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The Point At Which To Get Scottish Trust Deed Advice
20th June 2012
We recently added an article to the site regarding why people often delay taking debt or Scottish trust deed advice. It was based on a forum thread in which many of our members wrote about why they had delayed this process. We also asked members to tell us why they chose to take advice when they finally did. The results were fascinating.
Many people assume that TV, radio and internet advertisements might be the trigger for people to take advice on debt solutions such as Scottish trust deeds. The reality appears to be quite different, though it may be that such advertisements are effective if they happen to fall in front of a person that has already decided that they must act for another reason.
Our admittedly unscientific research (which you can read here) points towards certain triggers that can persuade people that their finances must be addressed urgently. We’ll try to group them and illustrate the points with the words used by some Trust-Deed.co.uk members in the forum thread.
Credit Sources Run Dry
In our previous article we wrote that many people are working very hard to rotate credit in order to make ends meet. It appears that many people reach the point of looking for advice on solutions like trust deeds only once it has become impossible to support the burgeoning debt repayments any longer. Our members wrote that they took advice because of:
- “My credit card company stating that I needed to repay the balance in full or else… £15k isn’t easy to find! I was robbing Peter to pay Paul and unfortunately ran out of options”.
- “One card getting declined for the sake of a £1 underpayment. Also, two other cards cutting my limits to a third in one swoop. That way, I was over my limit right away”.
- “Debts getting bigger by the month, then BANG can’t take any more cash off the cards to pay other bills”.
Health Implications
There is a well-established link between debt problems and detriment to both physical and mental wellbeing. For some members the trigger to reach out for advice was health issues:
- “Not being able to just buy food and pay bills without using cards was causing me a lot of stress and I know my health was beginning to be affected”.
- “I was in trouble and on the verge of breaking down totally”.
Creditor Behaviour
It appears that the actions of lenders can also drive people towards taking advice from Scottish trust deed firms and debt management companies:
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“I started phoning all creditors, most were a little helpful but only offered to reduce payments for two months (way past the stage where that would help) and one in particular just refused to help me at all”.
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“What tipped us over was the attitude of the Lloyds TSB staff when we went in to discuss our debts and they offered to extend a loan, remortgage the house and up our platinum credit cards limits. We were so mad we marched over the road into the local CAB office…”
It’s apparent that many people need to be pushed a long way before giving consideration to taking debt advice. From a professional point of view it’s sometimes hard to understand why people would leave dealing with financial problems until they were left financially high and dry, their health was at risk, or they were in dispute with their creditors. However, anybody that has the view that lots of people use debt solutions like Scottish trust deeds as an easy “cop-out” may wish to reconsider their views based upon the stories that our members tell of their own experiences.
If you’re currently struggling with debts but unsure about taking advice (or putting off what you know to be inevitable) please consider this information. If your outgoings exceed your income, and there is no way that you can see to correct this and be paying-off your debts at the same time, things are almost certainly going to get worse. Seeking advice at an early stage can help to protect you in a number of important ways.
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