All Press Releases for February 05, 2016

Hard-up Scots Warned about Illegal Payday Loans

With so many Scots struggling with their finances, increasing numbers are tempted to use payday loans to make ends meet but now they are being warned about illegal lenders.

    GLASGOW, SCOTLAND, February 05, 2016 /24-7PressRelease/ -- Payday loans have been controversial for several years now and growing numbers of Scots in debt have been using them on a regular basis.

While the amounts of the loan are relatively small, they often come with a high repayment rate which led to legislation forcing payday lenders to comply with Financial Conduct Authority (FCA) rules.

With Scottish incomes being squeezed, around a third of Scots told one national debt charity that they would have to borrow money to buy Christmas presents this year.

Scots said a payday loan would help

Another 23% of Scots said a payday loan would help ensure there would be food on the Christmas table.

The charity which undertook the survey said: "Christmas loan websites are unscrupulous and exploit those in financial difficulties. This is an expensive and difficult time of year for many and those behind these illegal websites know that."

For those who are tempted to use an illegal website, ensure they have contact details that work, do not be taken in by one that offers a Post Office address and if it is FCA registered then check with the FCA register.

Issue with payday loan lenders
This issue with payday loan lenders is one we have regularly visited at Scotland's Trust Deed is that they tend to make a person's financial situation much worse.

While many Scots struggling with debts may not qualify for a trust deed, some may believe that the debt arrangement scheme is not one for them there are other debt solutions available.

The team at Scotlands Trust Deed can help and discuss the options for informal negotiation with a lender with a view to debt write-off and/or debt consolidation.

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John Papas
Scotlands Trust Deed
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