B4 Information guidance and advice

Question 1

what is citizens advice?

Answer 1

an organisation that offers free and impartial advice to individuals on legal, financial, consumer and other problems

Question 2

advantages of citizens advice

Answer 2

free and impartial advice
can be face to face or over the phone
extensive coverage

Question 3

disadvantages of citizens advice

Answer 3

run by volunteers who may not be experts in the field
a charity and therefore funded by donations
limited services

Question 4

what is an independent financial advisor (IFA)?

Answer 4

professionals who offer advice on a wide range of financial services e.g. mortgages

Question 5

advantages of IFA

Answer 5

can advise on products from a wide range of providers

individuals can have a personal IFA who they trust

Question 6

disadvantages of IFA

Answer 6

charge for their services

have been examples of misleading customers

Question 7

what is a debt counsellor?

Answer 7

an individual or organisation that advices peolple on how to avoid debt

Question 8

what is an individual voluntary arrangements (IVAs)?

Answer 8

a government organisation that allows individuals to work with an insolvency partener to manage their debt

Question 9

adavantages of IVAs

Answer 9

support individuals with their debt problems

offers a mangeable solution

Question 10

dsiadvantages of IVAs

Answer 10

affect ability to gain credit in the future

charges are incurred