Financial Advice Flashcards
what is citizen advice?
non for profit organisation that offers advice on a range of matters, industry finance
citizen advice advantages
free service
face to face
online and telephone
citizen advice disadvantages
run by volunteers
limited support so might not help
what is a independent financial advisor?
offers financial advice to individuals on a self-employed basis on mortgages, pensions and more
independent financial advisor advantages
advice from a professional
independent financial advisor disadvantages
can charge high fees
advice not guaranteed to be helpful and up to date
what is a price comparison website?
price comparison website allows you to compare a variety of financial products including personal loans, mortgages and insurance
price comparison website advantages
free 24/7 access
simple to use
price comparison website disadvantages
sometimes biased
not all companies use them
not always accurate
what is a debt counselor?
offer support and advice to people facing debt problems
debt counselor advantages
advice is focused
specific on the person
debt counselor disadvantages
not free
only focuses on debt not financial matters
what is a individual voluntary arrangement? (IVA)
formal agreement allowing you to make affordable payments to your debts, usually over five or six years
individual voluntary arrangement advantage
helps manage personal debt
making regular payments makes buying easier
debt payed as one whole payment
individual voluntary arrangement disadvantage
set up fees
effects future to secure credit
