A new mobile phone app has been unveiled which helps prevent and limit spending on drinking and gambling on a Scot’s debit and credit cards but will this kind of intervention help you and your debts?
The app from Barclays is promising to help those with addictions to control their finances more effectively.
The bank says this is a better way for managing money in a ‘secure and simple way’.
One element of the app enables users to choose the type of retailer they want to spend money with and the system is available to all cardholders with the idea of protecting vulnerable customers.
Help people struggling with debts
It’s already been welcomed as a great way to help people struggling with debts or addictions by putting them in control of their finance.
Essentially, the app works by enabling the user to block their debit or credit cards from some types of spending.
This means that any attempted payment that’s been placed in a ‘denied category’ will be declined by the bank.
The app is available to Barclays debit card customers currently but it is being rolled out to their credit cardholders as well.
There is no doubt a lot of people struggling with debts may also struggle to control spending when they should be focused on important things like paying the rent or mortgage and also paying for food.
Growing numbers of families in Scotland are increasingly finding it difficult to make ends meet, so this type of app may help them take control of their finances effectively.
Experienced debt advisers available at Scotland’s Trust Deed
Alternatively, there’s a team of experienced debt advisers available at Scotland’s Trust Deed who can talk over debt issues with Scots and recommend a potential way to resolve them.
The advice offered by the team is impartial, so there is no requirement for those who contact Scotland’s Trust Deed to take any of the recommended courses of action but they may find the information helpful.
There’s also an online debt test which will quickly highlight any potential debt solutions available for people living in Scotland.
These potential solutions include sequestration, which is another term for bankruptcy, and Scots will need to consider very carefully the consequences of becoming bankrupt.
In addition, there is also the debt arrangement scheme which enables someone who lives in Scotland to negotiate with their creditors, that’s the people they owe money to and negotiate a lower rate of payment.
They effectively service their debt but at an affordable rate until all of the debt has been repaid.
The Scottish trust deed
There’s also the Scottish trust deed which enables people Scots to tackle their debts with a lower rate of monthly repayment.
There are criteria attached to a Scottish trust deed which will someone agreeing to make payments for up to 48 months and the debt that remains when this term ends is then written off.
The trust deed is a popular way of dealing with debt in Scotland and Scotland’s Trust Deed team can offer advice about trust deeds, sequestration and also the debt arrangement scheme.