276 people a day are declared insolvent or bankrupt.

1,756 consumer County Court Judgements were issued every day in Q3 2017.

These statistics are from http://themoneycharity.org.uk/money-statistics/

The Money Advice Service website is at https://www.moneyadviceservice.org.uk

This website was set-up by the UK Government to give free and impartial advice about Money.

The website covers advice on:-

·         Debt and borrowing

·         Homes and mortgages

·         Budgeting and saving

·         Work and benefits

·         Retirement

·         Family

·         Cars and travel

·         Insurance

It also has tools and calculators to help people keep track and plan ahead

There is a free webchat service available 8am to 8pm weekdays and Saturday 9am to 1 pm and there is a free phone line open the same hours for free and impartial money advice.

Why Are The Money Advice Service Needed?

Surveys suggest 24 million people in the UK do not feel in control of their finances, and 8 million risk not being able to service their debts.

Government created The Money Advice Service (MAS) and funded it with a levy on financial services, to offer unique and essential help with money - whether that’s best delivered directly by MAS, or through others.

As well as the comprehensive website, there is a call centre with highly trained staff who can tell people where to get the right help at the right time on any financial topic.

There is a 10-year plan to focus the activities of everyone working on the problem. MAS  fund charities to offer half a million people access to expert, local debt advice. They also work with financial services, government, and other sectors, collaborating with about 200 partners, seeking and sponsoring innovative ways to help people to save more and plan better for their future.

In 2017/18 MAS expect to help about 8 million people with their money and debts, and will work to energise hundreds of other organisations around our long-term vision of how everyone in the UK can better manage their money.

Helping People Tackle Problem Debt

MAS aim to help people avoid getting into unmanageable debt but, for those who do, they fund the provision of free, high-quality debt advice, delivered by our partners across the UK. The Money Advice Service is the largest single funder of debt advice in the UK.

They are also responsible for driving higher-quality and more consistent debt advice services across the UK – including those not funded directly. The aim is to make sure people get the help they need to deal with their creditors and reduce their debt, and also the support to manage their money and build their financial resilience so they are less likely to get into difficulties.

As the statutory body responsible for enhancing public understanding of financial matters, the Money Advice Service has led the work of a wide range of organisations across the public, private and voluntary sectors to develop a new Financial Capability Strategy for the UK.

For more information about the Strategy, and the work they and others are doing to put it into effect, please visit www.fincap.org.uk.

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