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Guidance/Advice

Information Guidance and Advice

QuestionAnswer
Citizens Advice An organisation that offers free and impartial advice to individuals on legal, financial, consumer and other problems
State two features of the Citizen Advice (1) Run by charities(2) Offers a large amount of generic advice through the website (3) Individual advice face to face, email or phone
Independent financial advisor (IFA) Professionals who offer advice on a wide range of financial services e.g. mortgages, pensions and savings
State two features of an Independent Financial Advisor (1) Can advise on products from a wide range of providers (2) They are not tied to one financial provider (3)IFA may charge for their services
Price comparison websites Free information available on the internet to compare prices from a range of organisations offering the same or similar products e.g. car insurance, currency exchange, mortgages
State two features of the Money Advice Services (MAS) (1)Government organisation with a remit to help individuals manage and plan their finances (2) Free and impartial advice
Debt counsellors An individual e.g. an IFA or organisation who works to help advise individuals on how to avoid and manage debt
State two features of Debt Counsellors (1) Advice on how to reduce payments (2) Can be charitable organisations helping to reduce debt (3) Can also offer help with IVAs and bankruptcy
Individual Voluntary Arrangements (IVAs) A Government organisation that allows individuals to work with an insolvency partner to manage their debt
How does an IVA work? The individual: (1) Declares themselves bankrupt (2) Agrees to make a regular repayment of a pre agreed amount to insolvency partner (3)Insolvency partner shares this out amongst all of the individual’s creditors (4) All or some of the debt will be repaid
Bankruptcy When an individual formally declares themselves unable to repay their debts
Advantages of Citizen Advice (1) Free Service (2) Wide range of areas covered (3) Offers face to face as well as online/phone advice
Disadvantages of Citizen Advice (1)Volunteers are not necessarily professionals (2) Knowledge may be limited
Advantages of Independent Financial Advisors (1) Advice offered by professionals (2) Regulated by FCA
Disadvantages of Independent Financial Advisors (1) Services will be charged for (2) Advice is not guaranteed to be up to date or unbiased
Advantages of Price Comparison Websites (1) Free service (2) Easy to access 24/7
Disadvantages of Price Comparison Websites (1) Do not always cover all of the available options (2) Potential for bias
Advantages of Money Advice Services (1) Government funded therefore advice is free and impartial (2) Cover a range of financial services
Disadvantages of Money Advice Services (1) Advice is only available over the phone or internet (2) Advice can be generic
Advantages of Debt Counsellors (1) Services are regulated by FCA (2) Advice is offered by a professional who specialises in debt management
Disadvantages of Debt Counsellors (1) Services will be charged for (2) Advice will only focus on debt management rather than all financial concerns
Advantages of Individual Voluntary Arrangements (1) Helps manage debt repayment with regular payments making budgeting easier (2) No bias in the advice as it is independent
Disadvantages of Individual Voluntary Arrangements (1) Will affect future credit ratings (2) Set up and handling fees are charged for the service (3) IVAs can last up to 6 years (4) Credit History affected for 6 years (5) Spending will be limited while IVA is active
State four features of an Individual Voluntary Arrangement (1) Debts are frozen (2) Sign up to a plan for 5-6 years (3) A monthly repayment is agreed (4) After 5-6 years debt is written off (5) Restrictions are less severe than bankruptcy
Advantages of bankruptcy (1) Quickest way to get debt free (2) Costs are less than IVA (3) Can be discharged for bankruptcy after 12 months (4) Advice on bankruptcy is free from Citizens Advice
Disadvantages of Bankruptcy (1) Your bank account will be frozen (2) Could lose assets such as house (3) Certain job roles affected e.g. accountant (4) It is recorded publicly
Created by: durquhart1
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