News Article

Consumer Credit

Aggressive store credit policies huge factor in personal debt, says Trust Deed Scotland

By CreditMan Monday, February 23, 2015

The reaction comes following a report in the Herald detailing the continuation of aggressive marketing strategies by store staff at till points that has caused personal debt to accumulate to dangerous levels throughout Scotland.

After a widespread clampdown on such activities over the past five years, the number of ‘buy now, pay later’ schemes were thought to have dropped significantly, but new evidence suggests that this is not the case. Big retailers across the United Kingdom are still pushing these short-term loans of credit and as a result shoppers are thought to be paying the price in the long term.

While government intervention has stopped retailers offering employees commission for every scheme that is sold to customers and implemented a mandatory minimum of seven days before any extra discount could be gained, stores have begun to offer ‘benefits’ in order to get around the law. Despite a code of conduct that has been formulated by representatives the British Retail Consortium and the Financial and Leasing Association, it is thought that the new regime has not been implemented successfully.

A spokesperson for Trust Deed Scotland, experts in the management of personal debt and finance, has released a statement following the report: “With personal debt figures throughout Scotland and the UK consistently on the rise, it is worrying that retailers are once again adopting aggressive tactics in order to ensnare customers into credit schemes.

“Many people will see that they can make immediate savings without realising that over time they will end up paying extremely increased rates for their purchases. It’s important that the general public are aware of their rights, as well as the terms and conditions the retailer should be adhering to.

“Here at Trust Deed, we know better than most how quickly credit debts can escalate but our experience is a way out for those who have fallen into trouble. We urge anyone with spiralling debts to get in touch with us as soon as possible in order to get back on the right track.”

Trust Deed Scotland Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.

Source - Company press release