Category: Money Advice

Seasonal Affective Disorder (SAD)

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

Symptoms

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

Treatments

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

Causes

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

Depression and Debt

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

Seeking Debt Advice

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

Financial Help in Scotland

Posted on by Craig Stocks
Financial Help in Scotland is available for a variety of people facing financial struggles.

Low Income Cost of Living Payments

You may be eligible for three cost-of-living payments (£301, £300, and £299) if you receive any of the following benefits:
  • Universal Credit
  • Income-based Job Seeker’s Allowance (JSA)
  • Income Support
  • Pension Credit
  • Child Tax Credit
  • Working Tax Credit
  • Income-related Employment and Support Allowance (ESA)
If you are eligible you’ll receive:
  • £301 during Spring 2023
  • £300 during autumn 2023
  • £299 during spring 2024
You do not need to apply. If you qualify, you will receive the funds automatically.  

Energy Bills

The Energy Price Guarantee has been extended for a further three months until June, which means that the average household energy bills will remain at £2,500 per year instead of rising to the estimated £3,000. However, the energy bills support scheme, which saw each household receive £400 towards energy bills, will end at the end of March. Politicians are calling for further action to be taken to give people financial help with energy bill prices as energy companies report their biggest ever profits. However, no such actions have yet been announced. It has been revealed that an estimated that more than half of Scots are spending time in cold and dark rooms in fear of their expensive household bills. For those fearing the incoming energy bill hike, here is some information the limited help that is available: –
  • Winter Heating Payment: Receive £50 per year towards energy bills. Automatic qualification if receiving certain benefits.
  • Alternative Fuels Payment: £200 one-time payment if your household is not connected to the main gas grid or uses alternative fuels as the main form of heating.
  • Warm Home Discount: This provides up to a £150 reduction in energy bills for those on a low-income or those who get the Guarantee Credit element of Pension Credit.
If you find that you are unable to make payments, contact your energy supplier and they will help to work out a solution for late payments. This will prevent them from disconnecting you. For further help on ways to reduce energy bills, please visit Citizens Advice If you fall into debt, there are solutions available.  

Council Tax

A rise in Council Tax has been approved across the country. Each council has announced a different percentage increase, with an average of a 5% rise. The average council tax bill for the last year was £1,347. The approved increase could see that number rise to £1,414 a year. There are Council Tax discounts and exemptions available.   Those eligible for reductions include: –
  • Part-time students
  • Low-income households
  • Those in receipt of certain benefits
  • Single adult homes
  • For households that include someone living with a disability
  • Carers for someone with a disability
  Those eligible for complete exemptions include: –
  • Full-time students
  • Those suffering from a severe disability
  To apply for Council Tax reductions and exemptions see here. More people are beginning to fall into Council Tax arrears. If this is the case for you, there is financial help in Scotland available.  

Benefits and Income Support

There are multiple forms of benefits that a large percentage of the population is entitled to.   The most common benefit payments for both those in and out of work include: –
  • Universal Credit: A payment which attempts to aid with everyday living costs. It is available to those who world full-time as long as certain household and income criteria are met. It is often overlooked by those with a regular income.
  • Scottish Child Payment: A weekly payment of £25 is awarded for every child in the household under the age of 16.
  • Job Seekers Allowance: If you are currently out of work and seeking employment, you are eligible for between £61 and £77 per week.
  • Child Benefit: Child Benefit is not means tested, but for high-income families the amount you receive will be reduced. The amount received is around £21.80 per week for the oldest child, and £14.45 per week for subsequent children.
  • Housing Benefit: For those out of work or on low-income, support can be given to help pay rent. Each council has different eligibility criteria and levels of support available.
  • Adult Disability Payment: The Adult Disability Payment supports disabled adults with the added costs of living and mobility.
  • Child Disability Payment: This payment provides added income each week to support households with the added costs of caring for a disabled child.
  • Tenant Grant Fund: This aims to mitigate the short-term financial challenges faced by private tenants and help them to avoid falling into arrears or facing eviction. Each council has different criteria.
  There are tools available which can determine if you are eligible for any benefits that you were not aware of.  

Debt solutions

For those struggling with debt in Scotland, there are a number of solutions and ways to access financial help available. All or most debt solutions will affect your credit rating.   Trust Deed A Trust Deed is a legally binding agreement between you and your creditors where you agree to pay back an affordable portion of what you owe, whilst protecting assets such as your house and car. There is usually a fixed time rate of four years and on completion of this term, all remaining unaffordable debt will be written off. While in a Trust Deed, creditor contact will reduce and then eventually stop. You will typically still receive annual statements or notifications on whether your account has been passed onto another debt collection agency or debt purchaser. This is normal, and the original agreement still stands. After the Trust Deed term has ended, your creditors cannot pursue you for the remaining balance, this will be written off. To qualify, you must be able to make an affordable repayment amount towards your debt and owe more than £5,000.   The Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) allows you to repay your debt at a manageable level for you, freezing all interest and fees. To qualify you can have any amount of debt but must not be in any other form of debt repayment. A DAS is also legally binding and the people you owe money to are not able to contact you or take action against you. Payment breaks of up to six months due to unemployment or illness are also available while in the Debt Arrangement Scheme. The DAS will last until the debt is cleared but it will protect assets such as your home and cars.   Minimal Asset Process The Minimal Asset Process route to Sequestration (Scottish bankruptcy) is a formal debt solution which allows you to write off unsecured debt if you are on a low-income and with no disposable income left after covering essential living costs and do not possess any valuable assets such as a house, or a car worth more than £3,000.   Sequestration Sequestration is the Scottish equivalent of bankruptcy. It allows individuals to clear their debt. However, if you have any valuable assets, they may be sold to raise money towards the debts. After Sequestration is approved, the people you owe money to can no longer pursue you.   For those who do not want to enter into formal arrangements, there are alternatives available to a formal debt solution. Statutory moratorium A Statutory Moratorium allows a period of breathing space while you review your longer term options. For those struggling to repay debts, this option stops creditors from taking action against you for six months. It is not a permanent debt solution and does not write off any debt or stop interest and charges from accruing.   Alternatives including the Debt Management Plan An informal Debt Management Plan is similar to a DAS but is not legally binding, meaning that those you owe money to can revoke it at any point, can re-apply interest and charges and continue to take action against you.  

Other Helpful Services

Free Dry Cleaning – Timpsons are offering free dry cleaning for unemployed individuals who are heading off for a job interview. Travel Costs – The Jobcentre Plus Travel discount card is a free card for those who are unemployed, and gives a 50% discount to countless bus and rail tickets. Employment help – The job market is incredibly tough at the moment. If you’re struggling to find employment, something that could help you to stand out is free, government funded courses. For a change in career, with no experience, courses like these could help you to get your foot in the door and create a new career path for yourself.    

Mortgage Fears after Interest Rate Hike

Posted on by Craig Stocks
The Bank of England has raised the base interest rate to 5%, the highest the UK has seen since the 2008 financial crash. It was announced on Thursday 22nd June that the interest rate would rise from 4.5% to 5% at the start of July in an attempt to combat inflation. Inflation is currently sitting at just below 9%, however, the Bank of England’s target is 2%. This means that people with mortgages are likely to see an increase in their monthly payments.  

Mortgages

There are currently approximately 13 million mortgage accounts active in the UK. Those in fixed rate mortgage payments are likely to see a rise from an average of £700 per month to £1,000 per month. Approximately 800,000 households still need to refinance this year, and a further 1.6 million homeowners next year, meaning that they will face much higher repayments. Variable-rate mortgage repayments are also set to rise from an average of £450 to over £700 a month, this applies to 1.5 million UK households. Research by the National Institute of Economic and Social Research has estimated that the latest interest rate hike would see 1.2 million UK households run out of savings by the end of the year due to having to pay more for their mortgage.  

Risk to Private Rent Sector

Around two thirds of existing landlords are reliant on a mortgage. If a landlord’s mortgage is to substantially rise along with interest rates, then their tenants may be the ones expected to foot the bill. Landlords may choose to raise prices in-between tenants, meaning that new tenants may face much higher rent payments. A consequence of this is that many current tenants feel trapped in their current properties with unaffordable rent prices. Affordable properties become more scarce since the market value for similar properties rises at the same time.  

Risk of Falling into Debt

Around a third of adults currently paying rent or mortgage payments are finding it very or somewhat difficult to afford them. The steep rise in monthly mortgage payments may result in an increase in households struggling with unaffordable debt. It’s expected that many people who will struggle to keep up with the higher payments may turn to credit to fund everyday essentials. Unfortunately, this cycle of debt can very quickly become unaffordable.  

Accessing debt help in Scotland

For those struggling with debt, there are a number of solutions and ways to access financial help in Scotland. A Trust Deed is a legally binding agreement between you and your creditors where you agree to pay back an affordable portion of what you owe, whilst protecting assets such as your house and car. There is usually a fixed time rate of four years and on completion of this term, all remaining debt will be written off. While in a Trust Deed, creditors can no longer contact you and cannot pursue you for the remaining balance that will be written off. To qualify, you must have a suitable level of income and affordability and the amount of debt must be more than £5,000.   The Debt Arrangement Scheme (DAS) allows you to repay your debt at a manageable level for you, freezing all interest and fees. To qualify you can have any amount of debt but must not be in any other form of debt repayment. A DAS is also legally binding and the people you owe money to are not able to contact you or take action against you. Payment breaks of up to six months due to unemployment or illness are also available while in the scheme. The DAS will last until the debt is cleared but it will protect assets such as your home and cars.   The debt advice team at Trust Deed Scotland® can also give you the advantages and disadvantages of both solutions plus alternative formal Scottish debt solutions available for Scottish residents. Call us on 0141 221 0999 for more information.

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

Black Friday Debt 2023

Posted on by Craig Stocks
It’s Black Friday next week which will be quickly followed up by Cyber Monday. Our email inboxes are already filling up with offers from all types of offers, from electronics to apparel and fashion brands. Most retail websites we visit are offering generous voucher codes. We can’t browse social media without finding clickbaitesque deals, we can’t read a newspaper or watch TV, or even listen to the radio without being offered even more discounts. It’s easy to get caught up in the shopping frenzy of Black Friday and end up spending more than we should. However, you should avoid spending money that you don’t have. 51% of Black Friday shoppers bought impulse purchases during the Black Friday promotions in 2022 and 39% of Brits bought a Black Friday promotional item on Amazon.

Resisting the pull of Black Friday and how it can affect mental health

Compulsive Buying Disorder also known as shopping addiction or oniomania, is a damaging behaviour and affects as many as 1 in 20 people. Being addicted to online shopping should be recognised as an actual mental disorder, psychotherapists from the Comprehensive Psychiatry journal have argued. Researchers say they can pinpoint distinct symptoms and characteristics of the condition and say how it affects the mind. ‘Buying-shopping disorder’ (BSD) has been recognised for decades but experts say it is taking on a new meaning in the internet age. The Priory Group said that sometimes, when people develop an ability to forego another addiction such as alcoholism – other addictive behaviours come to the fore, such as shopping. The same goes for other spending types in the run-up to the festivities, and then the January sales. Speaking on shopping addiction, they said: “All rationale and reason around over-spending are overlooked for the short-term gain, ignoring the longer-term consequences.” Some temporary recovery solutions include:
  • Getting support (other shopping addicts, therapists, friends) from people who understand the sometimes overpowering urges
  • Remove shopping apps from your phone
  • Unsubscribing from email and SMS marketing from retailers
  • Throw away leaflets dropped through the letterbox
  • Avoid the types of websites that you know will offer you Black Friday deals
  • Have other interests planned before, during and after Black Friday
  • Avoid social media completely. Or, at the very least, you can unfollow or mute retail brands that you’re following on social media.
If you are worried about your mental health and you get further guidance from both SAMH and Breathing Space, two excellent organisations in Scotland that specialise in support with Mental Health issues.

Black Friday debt guidance

Black Friday may not be all it’s cracked up to be. In 2017, a survey carried out by Which? found that 87% of the items tracked during Black Friday and Cyber Monday were the same price at other times of the year – sometimes cheaper. The survey was carried out using data from 94 popular products. These products, which you’ll know if you’re a regular buyer, are some of the most discounted items put on sale during the Black Friday Week/Month duration. It is also likely that some retailers take advantage of the craze to sell items at a price that won’t really save you much money at all. This is important to remember when buying more expensive items, especially if it means eating into an overdraft or borrowing money from other sources to ‘grab a bargain’. One other small piece of advice we can give you – If you see a deal that you think you must take advantage of – add it to your shopping basket, leave it there and come back to it later. If you still feel that you want the item, and you have the money to afford the item, then you’ll have a better understanding of whether or not it was just an impulse purchase. However, most online retailers have what they call a shopping cart abandonment strategy. Essentially this means that they know 41% of shoppers will abandon an online shop and therefore will attempt to further entice the shopper by adding even more generous discounts. Waiting and biding your time sometimes pays off.

Christmas debt

Regardless of how you feel about Christmas, don’t let money and debt cause you stress. Christmas debt can be really damaging…
  1. It adds stress in the back of your mind & stops you from enjoying time with your family.
  2. You start the new year on the wrong foot, New Year’s resolutions are trumped by Christmas debt.
  3. It cost you money. Buy now pay later, credit cards and store cards are expensive forms of borrowed debt.
To avoid going into debt this Christmas, we recommend making a Christmas budget and sticking to it. Don’t feel pressured to spend more than you can afford. You don’t want to start 2024 with Christmas debt hanging over your head.

Help with unaffordable debts

Trust Deed Scotland® have thousands of five-star debt reviews on Trustpilot. With our experience of having helped over [volume] people in Scotland, we offer advice on Trust Deeds, the Debt Arrangement Scheme and alternative Scottish debt solutions.
  • Reduce monthly payments
  • All debts included in your plan will be written off after a fixed term
  • Freeze interest and charges
  • Reduce creditor contact
To find out more about the risks and benefits of these solutions from our experienced debt team, Contact Trust Deed Scotland on 0141 221 0999, or complete our online form. For a brighter future, trust us. May not be suitable for all. Can affect credit rating. Free advice also available from moneyhelper.org.uk.

Talk Money Week 2021

Posted on by Craig Stocks
8-12 November 2021 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 on 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. 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 2021 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. However, it isn’t easy talking about money and debt. Many people fear being judged, or embarrassed or ashamed of their debt when the truth is problem debt can happen to anyone. Previous research from Christians Against Poverty Scotland also show that as many as 25% of Scots wait 3 years before seeking debt help.

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. When broken down, from the total number of 4,556 reviews received, 4,452 people rated us excellent. A further 95 people rated our service as good.
  • 97.7% said our service was excellent.
  • 99.8% said our service was excellent/good.
Our Trust Deed Scotland reviews are 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 for 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, it’s always completely 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 action any feedback 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 adviser Sharon received a review in the run-up to Talk Money Week 2021 which perfectly described many of the feelings that individuals have when they’re looking for help with their unaffordable debt and we appreciate the courage that it takes each and every one of our customers to leave a review.
Our customer wrote: “Getting into financial despair, was a long and winding road. Sometimes I was able to make some headway towards reducing my debts, but in the end, the robbing ‘Peter to pay Paul’ finally caught up with me and I found myself unable to afford basics. At this point, however, I must stress, my accrued debt was not money that I spent on fancy clothes, holidays or recreational, it was an accumulation of factors; being in a controlling, manipulative and selfish relationship; keeping my family afloat, lending money when they had none and giving to them when I had none. I felt I could not let anyone down and to keep kept face, I would do my own creative accounting and weather all of their storms, trying to be all of the strengths a perfect parent, albeit a single parent, could be. Then I hit rock bottom – every letter through the door was dreaded. Calls to my mobile were screened, calls started to arrive at my work. I started hiding from it all. Then, I had a health scare and I thought…great, I have a way out! The health scare came and went…As I said, I had robbed ‘Peter to pay Paul’ and because of this, nobody realised that I actually was crippled in debt. But then, there was no ‘Peter’. I could not get credit and this meant that I could not lend anybody money, pay off any of the ‘smaller’ debts or even afford basic day to day living costs. I found myself selling my own belongings and making it look like I was having a therapeutic clear out, just to save face again. I am not sure exactly when my ultimate rock bottom hit… probably when I sold something which was sentimentally valuable to me. I realised that my family had not asked me for money for a while and that I had not seen them for months. I realised that I was working a full time job with a good remuneration package but just days after payday, I had nothing left. I was an accredited and respected employee of a company that delivers an excellent service of care. I felt a fraud and I hated myself for what I had become. The despair, desolation and loneliness began to affect everything. I stopped being in contact with all my friends and family, scared that someone would find out and I couldn’t hide the fact that I could not afford to do anything social. Lockdown was a blessed relief for me. Even now, the only person that knows about my ‘mess’ is the person I made contact with the day I picked up the phone to Trust Deed Scotland. Calling the Trust Deed Scotland telephone number was not easy. I attempted it many times before building up the courage to stay on the phone. It has not been an easy task, but this is not a reflection of their exceptional service. It has been devastating to have my debts laid out in front of me. I had buried it and my head, so the accumulated amount was such a shock…truly soul-wrenching and I have never felt like such a failure in all my life. My advisor literally was a lifesaver. Without prejudice, she guided me through collating the information needed. She took me through the process, step by step, at a pace where I could take in all of the information without being overloaded, whilst all of the time making sure that I was ok. She gave me options and guidance; however, the ultimate decision to enter into the agreement I did, was my own. She gave me back the reigns of my own financial control. I still have a way to go yet. I am waiting to hear if all my paperwork will be accepted. All being well, in 4 years I will be debt free. I still have not told anyone close to me about my situation, but this is because I feel ashamed and this loneliness is my cross to bear. However, there is a light at the end of this very dark and long tunnel and I now have a torch to help. I will emerge a stronger and more financially independent person, all thanks to having the courage to make that call to Trust Deed Scotland.”

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.
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Black Friday Debt 2021

Posted on by Craig Stocks
It’s Black Friday next week which will be quickly followed up by Cyber Monday. Our email inboxes are already filling up with offers from all types of offers, from electronics to apparel and fashion brands. Most retail websites we visit are offering generous voucher codes. We can’t browse social media without finding clickbaitesque deals, we can’t read a newspaper or watch TV, or even listen to the radio without being offered even more discounts. It’s easy to get caught up in the shopping frenzy of Black Friday and end up spending more than we should. However, you should avoid spending money that you don’t have.

Resisting the pull of Black Friday and how it can affect mental health

Compulsive Buying Disorder also known as shopping addiction or oniomania, is a damaging behaviour and affects as many as 1 in 20 people. Being addicted to online shopping should be recognised as an actual mental disorder, psychotherapists from the Comprehensive Psychiatry journal have argued. Researchers say they can pinpoint distinct symptoms and characteristics of the condition and say how it affects the mind. ‘Buying-shopping disorder’ (BSD) has been recognised for decades but experts say it is taking on a new meaning in the internet age. The Priory Group said that sometimes, when people develop an ability to forego another addiction such as alcoholism – other addictive behaviours come to the fore, such as shopping. The same goes for other spending types in the run-up to the festivities, and then the January sales. Speaking on shopping addiction, they said: “All rationale and reason around over-spending are overlooked for the short-term gain, ignoring the longer-term consequences.” Some temporary recovery solutions include:
  • Getting support (other shopping addicts, therapists, friends) from people who understand the sometimes overpowering urges
  • Remove shopping apps from your phone
  • Unsubscribing from email and SMS marketing from retailers
  • Throw away leaflets dropped through the letterbox
  • Avoid the types of websites that you know will offer you Black Friday deals
  • Have other interests planned before, during and after Black Friday
  • Avoid social media completely. Or, at the very least, you can unfollow or mute retail brands that you’re following on social media.
If you are worried about your mental health and you get further guidance from both SAMH and Breathing Space, two excellent organisations in Scotland that specialise in support with Mental Health issues.

Black Friday debt guidance

Black Friday may not be all it’s cracked up to be. In 2017, a survey carried out by Which? found that 87% of the items tracked during Black Friday and Cyber Monday were the same price at other times of the year – sometimes cheaper. The survey was carried out using data from 94 popular products. These products, which you’ll know if you’re a regular buyer, are some of the most discounted items put on sale during the Black Friday Week/Month duration. It is also likely that some retailers take advantage of the craze to sell items at a price that won’t really save you much money at all. This is important to remember when buying more expensive items, especially if it means eating into an overdraft or borrowing money from other sources to ‘grab a bargain’. One other small piece of advice we can give you – If you see a deal that you think you must take advantage of – add it to your shopping basket, leave it there and come back to it later. If you still feel that you want the item, and you have the money to afford the item, then you’ll have a better understanding of whether or not it was just an impulse purchase. However, most online retailers have what they call a shopping cart abandonment strategy. Essentially this means that they know 41% of shoppers will abandon an online shop and therefore will attempt to further entice the shopper by adding even more generous discounts. Waiting and biding your time sometimes pays off.

Christmas debt

Last year was a Christmas like no other due to the way lockdown restrictions fell upon us all. As a result of the extended measures, many people missed out on spending time over the holidays with their family and friends. The temptation to make this as a more special Christmas, may in fact heap further pressure on people who are already worried about how they’ll finance Christmas. Regardless of how you feel about Christmas, don’t let money and debt cause you stress. Christmas debt can be really damaging…
  1. It adds stress in the back of your mind & stops you from enjoying time with your family.
  2. You start the new year on the wrong foot, New Year’s resolutions are trumped by Christmas debt.
  3. It cost you money. Buy now pay later, credit cards and store cards are expensive forms of borrowed debt.
To avoid going into debt this Christmas, we recommend making a Christmas budget and sticking to it. Don’t feel pressured to spend more than you can afford. You don’t want to start 2022 with Christmas debt hanging over your head.

Help with unaffordable debts

Trust Deed Scotland® have thousands of five-star debt reviews on Trustpilot. With our experience of having helped over [volume] people in Scotland, we offer advice on Trust Deeds, the Debt Arrangement Scheme and alternative Scottish debt solutions.
  • Reduce monthly payments
  • Write off unaffordable unsecured debt with a Trust Deed
  • Freeze interest and charges
  • Reduce creditor contact
To find out more about the risks and benefits of these solutions from our experienced debt team, Contact Trust Deed Scotland on 0141 221 0999, or complete our online form. May not be suitable for all. Can affect credit rating. Free advice also available from moneyhelper.org.uk.

Cost Of Living Scotland: Energy Bills

Posted on by Craig Stocks
In the latest of our cost of living in Scotland series of articles, Trust Deed Scotland® focuses on energy bill increases, which are expected to worsen finances for many households across the UK. With day-to-day costs like energy, food and rent are rising steeply. If you’re worried about being able to afford to live, you’re not alone. Many people are struggling to cope with the rising cost of living, so if you feel like you have reached a level where your debts have become unaffordable, it’s important that you seek tailored Scottish debt advice as quickly as you can. Arguably, the costs in energy bill increases in Scottish households have been more widely publicised than our increased cost of weekly food shop for example. A recent Citizens Advice Scotland study found that as many as 84% of Scots are worried about the cost of their gas and electricity increasing. The poll of 1001 adults in Scotland found just 12% of those who answered the survey said they were not concerned about the rate rises. Even more recently than the published CAS survey data, the Ukrainian/Russian crisis is expected to create further increases in our energy bills with claims being made that UK energy bills could be as much as £3,000 per year by the start of 2023. There are many reported cases of people cutting back on how much they spend on food or are eating less, so they can pay for heating. Many people are falling into arrears, or using credit cards to pay for essentials, making the problem worse. If this sounds like you, you certainly are not alone. We can help.

Comparing energy quotes to save money

In normal circumstances comparing energy would be the best way to save on electricity and gas. The process is usually really simple – using a service such as Money Saving Expert, you provide them with a few details, such as your postcode, current supplier, and payment and contact details and they show you comparative quotes. However, conditions in the energy market right now mean that you are currently unlikely to be able to switch your energy and save you money. As many providers have recently ceased to exist, themselves victims of the rising costs in energy, naturally the options to switch are decreasing also.

Quick tips to save money on energy bills in Scotland

The Energy Saving Trust published a list of 10 tips that can help you save money on your electric and gas bills. While we’re all responsible for the energy in our homes; whether we own our own homes or rent. Whether we live in student accommodation or live at home with our parents.
  1. Switch off standby You can save around £55 a year just by remembering to turn your appliances off standby mode. Almost all electrical appliances can be turned off at the plug without upsetting their programming. You may want to think about getting a standby saver or smart plug which allows you to turn all your appliances off standby in one go. Check the instructions for any appliances you aren’t sure about. Some satellite and digital TV recorders may need to be left plugged in so they can keep track of any programmes you want to record. 2. Draught-proof windows and doors Unless your home is very new, you will lose some heat through draughts around doors and windows, gaps around the floor, or through the chimney. Professional draught-proofing of windows, doors and blocking cracks in floors and skirting boards can cost around £200, but can save around £40 a year on energy bills. DIY draught proofing can be much cheaper. 3. Turn off lights Turn your lights off when you’re not using them or when you leave a room. This will save you around £20 a year on your annual energy bills. Replacing all the lights in your home with LED bulbs could help you save even more. 4. Careful with your washing You can save around £28 a year from your energy bill just by using your washing machine more carefully:
  • Use your washing machine on a 30-degree cycle instead of higher temperatures.
  • Reduce your washing machine use by one run per week for a year.
5. Avoid the tumble dryer Avoid using a tumble dryer for your clothes: dry clothes on racks inside where possible or outside in warmer weather to save £55 a year. 6. Spend less time in the shower Keeping your shower time to just 4 minutes could save a typical household £65 a year on their energy bills. 7. Swap your bath for a shower Some of us might enjoy a long soak in the bath, but swapping just one bath a week with a 4-minute shower could save you £11 a year on your energy bills. 8. Be savvy in the kitchen Kettles are one of the most used appliances in the kitchen. But many of us will admit that we at least occasionally boil the kettle with more water than we’re going to use. Avoid overfilling the kettle and save yourself £11 a year on your electricity bill. You could also consider fitting an aerator onto your existing kitchen tap to reduce the amount of water coming out without affecting how it washes or rinses. An aerator is a small gadget with tiny holes. they attach to the spout of taps and are cheap and easy to install – and could save you £22 a year. 9. Fill your dishwasher Only run your dishwasher when it is full to reduce the amount of water you use. Reducing your dishwasher use by one run per week for a year could save you £14. 10. Top up the insulation Effective insulation of your hot water cylinder is important: even if you have thin spray foam or a loose 25mm jacket, you can benefit from increasing the insulation to a British Standard Jacket 80mm thick, saving £35 a year in the process. Insulating your water tank, pipes and radiators is a quick and easy way to save money on your bills.

Help with funding

Home Energy Scotland can help you access funding to improve your home’s energy efficiency. You may also find it useful to check any benefits that you are entitled to using the Scottish government’s benefits calculator tool.

Help to repay unaffordable debt in Scotland

It is important to understand that some bills are more important than others. Known as priority bills, you should pay these bills first and a current utility bill is indeed a priority bill and should be paid before your other debts such as credit cards and payday loan debts for example. If you feel like you’re really struggling with unaffordable debts – Don’t worry. You’re not alone. Trust Deed Scotland® have helped thousands of people in Scotland since 2009. We have dealt with cases that included council tax arrears, credit card debts and payday loans. We’ve successfully prevented and lifted creditor enforcement actions such as Wage Arrestments. Whatever the cause of your money problems, Trust Deed Scotland®  can help you to understand your options, find a solution and let you focus on a brighter future. Contact us on 0141 221 0999, or start by simply using our debt calculator tool online to quickly check what your options may look like.

Cost Of Living Scotland: Weekly Food Shop

Posted on by Craig Stocks
As Scotland continues to recover from the financial impact of the Covid pandemic, the country is braced for further challenges in the shape of increases to the cost of living for all. With much-publicised increases in our cost of energy, and national insurance grabbing headlines; the most basic and perhaps overlooked expenditures are also increasing including our weekly food shop. Stepchange a debt charity based in Leeds, West Yorkshire recently said: ‘The elderly are going to be choosing between heating the home up and hot water, and eating a meal.’ While this is the stark reality for many low-income households as well as the elderly, when even the cost of eating a meal also increases; the situation grows even more desperate. Figures released by the British Retail Consortium show that shop price inflation was the highest it’s been in January 2022 and at 1.5%, inflation is at its highest rate since October 2013. Shop price inflation is lower than the usual inflation known as Consumer Price Inflation, which was 5.5% in January 2022.

Does the weekly food shopping cost really matter?

The weekly food shop only forms part of a larger story, with average prices rising at their fastest rate in 30 years. Bank of England data shows that households across the UK are putting less into their savings and instead, resorting to borrowing. The Bank of England said that £800m extra was borrowed in December 2021, an increase of 0.8% from November 2021. The slightest of changes to the cost of living affect those on lower incomes the most, primarily because it’s far easier to cut back on spending without affecting your living standards when you are from a higher income bracket. The basic cost of energy, for example, impacts those of a lower income bracket more because the energy rates are the same for all, but those costs account for a larger percentage of their monthly expenditure. However, the difference between solvency and insolvency, or more plainly, our ability to repay our debts isn’t exclusively the difference in income alone. Higher earners may have a disproportionate amount of personal debt to pay off, with credit cards and other forms of borrowing accruing interest. For those individuals, subtle increases in their cost of living can push them beyond their ability to repay their debts also.

What can I do to get more value for my money when I food shop?

The cost of the weekly food shop in Scotland may be alleviated by changing supermarkets. Which? found that a saving of £20 per week could be gained by switching shops.  Aldi and Lidl may result in a better value for money weekly food shops compared to Waitrose, Sainsbury’s or even Tesco, or Asda. Following individuals and groups on social media can help save money also. Feeding a family on £1 a day is a typical example where a working mum prepares meals for struggling parents where a shared meal plan can feed a family of four for 87p per person per day. Using meal planners and batch cooking can also help you save money by reducing waste and reusing meals. Batch cooking can result in cheaper weekly food shops for Scottish residents but also save time and carry additional benefits such as encouraging healthier eating, and actually batch cooking is kinder for the environment with less plastic packaging and waste. Food banks are community organisations that can help families most in need. Typically requiring a referral from an organisation such as Citizens Advice Bureau, food parcels can help make the difference. Nationwide food banks such as Trussel Trust cater for people across the whole of the UK but smaller, more regional organisations exist. Find foodbanks in Scotland.

Where can I get help with problem debt in Scotland?

Separate research from Which? also estimated that as many as 9% of UK households may have missed at least one debt repayment or a bill that should have been paid during the early weeks of 2022. Trust Deed Scotland help people with unaffordable debt in Scotland by providing tailored debt advice and administering formal Scottish debt solutions on behalf of our customers including Protected Trust Deeds and the Debt Arrangement Scheme (DAS) but we also advise on alternatives such as Sequestration; Scotland’s equivalency of bankruptcy. Whilst a weekly food shop itself, or the rising cost of living, in general, may not be the sole reason someone may seek to enter into a formal debt solution, the reality is that many households are already overwhelmed with problem debt. A call with our experienced debt advice team may allow an individual to understand their options and to find a solution that improves their situation. Having advised over [volume] people in Scotland and having gained over [reviews] Scottish debt advice reviews on Trustpilot, you can trust us. For more information, call today on 0141 221 0999 or try our calculator tool to quickly check if you may be eligible to apply for a formal debt solution.