Research has shown that 30% of people in Scotland may be concerned about the cost of post-lockdown socialising reports Yourmoney.com.
The research was carried out by KIS Finance, and was based on a survey of over 2,000 people. The data highlighted that:
- 30.2% of Scottish residents are concerned by pressure from friends and family to go out and make the most of being out of lockdown when they can’t afford it.
- 52.8% of those aged 18-24 are fearing post-lockdown social pressures, after being one of the groups most affected financially by the Coronavirus pandemic.
- 34.6% of people in Scotland are worried about losing their jobs in the coming months. This is attributed to either their workplace not surviving after lockdown or being made redundant when the Job Retention Scheme (Furlough) ends in September.
- 14.1% of people are concerned about having to live off of a lower income than before the Coronavirus pandemic.
- 11.2% of people are concerned about their payment holidays ending in July. The deadline to apply for new payment breaks may have passed, but lenders are still obliged to offer ‘Tailored Support’ to people who are struggling as a result of the Coronavirus pandemic.
Speaking to Yourmoney.com, Holly Andrews, managing director of KIS Finance, a financial brokerage based in Wales said of their research findings: “Living under constant restrictions has been difficult for almost everyone at some point over the last year and a lot of us are desperate to see family and friends, as well as go on holiday and make up for what we’ve missed.
However, it’s important to remember that not everyone will be able to keep up and be able to afford the same level of socialising as before the pandemic.
Young adults have been particularly affected by reduced incomes and the need for increased borrowing, and they’re also the age group feeling the greatest pressure to make the most of life after lockdown. As much as you may want to go out and socialise, it’s important not to let yourself get into any further debt to fund holidays and days out.
Now’s the time to create a budget and work out a debt repayment and spending plan for the coming months.”
Help with unaffordable debts in Scotland
As the country begins to recover, the imminent re-opening of non-essential retail, restaurants, gyms, cafes and pubs will provide a valuable boost to the livelihoods of business owners and employees who are directly impacted by their closures. The gradual easing back into a new normal life should help the mental health and wellbeing of everyone else.
However, many household’s finances have been badly affected by the Coronavirus pandemic and Trust Deed Scotland have been actively helping thousands of Scottish residents during this time.
Our experienced debt advice team advise on the risks and benefits of all formal debt solutions available in Scotland and offer tailored debt advice, regulated by the Financial Conduct Authority.
A Protected Trust Deed is a legally binding arrangement in Scotland where you make reduced, affordable payments over a typical period of four years. At the end of this time, your unsecured debts are usually written off.
The Debt Arrangement Scheme (DAS) is a formal debt management tool. DAS lets you apply for a Debt Payment Programme (DPP) which helps you repay your debts by making affordable monthly payments.
Full Administration Sequestration Scotland (Bankruptcy) is a form of insolvency and may be suitable if you can’t pay back your debts in a reasonable time.
Assets you own, such as your house or car, could be sold to pay off your debts.
A Minimal Asset Process (MAP) Bankruptcy gives you a fresh start by writing off debts that you can’t repay within a reasonable time.
It’s aimed at people with a low income and minimal assets and costs less and is more straightforward than Full Administration Sequestration. You can only apply for MAP through an approved money advice organisation.
Review our Scottish debt solutions guide for more information.
Does a formal debt solution prevent spending money on socialising?
The solutions that we can recommend and implement on our client’s behalf can allow for hobbies to be taken into account, alongside other essential expenditures.
Perhaps you are struggling to repay your debt but are worried that choosing a statutory debt solution may leave you without enough money to enjoy post-pandemic socialising and recreational activities for you and your family. Thankfully, this is not the case and within reason, an allowance can be made for such activities.
Having helped over 25,000 people in Scotland, and with over 3,000 Trustpilot reviews, we can proudly promise you that our experienced debt advisors are friendly, non-judgemental and that any information that you choose to share with us will be treated with the strictest confidence.
Whether you just need some advice or you are choosing to commit to a formal debt solution, we’ll be with you every step of the way of your debt free journey.
Our commitment to the quality of service we provide remains our top priority throughout, from the start of your journey to the end.
Everything we do is in-house – From initial advice, setup, customer service and managing your debt solution until you are debt free. You will never be passed to another company, or be outsourced abroad to a call centre once your solution is in place.
If you’d like to take the first step today, call us on 0141 221 0999 or contact Trust Deed Scotland.