The growing problems of Scots who are struggling with debt has been the focus of a major summit held in Scotland.
The event saw social financial bodies as well as politicians and academics meeting to discuss what the potential solutions might be.
The event heard that Scots who are living in poverty are struggling to access bank accounts as well as affordable lending and overdrafts.
With around 940,000 households in the country now experiencing relative poverty, their debt levels are also rising and the growing issue of growing inflation and interest rate rises will force many people into serious financial problems.
The event was being held to help the Scottish Parliament decide on the action that needs to be taken to tackle financial exclusion in local areas.
More Scots are struggling to make ends meet
A spokeswoman for one political party said that people in Scotland are seeing wages fall in real terms and with inflation rising means more Scots are struggling to make ends meet.
Also, there is a growing problem of Scots facing a ‘poverty premium’ which is a situation where they are forced to pay more for financial services. This then leads them into deeper debt levels.
A spokesman for the Scottish government said that politicians are working with the financial sector including community development finance initiatives and credit unions to help promote accessible banking and offer access to credit for those who are disadvantaged.
However, for those who are living in Scotland and struggling with debt, there is help available.
Team of debt advisers available to speak with confidentially
For example, there’s a friendly team of debt advisers available to speak with confidentially at Scotland’s Trust Deed.
They will be able to explain the potential routes back to financial stability including a trust deed.
A trust deed is an agreement that will see someone in debt repaying what they can afford over a longer period of time, and this could be up to 48 months.
The big attraction for a trust deed for homeowners is that they should be able to keep their home and when the term comes to an end, the unaffordable debt will then be written off.
It’s also possible to discuss the potential of a debt arrangement scheme.
This works along similar lines to a trust deed with someone repaying what they can afford over an agreed period of time. Unlike a trust deed, the full amount of the debt is repaid.
Speaking with Scotland’s Trust Deed’s debt advisers
There’s a lot to recommend speaking with Scotland’s Trust Deed’s debt advisers since their advice is impartial so you are under no obligation to follow it and it may help talking over what your current financial problems are and what the potential solutions might be with someone who will understand.
The helpful team at Scotland’s Trust Deed is available every day to speak with by phone and there’s also a helpful online debt test that takes a few minutes to complete and will reveal if you are eligible for any potential debt solution help.