How will Brexit affect your finances?

Money expert Martin Lewis on what leaving the European Union could mean for you

With the UK voting to leave the European Union in the recent referendum many questions are being asked about what it means for our personal finances.

Money saving expert Martin Lewis has complied a Q and A on some of the most popular including questions on mortgages, savings, holiday money including what it means for you.

Read the full story here.


Money Advice Scotland - Financial Capability Programme

A financial capability team dedicated to promoting financial inclusion and providing financial education across Scotland
Money Advice Scotland - Financial Capability Programme

Financial inclusion and financial education are important in preventing financial difficulties. This is why Money Advice Scotland - Scotland's Money Charity has a goal to radically improve the financial health and wellbeing of the people of Scotland, and it's this goal which has played a pivotal role in the creation of their Financial Capability Team. 

The team was created in November 2014 and it's members bring with them a wealth of experience from across the private, public and voluntary sectors. They are responsible for the delivery of the Financial Capability e-Learning Module, an interactive online learning tool which has the purpose of providing mandatory financial education for individuals undergoing insolvency proceedings (in line with the Bankruptcy and Debt Advice (Scotland) Act 2014) and at the same time improve the overall finacnial wellbeing of the people of Scotland, through the provision of fre information onhow best to manage finances. Find out more about the Financial Capability Programme by clicking below.

Money Advice Scotland


Personal Savings Allowance - All you need to know

New rules to be introduced on 6 April 2016
Personal savings allowance

From 6 April 2016, if you’re a basic rate taxpayer you’ll be able to earn up to £1,000 in savings interest income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

At the moment 20% tax is deducted from all savings accounts other than ISAs but that will change when the new rules come into effect at the start of the next financial year on 6 April 2016.

The government estimates that 95 % of savers will benefit from the new allowance and won't pay tax on the savings interst they accrue.

You don't have to do anything to claim your new personal savings allowance so look forward to seeing more cash in your accounts.

Find out more about the personal savings allowance on the following websites.





Who you gonna call? Debtbusters

Elaine Colliar talks you through the best places to seek advice.

If you have reached the point that you don’t know where to turn then maybe you need to talk to someone directly. But who can you trust?

A lot of online companies offer to “write off your debts” or do some magic voodoo if you can just find your way to giving them a big chunk of your money every month.

There are perfectly legitimate agencies out there who will help you to do this, making sure that every penny that is being used to pay off your debt actually goes to your creditors.

Even better, when you use these agencies, you will find that the people you owe money to will step back and stop hassling you. Fewer phone calls, red letters and stressful demands on the doorstep – that has got to be worth considering, right?

Who do I recommend? Well, for all forms of debt, whether it’s council tax or credit card bills, you can contact Citizens Advice, the StepChange Debt Charity or a free independent adviser who can negotiate payment plans at an affordable rate.

Christians Against Poverty (you don’t have to be religious) and the National Debtline can also help. If you are feeling under pressure from your creditors, these guys will help you prioritise your debts, set up a budget that works for your family and support you.

If your problem turns out to be much more severe, then there are agencies to help you access other options like the Debt Arrangement Scheme and even bankruptcy as an absolute last resort. So stop fretting and make that call.

Contact these organisations for advice:




Staying out of debt

Why it’s already time to start thinking about next Christmas
Financial expert Fergus Muirhead shares his advice for keeping your finances in check this year.

Last year’s Christmas tree will hardly be in its box and already we’re telling you to start planning for Christmas 2016.

What’s that all about?

Well, it’s about avoiding the problems that some of us may have fallen into this year because we didn't give ourselves enough time to plan and pay for Christmas celebrations last year.

So here are just a few of the benefits of starting now.

  • You can spread the cost over a year rather than one month
  • Enjoy greater choice, more leisurely ways to shop and find the best prices on the items you're after
  • Find the best credit deals if you have to borrow
  • Ease the stress by not leaving it all to the last minute





How to deal with debt

Citizens Advice Scotland offer practical advice on how to deal with debt

Citizens Advice Scotland offer practical advice on how to deal with debt:

If you’re in debt, don’t panic.

However, it’s important to do something, because the problem won’t just go away. Don’t ignore calls or letters from the people you owe money to (your creditors). Contact them to explain why you’re having problems and follow the steps in this fact sheet to help you get back in control of your finances.

If you don’t agree that you owe any money, or don’t agree with the amount you’ve been asked to pay, get advice from an experienced debt adviser straight away, before following these steps:

Make a list of your debts:

Before you can tackle a debt problem, you need to collect together information about your money affairs. Make a list of all your creditors. You will need the following

information for each debt:

- the name and address of the creditor.

- the account or reference number.

- the amount you owe.

It’s a good idea to keep the latest letter or statement for each debt together in one place so that you can easily find them if you need them. If you’ve received any court papers or letters that are urgent, for example, if a court date has been set, you may need to act quickly. If you’re not sure what you should do next, get advice straight away from an experienced adviser.

Once you’ve made a list of all your creditors, you need to work out which ones to deal with first. You need to deal with some debts first before others because the consequences of not paying these debts can be more serious than for other debts.

The debts you deal with first are called priority debts. The debts you deal with after your priority debts are called non-priority debts.

Contact the following organisations for more help and advice on dealing with debt.

Citizens Advice Scotland


National Debtline



Winter is here

Are your bills ready to cope?

As a result of the oncoming cold front, households will spend an extra £46 on energy this year. Gas bills in particular are set to rise by 6.2% as customers turn the heating up in the face of freezing temperatures, according to new research from

One third of consumers admit to being ‘shocked’ by their energy bills, but this is set to get worse as they try to stay warm this winter. But, never fear, there are a few proven ways you can slash your heating costs this winter.

Stay toasty and keep your bills under control

There are plenty of ways to save money on your energy bill – even when it’s freezing!

For example, you could try turning the thermostat down by just one degree. This can knock up to 10% off your heating bill. You can also make sure you turn off electronics when you’re not using them and switching off lights when no one is in the room.

You can also consider getting better insulation for your home and old boilers.  There are a number of government grants available to households looking to become more energy efficient.

The organisations below offfer free and impartial advice on keeping warm for less this winter


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