Debt Advice Sources

Debt Advice Sources

Citizens Advice Bureau

• The Citizens Advice Bureau (CAB) is a national network in the UK offering free, independent and confidential advice.
• It deals with all aspects of debt, including secured and unsecured borrowing, rent or mortgage arrears, and utility bills.
• Unlike debt management companies, the CAB is a charitable organisation and does not charge for its services.

Financial Conduct Authority (FCA)

• The Financial Conduct Authority (FCA) provides information and advice to help people manage their money and make sure financial markets are honest and fair.
• It regulates and oversees the conduct of banks, insurers, investment firms and other financial businesses to protect consumers, promote competition and maintain market integrity.

StepChange Debt Charity

• StepChange is a UK debt charity offering free, expert debt advice and debt management plans.
• They provide support for problems with credit cards, loan arrears, rent arrears, and solutions such as Individual Voluntary Arrangements (IVA), Debt Relief Orders (DRO) and Bankruptcy.
• As a charity, its services are completely free of charge.

Financial Ombudsman Service

• The Financial Ombudsman Service is a free, independent service for resolving disputes between financial businesses and their customers.
• If a creditor treats you unfairly or refuses to work on an acceptable repayment plan, you can file a complaint with the Ombudsman.
• They can make legally binding decisions and orders for compensation if they find in your favour.

Debt Management Companies

• Debt management companies offer help to negotiate payment plans with creditors, consolidate debts into a single payment, and sometimes even reduce the total amount owed.
• It’s important to note that these services often charge fees, and you should thoroughly research the company before agreeing to any arrangements.