Starting on the 18th March, Debt Awareness Week is just around the corner.
Organised by StepChange, this week aims to increase awareness of debt and the available solutions for people who are in need of debt advice. This year is the 10th anniversary of Debt Awareness Week, with 2024 to focus on understanding the main barriers that people face when seeking debt advice in Scotland.
There remains a stigma surrounding debt; we want people to understand that they are not alone in their financial worries and that there is help available. Problem debt can happen to anyone; by increasing debt awareness and opening up the conversation about personal debts, we hope that we can empower others in similar positions to ask for debt help.
Here at Trust Deed Scotland®, we know that taking the first step in seeking debt help is challenging. With many of our customers saying that they were worried about taking their first step, we want to reassure others in the same position that when they do reach out, experienced debt advisers can guide them towards the best, tailored debt solution.
Asking for Debt Help
Are you putting off seeking debt help?
Many people with unaffordable debt delay asking for help. The results from a 2023 Trust Deed Scotland® survey showed that although over 93% of our customers said they lost sleep worrying about their debt, and 91% said that their debt had an impact on their mental health; only 16% sought help with their unaffordable debt straight away, and 27% waited over 2 years before asking for help.
Although our customers struggled to cope with their unaffordable debt, many waited before reaching out to a debt adviser for help; finding it hard to take that first step. There are various reasons for delaying the search for debt help. In a 2023 survey, we asked our customers what put them off asking for help sooner than they did:
- 44% felt ashamed or embarrassed about their debt.
- 32% felt they could deal with the situation themselves.
- 5% were concerned about the impact on their credit rating.
- 4% said that they were unaware these types of debt solutions existed.
- 2% thought they had too much debt to get help.
Mental Health and Debt
With 91% of our customers stating that their debt had an impact on their mental health, it’s clear that problem debt and mental health are linked. Taking the first step in seeking debt help can also be the first step towards improving mental health.
Alongside 44% of our customers stating that the fear of being judged and feeling ashamed & embarrassed about their debt stopped them from seeking debt help sooner, our 2023 survey results also found that almost 60% of Trust Deed Scotland® customers had stress or anxiety. It’s understandable that the stress, anxiety and embarrassment that comes with unaffordable debt will negatively impact mental health.
By having a conversation about your debt, you can improve your physical, mental and financial wellbeing. It isn’t easy talking about money and debt. However, remember you are not alone; MaPS found that 8.1 million (15%) of the UK adult population were in need of debt advice in 2023. If you are looking for debt advice, the Trust Deed Scotland® team of experienced advisers will discuss your circumstances with you confidentially and without judgement.
Improved Mental Health
In a 2023 survey, we asked our customers if their mental health had improved since entering into a debt solution. To which, 89% of Trust Deed Scotland® customers responded that their mental health had improved. With reduced creditor contact, reduced monthly debt payments, and a payment plan towards a brighter future; the debt solutions that we offer provide a light at the end of tunnel. We were extremely glad to hear from our customers that helping them find a solution to their unaffordable debt also led to improved mental health.
Impact of Debt on Your Credit Score
Some of our customers state that they delayed in seeking debt help due to concern over how a debt solution would impact their credit score. The debt solutions that we offer do negatively impact your credit score however, there are still many misconceptions on what this means and how this can affect you long-term. It’s important to weigh up the pros and cons of each debt solution in relation to your circumstances, which is a discussion our experienced debt advisers will have with you at the beginning of the process. In many cases, the benefits of entering into a debt solution such as a Trust Deed or Debt Arrangement Scheme thoroughly outweigh the disadvantages of credit score impact.
To learn more about how a debt solution will impact your credit score.
We are rated No.1 in Scotland for debt advice, with over 10,000 five star reviews on TrustPilot. If you are also concerned about the impact of a debt solution has on your credit score, read reviews from some of our customers below…
“…I am currently in 40k or more of debt. Paying over £1000 a month and my debt was getting worse, I was so scared of damaging my credit score that I let it get worse.
After seeing these amazing reviews I decided to speak to trust deed and I’m so glad I did!! I am now on a debt arrangement scheme paying £545 a month for only 4 years. If you are hesitant to do it due to your credit score, don’t let that affect you. Because this has literally changed my life and means I will have 0 debt in 4 years.
Soreena was so lovely, took her time, contacted my every step of the way and didn’t judge. Hands down one of the most respectful and understanding people I’ve ever spoken to which made the experience so much better” – Lauren
“… The 4 years flew in, and with only annual reviews by Trust Deed Scotland, it was truly easy to forget about the debt. If you are struggling and can commit to the 4 years then I would 100% recommend a trust deed.
I am 5 months post discharge and my credit score is stable. 4.5yrs later and I can still hear Danielle’s voice literally lifting the weight from my shoulders and changing my life.” – Laura
“I can’t express enough how much this has saved me, I was in so much debt including loans/catalogues and credit cards (credit cards which would have never got paid off as I was only covering the interest every month). I was terrified to take this plunge but everyone I spoke with was so lovely and understanding it’s such an easy process.
I went from spending £900 a month towards my debt to £190, 4 years later I’m totally debt free and can work on building my credit again. I was only 22 at the time of having to go into a Trust Deed, it was scary initially but honestly, if you are in debt that you can’t manage this is the best solution.
It doesn’t affect any aspect on your life during those 4 years apart from having a bad credit score (which if you are in lots of debt it’s probably bad anyway), I have just managed to get myself a new car on finance as well so the bad credit won’t affect you forever…” – Amy
Take The First Step Today
Taking the first step in dealing with unaffordable debt is often the hardest part. To make that step easier, you can get in touch with us over a range of platforms; choose the best solution for you and get back in control today.
For confidential, non-judgemental and friendly advice, contact us via our WhatsApp Debt Advice service, our Livechat Debt Advice service, or to quickly check the debt solutions you may be eligible for, use our Trust Deed Wizard® tool.
Alternatively, call us on 0141 221 0999.