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It has been estimated that Scots who are struggling financially may be missing out on more than £545 million of unclaimed tax credits.

The revelation from the Scottish Parliament Information Centre highlights the need to raise awareness of the potential payments for those who are in debt or are struggling financially.

The money is going unclaimed by Scots who are entitled to the money.

The Information Centre highlights that child tax and working credits are two of the six benefits currently being rolled into the new universal credit payment.

New welfare system has faced a number of issues

However, the new welfare system has faced a number of issues since it was expanded last year.

The aim of universal credit is to reduce the number of individual benefits so Scots on low incomes will find it easier when making a claim for welfare.

Now Scottish Labour is calling on the UK and Scottish government to do more in raising awareness of the benefits people are entitled to claim.

A spokesman said: “Making sure the cash is going to people who are entitled to it could make a big difference.”

The Scottish government says that they are already taking steps to help encourage Scots to make claims.

A spokeswoman said: “There are still many people in Scotland on low-incomes today who aren’t claiming the financial support they are entitled to.”

Scots who are struggling financially

With growing numbers of Scots who are struggling financially, there is other help available and that is to deal with their debt situation.

Indeed, the Scottish government runs the debt arrangement scheme which enables someone living in Scotland to repay all the money they owe at a lower rate and over a longer period of time.

The aim of the debt arrangement scheme is to help make things easier so someone can pay their everyday bills as well as their debts.

There’s also the option for people living in Scotland of a Scottish trust deed which is similar to a debt arrangement scheme. Essentially, someone in debt repays what they can afford over a longer period of time.

However, the big difference is that when this agreed repayment period ends, the amount that remains will be written off as unaffordable.

For homeowners, they should be able to keep their home but that are various conditions to comply with.

For those who are interested in trust deed alternatives

For those who are interested in trust deed alternatives, then there are a range of other solutions including undertaking a debt management plan, speaking with creditors to negotiate a full and final settlement or coming to an informal arrangement with your creditors.

It’s also possible to investigate the potential of debt consolidation and debt write-off.

If you live in Scotland and are struggling with your debts, then it will pay to spend some time speaking with experienced and friendly debt advisers who understand your situation and what might be the best route to financial stability.

This means speaking with the team of debt advisers at Scotland’s Trust Deed who will be able to help with their impartial advice. This means you do not have to follow it and they can also arrange the next step to resolving your debts.

Scotland’s Trust Deed website has an online debt test

The Scotland’s Trust Deed website also has an online debt test so you will see very quickly what potential debt solutions are available.

The team of debt advisers are available to speak with every day and can be contacted on 0141 297 1178.