Menu
14/02/2011
Funding Of £27m Secures Face-To-Face Debt Advice Programme
The future of the face-to-face debt advice programme has been secured today with the Government announcing £27 million of funding for the next year.
The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
The funding announced will secure the future of the face-to-face debt advice programme for 2011/12 and will ensure debt advice can continue to be provided by the Citizens Advice Bureaux and other independent advice agencies across England and Wales.
Secretary of State for Business Vince Cable said: “It’s vitally important that everyone has access to free debt advice, and I am pleased to announce that the Department for Business will provide the £27 million necessary to maintain the programme of face-to-face debt advice.
"While the Government has maintained funding for this programme, it provides only a small part of the revenue necessary to keep the Citizens Advice network fully functioning. I would like to take this opportunity to call on the other funding streams, such as from local authorities, to help provide whatever support they can to keep this excellent service going."
Financial Secretary to the Treasury Mark Hoban said: “I am very happy to be able to confirm the continuation of this important service. Effective debt advice can be the first step towards regaining control of your finances. It can also help people to make the most of their money in the future and avoid unsustainable debts. Anyone with money worries should seek advice as early as possible before their problems become harder to resolve.
“The Government intends to put the provision of debt advice onto a more sustainable footing. We want to see a flexible and cost effective response to debt problems, so that people can be helped in a way that works for them.”
The Coalition Agreement pledged that the Government would take action to help people to manage their own debts. It has been looking for new ways to encourage debtors to seek this support in its call for evidence on consumer credit and insolvency.
The Government has already asked the Consumer Financial Education Body (CFEB), soon to be known as the Money Advice Service, to deliver a free national financial advice service. Financial advice will be available face-to-face, over the phone, and online and aims to increase levels of financial literacy and empower consumers to take charge of their finances.
The service will include an annual financial healthcheck, which will provide people with a holistic overview of their finances and include a personalised action plan. The healthcheck will be available in the spring.
(BMcN)
The Government wants to ensure that individuals facing financial difficulty can get valuable impartial advice early, rather than wait until their problems become much more difficult to resolve.
The funding announced will secure the future of the face-to-face debt advice programme for 2011/12 and will ensure debt advice can continue to be provided by the Citizens Advice Bureaux and other independent advice agencies across England and Wales.
Secretary of State for Business Vince Cable said: “It’s vitally important that everyone has access to free debt advice, and I am pleased to announce that the Department for Business will provide the £27 million necessary to maintain the programme of face-to-face debt advice.
"While the Government has maintained funding for this programme, it provides only a small part of the revenue necessary to keep the Citizens Advice network fully functioning. I would like to take this opportunity to call on the other funding streams, such as from local authorities, to help provide whatever support they can to keep this excellent service going."
Financial Secretary to the Treasury Mark Hoban said: “I am very happy to be able to confirm the continuation of this important service. Effective debt advice can be the first step towards regaining control of your finances. It can also help people to make the most of their money in the future and avoid unsustainable debts. Anyone with money worries should seek advice as early as possible before their problems become harder to resolve.
“The Government intends to put the provision of debt advice onto a more sustainable footing. We want to see a flexible and cost effective response to debt problems, so that people can be helped in a way that works for them.”
The Coalition Agreement pledged that the Government would take action to help people to manage their own debts. It has been looking for new ways to encourage debtors to seek this support in its call for evidence on consumer credit and insolvency.
The Government has already asked the Consumer Financial Education Body (CFEB), soon to be known as the Money Advice Service, to deliver a free national financial advice service. Financial advice will be available face-to-face, over the phone, and online and aims to increase levels of financial literacy and empower consumers to take charge of their finances.
The service will include an annual financial healthcheck, which will provide people with a holistic overview of their finances and include a personalised action plan. The healthcheck will be available in the spring.
(BMcN)
Related UK National News Stories
Click here for the latest headlines.
27 April 2012
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
Government Departments Outsourcing Debt Collection
Government departments tasked debt collection agencies with recovering almost £60bn in unpaid consumer debt last year, according to figures release for the first time by the industry.
03 October 2005
National scheme to tackle personal debt
People with personal debt problems are set to benefit from a new national scheme, which encourages early contact between debtors and creditors. The introduction of Pre-Action Notices (PAN), by the Department for Constitutional Affairs, is aimed at helping people to resolve debt difficulties without going to court.
National scheme to tackle personal debt
People with personal debt problems are set to benefit from a new national scheme, which encourages early contact between debtors and creditors. The introduction of Pre-Action Notices (PAN), by the Department for Constitutional Affairs, is aimed at helping people to resolve debt difficulties without going to court.
21 October 2004
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
Charity calls for credit reform to tackle rising debt problems
Citizens Advice has issued a credit warning to consumers after revealing that people approaching the agency with debt problems had risen by three-quarters over the past seven years. On the back of the figures, the charity has today called for a reform of Britain’s "outdated" consumer credit laws to be included in the Queen’s Speech later this year.
25 October 2011
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
Payday Loans Fuel UK Debt Problems Says Charity
Payday loans providing people with last minute cash before their pay check arrives is fuelling consumer debt problems, according to research by a debt charity. The survey by the Debt Advice Foundation (DAF) found 41% of those struggling with debt are saying their financial problems are the result of high-interest ‘payday’ lending schemes.
03 September 2014
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
Terms Used By Financial Providers 'Not Understood' By Majority Of Adults
84% of people do not read the full terms and conditions when buying a financial product, according to the Money Advice Service. The decision cost the average adult £428 in 2013. One in three people don’t know what 'interest' means, while twice this proportion couldn't correctly identify the meaning of a 'budget'.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
