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  • Advice on how you can get out of debt in Scotland   

    No one likes to be struggling with debt and for people in Scotland there are various ways to get into better financial health but this article will focus on some practical advice.

    Should you need someone to discuss your financial situation with, there’s a team of debt advisers available at Scotland’s Trust Deed who will be able to evaluate and explain what you can do to resolve your financial issues.

    This may mean undertaking a Scottish trust deed or looking at the potential for a debt arrangement scheme; both of these are only available to people living in Scotland and will see debtors being repaid either in full or having part of what you owe written off. There’s also the opportunity of bankruptcy but careful thought needs to be given before embarking on this.

    Alternatively, you could reduce the cost of your debts with some simple advice.

    • Check your bank balance

    Knowing your spending patterns is an important part of understanding and better managing your money so checking your bank balance regularly will help.

    • Work out a budget

    You should write down your income and then take away all essential items such as the cost of food and transport. With the remaining amount, plan what else you will need to spend and then save some of that money. If there’s no money to save then you should look closely at how you can cut your outgoings.

    • Pay more than the minimum

    If you’re struggling to repay credit cards, you should pay more than the minimum amount required. This will help you bring down your credit card bill much more quickly.

    • Pay the most expensive card first

    If you have more than one credit card, then you need to pay off the most expensive one first. Essentially, this will be the one that has the highest rate of interest. Always look to repay credit cards in full every month.

    • Prioritise debts

    If you have several debts you are struggling to repay, then it’s time to sit down and prioritise them. This means you need to work out the most important ones to pay because there may be further penalties by not paying; for example, not paying your rent or mortgage could see you losing your home so this would be a priority debt.

    • Access free debt advice

    As mentioned earlier, there’s a friendly team of debt advisers available to discuss your debt situation available at Scotland’s Trust Deed. Is important that you access free debt advice as soon as you possibly can before your debts build up further.

    A protected trust deed, the debt arrangement scheme and sequestration

    Along with a protected trust deed, the debt arrangement scheme and sequestration, the friendly debt advisers at Scotland’s Trust Deed may also highlight other potential debt solutions.

    These may include a debt management plan, informal negotiation with your creditors and a full and final settlement.

    There’s also the potential of debt consolidation and write-off as well as equity release and remortgaging.

    It’s important that any debt advice you seek is impartial and remember you should never be under any obligation to follow any debt advice from a provider.

    For more help and advice on how you can get out of debt, and if you are living in Scotland, then speak with the team of debt experts at Scotland’s Trust Deed as soon as possible.


  • Poor Scots pushed to the limit   

    The number of poor Scots who are struggling with debts are increasingly falling behind with repayments, reveals one survey.

    The Institute for Fiscal Studies (IFS) says that two thirds of Brits who are struggling with repayments have assets that are worth less than half of their entire debt.

    The report reveals that once people on low incomes fall into debt, they tend to remain there.

    The IFS says that around half of the bottom 20% of low earners who will fall into repayment arrears are likely to be stuck in the same position two years afterwards.

    Low earners become trapped in a debt cycle

    They say these low earners become trapped in a debt cycle which they will struggle to break out of and with household budgets being squeezed, this then becomes even harder.

    The IFS highlights that while the amount of unsecured debt is around £200 billion, around 60% of this is held by higher earners who have assets to fund their repayments when money gets tight.

    For those who don’t have assets or the income to cover their debts, then there are various debt solutions available for people living in Scotland.

    Among them is the debt arrangement scheme which is aimed at helping those with unsecured debt they cannot manage. It’s run by the Scottish government and is available to residents in Scotland.

    Sign up to a debt arrangement scheme

    For those who sign up to a debt arrangement scheme then you will be able to repay unsecured debts in full by paying a lower amount over a longer period.

    The amount that is calculated for repayments will also consider your mortgage or rent as well as living and car expenses.

    One of the benefits for what is a legal agreement is that there will be protection from lenders hassling you for money.

    However, you will need to maintain your repayments which will prevent lenders from taking you to court and also adding charges and interest on the debt.

    It also needs to be noted that hire purchase and mortgage repayments cannot be included under the scheme and your credit rating may be affected.

    Consider a debt arrangement scheme

    There are lots of reasons to consider a debt arrangement scheme but you will need to receive expert debt advice which will review your options to ensure that the scheme is right for you.

    There are alternative debt solutions including a trust deed and a debt management plan.

    A trust deed works along similar lines to a debt arrangement scheme except when the agreed term comes to an end any amount remaining will be written off.

    A debt management plan may also be an option for some though there’s no legal protection from creditors who may still add interest and charges to the amount owed.

    If you are looking into the potential routes to resolve your debt, there’s a helpful online debt test which will highlight what might be available on the Scotland’s Trust Deed website.

    Help and information about a trust deed

    For more help and information about a trust deed, a debt arrangement scheme and a debt management plan, then speak with the team of debt advisers at Scotland’s Trust Deed to see what steps you can take to resolve your financial circumstances.


  • Scottish personal insolvencies rise by 2.1%   

    The numbers of Scots struggling with debts has led to a rise in personal insolvencies for the last three months of last year.

    The figures from Accountant in Bankruptcy (AiB) reveals that there were 2,691 bankruptcies and trust deeds in that period, a rise on the year before of 2.1%.

    When the figures are analysed, the numbers of Scots opting for protected trust deeds grew by 6.9%, and those opting for bankruptcy dropped by 4.2%.

    Also, the number of Scots having their debt arrangement scheme application approved grew to 573, which compares with 528 over the last three months of 2016.

    AiB says that Scots repaid £9.5 million through the debt arrangement scheme during the last quarter of 2017, slightly down from the previous year’s final quarter figure of £9.6 million.

    The number of Scots entering insolvency has been growing

    The chairman of the trade body for insolvency practitioners, Tim Cooper, said that the number of Scots entering insolvency has been growing generally since the last quarter of 2015 with the latest increase fitting the overall trend.

    He says: “Consumer debt is still rising though at a slower pace while inflation is outpacing wage growth which is leading to pressure on finances.”

    He added that fuel is becoming more expensive particularly for Scots in rural places who are rely on their vehicle for transport needs.

    One reason why a Scottish trust deed is a popular choice for those who are struggling financially is that it enables someone living in Scotland to write off unaffordable debt.

    Essentially, the trust deed sees them repay what they can afford, and this could be over 48 months.

    A trust deed is also popular with homeowners

    The amount of debt that remains when this period ends is then written off. A trust deed is also popular with homeowners since they should be able to retain their home.

    It’s important to appreciate that the trust deed is a legal agreement so there is a contract between the lender and the person struggling in debt.

    Should you not be accepted for a trust deed then it is worth looking at a debt arrangement scheme.

    There are a number of reasons for doing this including the fact that lenders will be prevented from hassling you when chasing money.

    Also, it’s possible to lower your monthly debt repayments under the scheme.

    With a trust deed you will be able to repay what you owe

    As with a trust deed you will be able to repay what you owe but unlike a trust deed, you will repay everything and there’s no amount remaining to be written off.

    The debt arrangement scheme is run by the Scottish government as a way to help people with debt manage their money effectively so they can repay unsecured debts over a longer period and in full.

    For anyone considering whether they should undertake a Scottish trust deed or a debt arrangement scheme, then you could do the simple test which is on the Scotland’s Trust Deed website to reveal whether you will qualify for either scheme.

    How a Scottish trust deed works

    If you would like to know more about how a Scottish trust deed works that it’s time to speak with the friendly team of debt advisers at Scotland’s Trust Deed. They can explain more about trust deeds and also other potential options including a debt arrangement scheme and sequestration, which is better known as bankruptcy.

    The team is available every day between 8am and 7pm on (0141) 297 1178.


  • Your options for dealing with debt in Scotland   

    If you are wanting to know what your options for dealing with debt in Scotland, then this article will help.

    There’s no doubt that the issue of debt is a growing problem in the country with people struggling to make ends meet.

    However, there are various ways and means of getting into better financial health and some are only available for those who live in Scotland.

    These debt solutions available but it’s always advisable to seek advice about your debts as soon as possible before problems escalate and you face extra charges and interest.

    It’s also important that the debt adviser you speak with offers impartial advice and that is the case with the friendly team at Scotland’s trust deed.

    Debt advisers will be able to explain your debt solution options

    The idea is that the debt advisers will be able to explain your debt solution options and help you decide on which will be the most suitable. Obviously, you do not have to follow their advice.

    The first step is for a debt adviser to assess your financial situation so they will look at how much you earn and spend and then decide which are your priority debts. These are the debts you must meet because the penalty for not doing so is much greater – for instance not paying your rent could see you lose your home.

    Among the debt solutions for those living in Scotland include a Scottish trust deed.

    The trust deed will last for up to 48 months and is a legal agreement that needs to be maintained with the prospect of any debt that remains when the term ends being written off.

    The trust deed is particularly attractive for those who own their own home but there are criteria to meet.

    Scottish government runs the debt arrangement scheme

    Alternatively, the Scottish government runs the debt arrangement scheme which enables someone in Scotland to repay their debts without having to suffer with the threat of legal action or be hassled by their creditors.

    As with a trust deed, your repayments will be smaller under the scheme and will run for an agreed period of time until your entire debt is repaid in full.

    One of the big attractions for the debt arrangement scheme is that the charges and interest on your debt will be frozen and the repayments are easy to maintain.

    Another potential solution is bankruptcy, which is known as sequestration in Scotland. There are serious issues to consider when declaring bankruptcy so you will need to discuss what these are with a debt adviser.

    It’s also possible to negotiate a deal with creditors for you to enjoy a more affordable repayment plan so you could speak to them directly.

    Discuss a debt management plan

    It is also possible to discuss a debt management plan to help you plan effectively for your financial needs and repay what you owe. There’s also the question of undertaking an informal negotiation as well as a full and final settlement with creditors.

    For more help and information about any of the issues raised in this article and if you live in Scotland and want to repay your debts, then speak with the friendly team of debt advisers at Scotland’s Trust Deed as soon as possible.


  • Thousands of students at Scottish universities seek financial help   

    Scotland’s universities have revealed that more than 50,000 students have been seeking financial help as they struggle with their finances.

    The universities say growing numbers of students have been seeking financial help over the last five years.

    The findings from the Liberal Democrats reveal that more than 53,000 applications have been received by university authorities for financial assistance since 2012.

    The research also highlights that the Students Awards Agency for Scotland show that the value of a student loan has risen by 175% since 2007 but over the same period of time, the value of grants and bursaries has dropped by a third.

    A spokesman for the Scottish Liberal Democrats said: “The figures show that over the last five years, there are tens of thousands of Scottish university students who’ve had to reach out to authorities to say they are struggling to keep their heads above water.”

    Fewer poorer students receiving financial help

    He added that there are fewer poorer students receiving financial help and those that are doing so are receiving less despite their accommodation and inflation costs rising.

    A spokeswoman for the Scottish government said that a record amount of been invested into student support with increased bursary funding.

    She highlighted that Scotland remained committed to free tuition and students in Scotland do not rack up extra debt of up to £27,000 plus the average student loan that students elsewhere in the UK are doing.

    The problem for Scotland’s university students highlights that those who’re struggling financially are from all walks of life and of all ages.

    While the students are struggling now, they are likely to leave university with a hefty debt which many will be looking to resolve as quickly as possible once they begin working.

    Need to seek impartial debt advice

    However, it may be that they will still need to seek impartial debt advice about how to deal with their financial situation and repay the money they owe.

    One way of doing this is to speak with the friendly team of debt advisers at Scotland’s Trust Deed.

    The advice they give is impartial so you don’t have to follow it and the team is available to speak with every day.

    There are a wide range of ways to resolve debts for people living in Scotland, and these include a debt arrangement scheme and a trust deed.

    It’s also possible to discuss the potential of alternative debt remedies including debt consolidation and having debts written off by creditors.

    The debt advisers may also discuss how to go about a full and final settlement with creditors and even organising a debt management plan.

    Scotland’s Trust Deed team can discuss things like a debt arrangement scheme

    The Scotland’s Trust Deed team can also discuss things like a debt arrangement scheme, which is run by the Scottish government, as well as a trust deed.

    The big attractions for these two debt solution plans is that the debts are repaid at a lower rate over a longer period of time. With a Scottish trust deed there may be an amount remaining at the end which is written off whereas with a debt arrangement scheme, the full amount will be repaid.

    Essentially, for students at Scottish universities looking for financial help or wanting to know more about how to deal with their debts, then it may be worthwhile speaking with the debt advisers at Scotland’s Trust Deed and this advice is also suitable for non-students as well, regardless of your age and how much you owe.