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Scots forced to ‘rob Peter to pay Paul’

More than a fifth of Scots have been forced to borrow money from one lender to clear debts with another firm, according to new research.
By Jeff Salway
Published 29th Mar 2014, 00:00 BST
More and more Scots are having to extend their debts to pay off their existing loans. Picture: GettyMore and more Scots are having to extend their debts to pay off their existing loans. Picture: Getty
More and more Scots are having to extend their debts to pay off their existing loans. Picture: Getty

A similar proportion admit to hiding debt from their family and one in six has revealed that they concealed it from their partner, a survey by Payplan has shows.

And while 36 per cent would look for help if they had debts between £2,000 and £5,000, one in five said they would wait until they were more than £20,000 in the red before seeking debt advice.

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But 55 per cent of Scots consider it no more acceptable to be overdrawn now than it was ten years ago, a reversal of the UK-wide trend.

The findings are published just days before the Financial Conduct Authority takes over the regulation of the £200 billion consumer credit market.

The initial rules for the market, which come into force on 1 April, will cover payday loans, credit cards, overdrafts, personal loans and other forms of credit agreement.