The 4th November 2024 marks the start of UK Talk Money Week. The annual event is run by Money and Pensions Service, usually falling on the second week of November.
Talk Money Week is a time for debt charities and companies including Trust Deed Scotland® to speak out and encourage people across the country to open up about their money and debt worries.
We want to highlight that although this week has a strong focus on talking about money, Talk Money Week also brings awareness to the importance of having these conversations all year round. For all ages, talking about money is extremely valuable – from pocket money to pensions. By opening up and sharing our experiences and knowledge, we can create a brighter financial future for us all.
Do One Thing
The focus of Talk Money Week’s is to encourage people to Do One Thing that could help improve their financial wellbeing – whether a small or big act – and encourage others to do the same.
They suggest talking to a child about pocket money, using one of the free tools or calculators, or getting financially educated.
Talk Money Week Podcast Episode
For Talk Money Week 2024, Trust Deed Scotland® alongside Blethered with Sean McDonald spoke to one of our previous customers, Becky about her experience with unaffordable debt. This inspiring episode is an important one for Trust Deed Scotland®, we often speak about the importance of our TrustPilot reviews in showing people across Scotland that debt happens, and there is help available. However, this informal chat with Becky dives deeper and illustrates how easy it can be to have debt. Becky completed a debt solution and has recently shared the exciting news that she is a homeowner. Her story can help to inspire many more people across Scotland, listen here.
The Importance of Talking About Money Debt
A key focus of Talk Money Week every year is to encourage conversations about unaffordable debt. By having this conversation, you can improve your physical, mental and financial wellbeing.
Money and Pensions research shows that talking about money can help you to:
Make better and less risky financial decisions
Have stronger personal relationships
Help your children form good lifetime money habits
Feel less stressed or anxious and feel more in control
With money conversations involved in everyday lives, you can build financial confidence and resilience to face whatever the future throws at us. For Talk Money Week, start this conversation in any walk of life, including:
In your workplace
At home with friends and family
In educational establishments, or with debt charities
With the people to who you owe money to
However, we understand that isn’t easy talking about money and debt. In our most recent survey, 44% of our customers said that the fear being judged, or feel embarrassed or ashamed of their debt when the truth is problem debt can happen to anyone.
How long do people wait before getting help with their debt?
In a 2024 customer survey of existing Trust Deed Scotland® & Harper McDermott customers…
16.3% got debt advice straight away.
34.4% waited up to 1 year before getting debt advice.
22.4% waited between 1 and 2 years before getting debt advice.
26.9% waited over 2 years before getting debt advice.
Almost 50% waited over a year before finally asking for help with their unaffordable debt.
What type of debts worried our customers most?
Credit card debts are the most troublesome type of debt that our customers encounter.
79% were worried about credit card debt
60% were worried about personal loans
30% were worried about their overdraft
18% were worried about council tax arrears
17% were worried about payday loans
15% were worried about buy now pay later
14% were worried about gas and electric bills
Lastly, 36% were worried about another type of unaffordable debt (including HMRC, DWP, Mortgage arrears, rent arrears and car finance)
What impact did debt have on our customers’ mental health?
We asked our customers if their mental health or physical health was impacted by their debt problem.
93.1% of customers lost sleep worrying about their debt.
90.9% of customers said that their mental health was impacted before entering into a debt solution.
89% of customers said that their mental health improved after entering their chosen debt solution.
Of those who said that debt had impacted their mental health, 98% also said that entering into a debt solution improved their mental health.
What do people who have previously started a conversation with Trust Deed Scotland® say about their experience?
At Trust Deed Scotland® we currently have over 10,000 reviews from our customers, with a rating of 5/5 rating on TrustPilot.
Our Trust Deed Scotland reviews are just as important to us, not only as a signal that our customers are happy with the service that they have received from us but also because they allow people with problem debt in Scotland to find other individuals who were once in the same position that they too find themselves in.
We’re always keen to take action on any feedback that we receive to make improvements to our processes wherever we can and continuously improve our own learning and development as a leading Scottish debt solutions provider.
Our experienced debt advisers received reviews in the run-up to Talk Money Week 2024 which perfectly described many of the feelings that individuals have when they’re looking for help with their unaffordable debt…
“Matthew McNally was our adviser from the very start and he guided us through one of the toughest periods of our lives and put our minds at ease from the beginning. Our financial situation arose due to one of our children being diagnosed with cancer and my wife and I having to stay off work to care for her. Matthew was extremely understanding and promised to find a solution for us, which he did. As a result he was able to relieve one of our worries and stresses and put us in a much better financial position where we could focus entirely on the care for our daughter going forward.” – Paul
“Jacqui was really incredible. It’s really nerve wrecking to make that call, there’s lots of questions to answer and it can feel really embarrassing and overwhelming. Jacqui was super patient, really helpful and helped put my mind at ease. I didn’t feel judged, I felt really supported and comfortable through the whole process. Now a huge weight is off my shoulders and things feel a bit more normal again.” – Heather
“Debt adviser Jason made my entire time better than I could of imagined. He’s not only professional and good at his job, he went and above beyond for me with nice thoughtful words and positivity towards my unfortunate life situations.” – Dale
“I was a bit scared and embarrassed to call but once I made the call Michael reassured me straight away, I felt that Michael went above and beyond and helped me through everything, 100% tremendously made me feel better in myself as well.” – Derek
“The help and advice I received from Anisah was absolutely outstanding. I cannot thank her enough for helping me manage my debts that I didn’t think I would or could ever get out off. As you can imagine, it feels like a massive weight has been lifted off my shoulders and I can breathe again.” – Lee-Anne
Start a conversation about your unaffordable debt
Our experienced, friendly debt advisers offer tailored debt advice and explain the advantages and disadvantages of any formal debt solutions that you may be eligible for.
You can contact Trust Deed Scotland® on 0141 221 0999 or use the Trust Deed Scotland Wizard® Tool to find out more about your options.
