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Scottish Trust Deed Forum
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Topic starter
21/10/2010 5:42 pm
Am sure a lot of us on here doing this right now after yesterdays spending review and how it may affect our finances over the next few years.....
Firstly I work in Housing and it is almost certain that the central Housing Grants from the Scottish Govt will be massively reduced, in England it is 60%, so what impact will this have on my job. Also as a Council tenant what impact will the reduced housing grants and Council funding reductions have on my rent, National Govt are wanting social rents to be more in line with Private sector rents.....
Also with the increase in VAT to 20% from the 1st Jan 2011 it will see most of our bills etc increase.....
Finally to add insult to injury am in a Public Sector Pension so from April 2012 my contribution will increase from 6% to 9% which will be roughly ?ú60.00 extra per month, on top of that the buggers want me to work to am 66 and the get a smaller works pension.......Grrrrrrrrr
Funnily despite all my whinging above am not going to lose any sleep over it... After all the worrying about my debts over the years I eventually found here which helped me find a solution and am now in a Trust Deed which lifted a great weight off my shoulders. So if the "****e Does Hit The Fan" I am now in a position to deal with it, luckily I am a single chappie no dependents which obviously helps......
Rant over and let's hope we all survive the next few years.....!!!!!
21/10/2010 6:15 pm
It does seem like it's going to be a really tough few years. Lets hope that interest rates stay low or the pressure will only be magnified further for even more people.
In connection to trust deeds (and other debt solutions) there is going to have to be some flexibility from the solution providers, the creditors and those who have entered the solutions.
From a debt adviser point of view I think we're going to need to be very thoughtful about the things that we know are going to change in the future so that they can be factored into the choice of a debt solution, and also how that solution is then structured. For example if we now know that a pension contribution is to rise at a certain point in the future that should be factored into the equation from the start. The same will apply for some higher earners with child benefit as well.
What I find hard to process are the absolute opposite views you hear from different politicians, economists and other analysts as to whether this is an absolute necessity or a reckless gamble.
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