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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).



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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

 


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