A recent report into the impact the cost-of-living crisis is having in Scotland has revealed that just over a quarter of the population (26%) have seen family relationships suffer due to financial pressures.

The survey was conducted by marketing firm The Union. They questioned 1,005 adults in Scotland and discovered how the cost-of-living crisis is having a detrimental impact, not only on family life, but on the health of Scots, too, with 75% of those interviewed reporting an increase in stress because of the economic crisis, and 35% having trouble sleeping.

This is a scenario Chris Malloch, head of Cleanslate, the Scottish debt solution experts, recognises. “An increasing number of people are contacting us to seek advice on debt management. Having a plan to deal with debt brings peace of mind. Our clients often tell us that even after their very first conversation with our advisers, a weight lifts from their shoulders and they sleep better at night.” said Chris.

The report suggests that people in Scotland are being “pushed to the limit” and are feeling more pessimistic than throughout the Covid-19 pandemic; concluding that the economic situation is “worse than we think” – and worse than the financial crisis in 2008.

The National: 'Having a plan to deal with debt brings peace of mind''Having a plan to deal with debt brings peace of mind' (Image: Cleanslate)

For many struggling for the first time to meet financial commitments and facing the prospect of going into debt, these are scary times.

Cleanslate, with offices in Glasgow, Edinburgh and Aberdeen, has a proven track record in helping people get their debt under control. Formal debt solutions like Protected Trust Deeds regularly enable a significant reduction in someone’s monthly outgoings, with unaffordable debt repayments often being slashed to half, or less, their previous levels. Once completed, it is common for up to 82% of unaffordable debt to be written off.

In the run up to Christmas, it can be very tempting to pay the absolute minimum or even skip debt repayments in favour of other costs. Invariably, this just leads to bigger problems further down the line.

The National: Figure 1: How a recent Cleanslate client was able to significantly reduce their debt repayments to an affordable level by signing a trust deedFigure 1: How a recent Cleanslate client was able to significantly reduce their debt repayments to an affordable level by signing a trust deed (Image: Cleanslate)

Many people mistakenly think that making just the minimum payments to their credit and store cards will be enough to get by. However, only paying the minimum payments to a typical credit card could mean it takes over 20 years to clear the balance, with a huge interest cost over that period.

The Debt Arrangement Scheme allows you to repay your debts with interest and charges frozen and your monthly payment is based on what you can actually afford. In the middle of the current cost of living crisis, this could be a life changer for thousands of Scots in the coming months.

“If you find yourself struggling with debt or can see debt issues coming around the corner, act fast and call us”, said Chris.

“Over 50% of people who wait more than a month to get advice regret not seeking it sooner”, according to a recent FCA study.

The National:

“Getting advice early also makes it more likely we can create a plan that has minimal impact on your day-to-day life. We have an incredibly experienced team at Cleanslate with over 20 years track record successfully providing debt solutions to people in Scotland. In fact, at Cleanslate, we have some of the most experienced debt advisers in the industry.”

What sets Cleanslate apart?

"We keep our customers at the core of everything we do. Being able to make big reductions on your monthly debt payments and write off unaffordable debt can be life changing,” said Chris.

“Many people we speak to feel lost, and don’t know how to get out of debt. Professional debt advisers can take the weight off your shoulders by providing you with a clear, easy to understand plan to get your debt under control, stop creditor pressure and reduce your monthly payments to an affordable level,” said Chris.

If you’re looking for a solution to your debt worries, get in touch with Cleanslate today and see how much you could save.

Visit our website www.cleanslate.co.uk

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Call us: 0141 319 7654