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unit 31 assignment 2
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Essay of 6 pages for the course Unit 31 - Effective Management of Personal Debt at PEARSON (distinction)
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Unit 31 Assignment 2Introduction:
In this assignment I am going to delve into various sources of debt advice and
management strategies accessible to the individual in conjunction with going through
the consequences of debt management strategies.
Sources of Debt Advice:
There is a range of charities and agencies which can help a person to overcome
debt. This can be found online by chatting to someone for advice virtually to visiting
an agent inside a branch to talk about how to take the step to reducing the amount of
money owed.
Money Advice Service:
The money advice service is set up by the central government and offers free
and impartial money advice with guides to help improve finances as well as
tools and calculators to keep on top and plan ahead. The money advice
service can be reached online via webchat, WhatsApp messaging and free
calls.
They offer a variety of services to help take control of debt, manage loans
and mortgages along with helping you manage credit cards and ratings. During the
coronavirus pandemic they also offer coronavirus money guidance- free trusted
guidance and links to direct support via their website. The organisation is well known
and has 72k likes on Facebook, 45k followers on twitter and a shocking 5.6 million
views from their videos on YouTube.
These resources offered from the money advice service can be used by individuals
in debt and even if you are not in debt it can help resolve short term problems.
Citizens Advice:
Citizens advice is a debt counselling charity that advices the people of the United
Kingdom about financial dilemmas with basic information for consumers to
understand. They possess 31,300 highly trained volunteers to support the delivery of
their services and they all come from a range of different backgrounds.
They provide advice via advisers online, face to face in branches and national phone
lines. If the person who is seeking advice is treated unfairly by citizens advice then
then they even enable you to complain about them on their website. Of course, all of
the advice from citizens advice bureaux comes free and impartial.
They offer various services including help with debt, debt solutions, budgeting
advice, advice with mortgage problems, rent arrears, gambling addictions, pensions,
banking and a whole checklist of financial advice on their website which a seeker of
advice can delve into.
, Unit 31 Assignment 2
Step change:
Step change is a debt counselling agency which has more than
25 years of experience in providing completely free and
impartial debt advice. They offer the widest range of debt
solutions than any other debt charity in the UK.
The business reviews your financial situation and gives expert advice with
recommendations to solutions which suit your situation.
Along with being regulated by the financial conduct authority, they provide multiple
debt solutions and services such as a debt management plan, relief orders,
individual voluntary arrangement, bankruptcy advice, minimal asset process, equity
release, mortgage advice and many more.
The company can be contacted via webchat, by phone, email and also by letter. The
charity is also promoted by Martin Lewis, the founder of ‘moneysavingexpert.com’
multiple times on morning tv shows and his debut money show that runs time to
time.
Personal Network:
Apart from debt charities an individual could also turn to their personal network and
acquaintances including their friends and family.
You could communicate with your personal network for advice in different ways
such as a text message or even on a phone call if you need urgent help to cover a
debt and it generally comes to you for free.
However, getting advice from your personal network may not be ‘expert advice’ it is
not advice that is given to be deemed as reliable as you would receive from a debt
counselling agency or charity.
The individual has their friends and family to hand if they need advice on anything
and is quickly accessible unlike having to spend time waiting for replies off a web
chat.
Banks:
Banks also offer some advice on debt advice but in some banks this may not be free.
At first direct bank they have a debt FAQ on their website and inform customers if
they are in debt they should turn to teams. They redirect their customers to charities
such as step change, the money advice service and the national debt line.
Banks also help with debt advice by giving people the option of limits that they can
set such as blocking gambling merchants and setting withdrawal limits. This can
prevent customers from gaining additional debt. Banks can now use technology to
inform customers by using notification from banking apps when their balance has
become low.
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