15 which has affected an industry that was already operating under harsh constraints with UK oil production at the lowest it has ever been due to oil fields running out of resources. Andy Samuel, chief executive of the Oil and Gas Authority commented,

“Regrettably, this has led to the loss of around 5,500 jobs since late 2014.”

It is not just workers in the oil and gas industry who have been affected by these cutbacks. The knock-on effect on other areas of industry in the north has left them also feeling the negative impacts. The hotel sector in Aberdeen has reported lower occupancy levels and a very significant decrease in revenue per available room.

Partner in the Property, Leisure and Hospitality sector at BDO, Alistair Rae, reportedly commented:

“There are clear signs that the oil and gas sector is dramatically reducing its costs in the city with hospitality among the first expenses to be cut.”

He went on to add, “I believe that this situation will not improve in the immediate future so would caution the hotel sector in Aberdeen to ensure it is managing its costs to cope with the reduced demand in income.”

If you are affected by the issues discussed in this article, you could contact an experienced debt company such as Trust Deed Scotland or a Scottish debt charity for help.

There are several options available if you are struggling financially.

 

A Trust Deed may be the right solution for you if you are looking for one affordable monthly payment, with a term of typically 48 months which allows you to write off a percentage of your debt.

Try the Trust Deed Wizard tool to see how a Trust Deed could help you. See our article What is a DAS? for more information on the Debt Arrangement Scheme.

 

 

Visit our info hub article for Money Saving Tips for all the Family or Contact Trust Deed Scotland for more information.

Job Losses in Steel Industry Hit Scotland Hard

Posted on by Craig Stocks

The steel industry has been under increasing duress due to imported steel and foreign industries producing more steel than the whole of Europe combined. It was announced last week that as a result of this strain, 270 Scottish jobs will be cut at, Tata Steel, in wave of job cuts affecting the whole of the UK.

Tor Farquhar, HR Director of Tata Europe commented on the cuts from Dalzell Steelworks in Motherwell.

‘The biggest challenge is really the Chinese steel industry and the amount of imports coming into Europe, which is the same tonnage as the whole steel capacity of Europe.’

This is not the first time the steel industry has been struck by devastating job losses. In 1992, Ravenscraig steelworks was closed. This led to the dramatic decline of steel production in Scotland and the loss of 770 jobs, (however, this number is direct losses only and the knock-on effect the area suggests the actual figure to be higher).

John Pentland, Labour MSP for Motherwell and Wishaw commented on the situation and highlighted the Ravenscraig closure and its long term effects on the area.

‘We are still recovering from the damage done by closing Ravenscraig. It shattered this area, and in Motherwell and Wishaw we are still picking up the pieces, trying to rebuild and regenerate the local economy, jobs and communities.’

The announced job cuts could spell the end of Scottish steel production entirely. First Minister, Nicola Sturgeon, has established a Scottish Government Steel Taskforce, chaired by Business Minister, Fergus Ewing in an attempt to prevent further job losses and keep Dalzell and Clydebridge steelworks open.

Sturgeon is troubled by the events and recognises the importance of preserving the steel industry.

‘This is a very anxious time for Tata Steel employees and their families and is deeply concerning for everyone involved…My government is determined to fight for a future for our steel industry.’

This news comes as a blow to the Scottish economy which is already struggling and more job losses in Scotland will further affect the rate of unemployment which is higher in Scotland than the rest of the UK.

If you find yourself facing financial difficulty, a Scottish Trust Deed could be the right solution to help you get back on track.

Visit our info hub for 10 Frequently Asked Questions About Trust Deeds or Contact Trust Deed Scotland for more information.

Scottish House Prices Increase as Demand Exceeds Supply

Posted on by Craig Stocks
The Scottish property website s1homes.com has reported house prices in Scotland rose substantially between January and June 2015. The Glasgow-based property portal website is the sister website of s1jobs.com, the leading Scottish jobs website offering thousands of positions including retail jobs in Glasgow. As a direct impact of a lack of properties entering the housing market, house prices in Scotland rose by 3.5% between April and June and are expected to rise by over 5% by the end of the year Trust Deed Scotland® can reveal. The biggest increase in house prices concerned semi-detached properties, with their value showing a 5.5% increase. Excluding flats, all other types of residential property in Scotland displayed a decrease in the volume of house sales. Detached properties are the only type of property not to increase in average house price, had a drop in sales of 4.2% compared to 2014. Out of all cities in Scotland, Glasgow had the largest rise in the percentage of sales, with an increase of 17.6%. Aberdeen however, had the largest decrease in sales, with an 18% decline since 2014. The decline in sales in Aberdeen has coincided with the loss of jobs in the oil and gas sector affecting the area. Sarah Speirs, director of RICS in Scotland, who work closely with the Scottish Government on matters relating to property and construction predicted a rise in rent and commented, ‘The Scottish government increases investment in initiatives such as Help to Buy, which further stimulates demand while failing to address the critical issue of housing supply, more needs to be done to increase and expand housing supply.’ In an attempt to address housing issues and focus on the affordability of Scottish house prices, the Scottish government has announced it will spend £195 million of the next three years on a shared equity scheme designed to help people buy new-build houses. The cutbacks in companies are affecting how much people can spend on buying a home and their decisions to sell their properties. People are reluctant to move home in case there is a change to their financial circumstances. This fear is fuelled by mass redundancies across many sectors. Most recently, Scotland was rocked by the confirmation that two steelworks are to be closed due to the pressure put on them by competition outside of Europe. This move may ultimately spell the end of Scottish steel production for the long term.

How to get debt help in Scotland

If you find yourself in financial difficulty, entering into a Trust Deed or the Debt Arrangement Scheme (DAS) could be two possible formal Scottish debt solutions that may help you to make more manageable payments to the people to who you owe money and even allow you to write off a percentage of your unaffordable debt. More homeowners across Scotland than ever before are finding that DAS is a suitable solution for them, where they have too much equity in their property to qualify for a Trust Deed, however being a homeowner and having equity in your property may not necessarily exclude you from being able to apply for a Trust Deed. The most important consideration for you is to ensure that you seek help from an experienced advisor as soon as you can, in order to ensure that you receive the most relevant advice for you, based on your own situation, lifestyle and needs. Call us on 0141 221 0999 to get more information from our experienced debt advice team on how a Trust Deed could help you. Your call will be handled in confidence, without obligation and completely non-judgemental. See our other recent blog for 10 Money Saving Tips for all the Family or for more information, Contact Trust Deed Scotland today.

Money Saving Tips For Christmas

Posted on by Craig Stocks
 

Tips for saving money at Christmas

  It’s that time of year again! We’d all like to cut down on the costs of the festive season. Here are some simple money saving tips for Christmas from Trust Deed Scotland that you can apply this Christmas and the Christmases to come to make things more affordable. 1.   Only spend what you can afford. This may seem obvious but the highest amount of debt per person tends to be accrued during the festive period. Avoid building credit card debt and instead budget for what you can afford. If you get your presents in gradually, over time, you won’t leave yourself short for the month and reliant on credit cards. You may think you’re saving yourself stress by putting it on plastic but remember any good deals you’ve got on your gifts will actually cost you much more in the long run, once you’ve paid them all off, with interest. 2.     Use points and vouchers you’ve saved in shops to buy presents/Christmas dinner. Do you have numerous points cards cluttering up your purse or wallet that you always forget to use? Now is the time to cash in those points for presents or Christmas dinner. You may be surprised how many you’ve saved up. 3.   Look out unused wrapping paper, cards and tags. Like most people, the chances are you have unused wrapping paper, tags, bows, ribbons, gift bags and cards lurking around forgotten in your home. Get them down from the loft or out of the cupboard and use them before you buy more this year. Going forward, keep a box of unused Christmas accessories that you can pull out from year to year. Although you may worry about using the same paper as last year, the chances are no one but you will know and not only will you be saving your pennies, you’ll be doing your bit for the environment too. Try our Trust Deed Wizard tool to see how Trust Deeds may help you. 4.   Save money by packaging your own gifts. Instead of buying expensively boxed gifts, get a selection of presents and buy gift boxes or tins to put them in. Boxes range in size from ring/pill sized to hamper-sized and above and if you shop around you can find something suitable for a very reasonable price. Smarten it up by adding some tissue paper or confetti and a ribbon and bow and it will look as though it was shop bought. 5.   Take advantage of offers for free delivery or click and collect. Although one company may be selling an item for less than another, you may find that once you add on postage costs, you will actually pay more. Always check postage prices and take advantage of discounts, free delivery or opt to have items delivered into stores using click and collect as most companies who offer this service do so free of charge. 6.   Shop around and use price comparisons, the chances are you’ll find the same product in several different places for different prices. Although you may use the same high street store each year for gifts, shop around before making your purchases. Do price comparisons online as you may be able to find the same product on special offer or retailing at a lower price elsewhere. See our Testimonials for reviews from hundreds of customers we’ve helped out of debt. 7.    If you won’t be seeing the recipient of a present until after Christmas, shop for their gift in the Boxing Day or January sales. Many shops have massive sales in store and online with savings exceeding 75% and more on some items. You may also want to buy your next years presents in the sales to save money and reduce stress when it gets round to next Christmas. 8.    Get inventive! Make your own gifts and cards. If you like arts and crafts or bakery, now is the time to put your hobby to good use. Many presents can be homemade from soft toys, cushions and quilts to jumpers, ornaments, calendars, cakes and more! Get the kids involved too; they may love making the Christmas cards and tags and your family and friends will love the personal touch. See our blog for Ten Frequently Asked Questions About Trust Deeds. 9.    Give unwanted gifts you’ve received at birthdays and Christmases. Rule number one: Be careful not to give it to the same person who gave it to you! This is a great way to save money and get unwanted gifts to owners who will appreciate and use them. Perhaps you received some perfume that makes you sneeze or a shirt that doesn’t fit you? Another option is to sell unwanted gifts online and use the proceeds to go towards your Christmas purchases. For more advice, see our Debt Advice Scotland FAQs. 10.    Use draught excluders to cut down on energy bills. This winter is rumoured to be the coldest we’ve had in the UK for a while. Keep the heat in and avoid sky high energy bills by using draft excluders and making sure your doors and windows are properly sealed against wind and rain. We hope these money saving tips for Christmas will help you cut your costs. If you do have any debts and would like help getting your finances back on track, contact Trust Deed Scotland for tailored debt advice.