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BTEC Business Level 3, unit 31 assignment 2 - effective management of debt
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unit 31 assignment 2, effective management of debt, grade- distinction, P3,P4,M2,D2
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Assignment 2- sophie brooks-smithUnit 31: effective management of personal debt
Personal debt and society
Explore sources of debt advice and management strategies available for
individuals.
Organisations that provide debt advice or counselling
Debt advisors provide support for people who are in debt and struggling financially, they
help their customers to find solutions to repay debt and manage their finances correctly.
They will communicate with their clients' creditors to create a repayment plan which is
suitable for each individual's situation. There are many different organisations with debt
advisors that provide support for individuals who are struggling with debt. Providers of
debt advice would be the central government, local governments, debt counselling
charities and debt management services.
, The first organisation that provides debt advice is The National Debt Line, this is an
advice agency that is a free, non judgemental, confidential source used by individuals
who struggle with the debt in England, Scotland and Wales. Millions of people have
been helped by this service. This service is also useful for people with personal or
health issues that make it difficult for them to manage their finances independently. The
aim of this organisation is to allow experts to provide support to their vulnerable clients
who struggle with debt, this is done via a web chat, email or by phoning their helpline
(0808 808 4000).
A second debt advice service is Step Change, this is the leading debt advice charity in
the UK. This charity is currently helping 635,000 people each year, It is mostly funded
from creditors' donations. This is another free advice service, the aim of this charity is to
help individuals to regain control over their finances, this company has qualified
employees that specialise in money management, providing the best support for their
clients. This company’s target is to financially educate and make their clients more
aware of how to deal with debt. Step Change provides support through web chat, email
and phone calls (08001381111).
A third of debt advice is Citizens Advice, this service provides help for people in many
situations such as: debt, housing, disputes and immigration. This service Helps millions
of people every year, 9 in 10 people who used this service said they would recommend
it. Over the course of one year Citizens Advice saved the government and public
services £435 million. 82% of people who went to Citizens advice for help stated the
advice they were given improved their lives. Citizens Advice is a good advice service for
people in difficult situations as this charity has specialists for many problems people
may encounter. This service can be reached online through web chats, email or on the
phone (0808 278 7847).
Another service is the UK’s biggest public service department, The Department for
Work and Pension (DWP), this service is in control of welfare, pensions and child
maintenance. The department for work and pension provides support to help people be
able to work and achieve financial independence, this service prepares their clients for
later life by increasing their savings. To contact this service you call the number (0800
055 6688).
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