Credit Strategy
LinkedIn
Twitter
0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


To view more free articles, please register

Free registration or Login

Debt advice funding review reaches milestone

An independent review of the debt advice funding framework in the UK has reached a milestone, according to the Money Advice Service (MAS).


Amber-Ainsley   Pritchard

Share on Twitter Linkedin black
Amber-Ainsley   Pritchard
Share on Twitter Linkedin black

The independent review is being led by Peter Wyman and he has this week (September 7) launched a call for evidence on the matter.

 

Wyman said: “There is a widespread view that funding arrangements for debt advice need reconsideration. I hope this call for evidence will encourage relevant parties to share ideas and data on how debt advice is currently funded and operated.

 

“This insight will help build a comprehensive picture of what is happening right now and what developments could be made in the future.”

 

 

The review, set up in response to a challenging and complex debt advice funding landscape, will make recommendations for an appropriate funding framework for the future, and look at issues that affect some of the most financially vulnerable people in society.

 

Research from MAS found one in six adults, in the UK, are at risk of crisis debt, yet less than one in five seek advice.

 

It also found around eight million people regularly miss bill re-payments, or feel overwhelmed by debt, and a worrying 10 percent of the population could be suffering in silence with debt.

 

Sheila Wheeler, director of debt advice at MAS, said: “Over indebtedness in the UK has reached excessive societal proportions. A collaborative approach is needed to ensure we meet these issues head on.

 

“Debt and money worries are often seen as a taboo subject. It is time to get people talking about the size of this challenge and how more advice can best be offered to prevent unmanageable outcomes.”

 

The review was initiated by the Debt Advice Steering Group and will report back mid-2018. If you would like to contribute to the review, you can do so by emailing the group before December 8 2017: debtadvicefunding@moneyadviceservice.org.uk

 


YOU MIGHT ALSO LIKE

Tories echo Labour in pledge to introduce breathing space Tories echo Labour in pledge to introduce breathing space

Share on Twitter Linkedin black
Add New Comment

YOU MIGHT ALSO LIKE


Get involved

Get involved with Credit Strategy events

Changes demanded after wrongful jail sentences for council tax

Debt advice firm PayPlan is calling for enhanced training for legal advisers and court staff, after 17 people were unlawfully sent to prison for council tax arrears last year

FCA action sees loan shark jailed

A convicted illegal money lender has been sentenced to prison and issued with the Financial Conduct Authority’s (FCA) first Serious Crime Prevention Order (SCPO)

LATEST IN ANALYSIS


The CS Interview

The patriot

The patriot

Features

Ahead of the curve: Five reasons why Intelligent Environments secured the Best Collections Technology Award
Share on TwitterLinkedin black

Ahead of the curve: Five reasons why Intelligent Environments secured the Best Collections Technology Award

Opinion

“It's time for us to address gender diversity”
Share on TwitterLinkedin black

“It's time for us to address gender diversity”

Bank NPL analysis

Banks continue purge of bad debt from balance sheets

Banks continue purge of bad debt from balance sheets

Events

Credit Week 2018

Credit Summit

CDSP European NPL

Women in Credit Awards 2018

ENJOY READING?

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group