dis/advantages : info and guidance - B

Question 1

Citizens Advice

Answer 1

• advantages : free service, offers face to face as well as online, wide rang of concerns covered
• disadvantages : trained volunteers, are not professionals so knowledge will be limited

Question 2

IFA

Answer 2

• advantages : advice is offered by professionals, services offered by FCA, advisors take time and care in their clients
• disadvantages : services are charged, advice not 100% accurate or unbias

Question 3

Price Comparison Websites

Answer 3

• advantages : early to access 24/7, free service
• disadvantages : not guaranteed to be fully up to date, potential for bias, don’t cover all potential offers

Question 4

Money Advice Services

Answer 4

• advantages : government funded, advice is free and impartial, covers a wide range of financial matters
• disadvantages : no physical presence, can take time to find exact advice being searched for, advice can be generic and not personal

Question 5

Debt Counsellors

Answer 5

• advantages : advice is offered by a professional who specializes in debt management, services are offered are regulated by FCA and FOS
• disadvantages : services will be charged for, advice focuses on debt management

Question 6

IVA and Bankruptcy

Answer 6

• advantages : helps manage debt repayment with regular payments making budgeting easier, independent advice without bias
• disadvantages : set up handling fees are charged for their service, service and will affect future credit ratings