While growing numbers of Scots are struggling with their debts, for those who are renting privately then there could be bad news ahead with predictions of rent hikes.
One organisation says that tenants could be paying up to £270 extra every year.
There are a range of reasons for this including a ban on tenant fees being imposed.
Landlords in Scotland say they’ll be putting up rents
Nearly half of landlords in Scotland say they’ll be putting up rents to help cover their increasing costs.
With the average monthly UK rent being £918, the £23 a month increase will bring that up to £941.
In addition, renters are already struggling with the rising cost of living and stagnant wages.
For those Scots in debt then this could be a serious situation to overcome.
One firm of letting agents says that over the average 18 month tenancy, the renter will need to pay out an extra £414.
Struggling financially in Scotland
If you are already struggling financially in Scotland and would like to speak with someone who can offer impartial help and advice, then there’s a team of friendly debt advisers available at Scotland’s Trust Deed.
They will be able to discuss your potential solutions including the possibility of a trust deed or a debt administration scheme.
There’s also the possibility of bankruptcy or sequestration, as it’s known in Scotland.
It may also help that Scotland’s Trust Deed have an online debt checklist to see what solutions are available and this process takes just a few minutes.
However, if you are struggling with debts then ignoring them will not make them go away and you should speak with someone as soon as possible to see what can be done.
Debt solution opportunities for people in Scotland
There are other debt solution opportunities for people in Scotland available including discussing the creation of a debt management plan and also looking to debt consolidation and debt write-off.
It may also be possible to carry out informal negotiations with your creditors, those are the people you owe money to and discuss how to undertake a full and final settlement of debts.
With a debt management plan you are effectively undertaking a way of paying your debts at a rate you can afford rather than the amount demanded by creditors.
Usually, the fees and interest charges will be frozen and there’s only one monthly repayment to make.
An informal negotiation works in a similar way but there’s no third party acting on your behalf and you’ll need to contact creditors directly and ask them to come to an informal arrangement so you can repay what you owe at an affordable rate.
Potential of the trust deed
Whatever your debt solution needs are, for those living in Scotland there’s also the potential of the trust deed which the Scotland’s Trust Deed team can talk about in depth.