Information guide and advice aim B

Question 1

Citizens advice

Answer 1

Charity run organisation, provides advice on range of financial issues
Advantage free, online and face to face
Disadvantage advisors are volunteers not professionals, the information on finance may be limited.

Question 2

independent financial advisor

Answer 2

professionls providing information on a range of financial products advantage
the advice is provided by professionals , not biased as independent and not government backed
disadvantage
has to pay fees for the service , advice is based on what type of advisor

Question 3

price comparison websites

Answer 3

websites that comparethe prices of goods and services
advantage 24/7 acsses, free, provides mostaffordable cost possible
disadvantage could be biased, does not cover all providers

Question 4

bebt counsellors

Question 5

IVA

Answer 5

an agreement between lender and creditors to repay the debt if creditor is unable to pay advantage monthly repayments breakdownof cost , don’t lose the property disadvantage impacts credit rating, fees is charged for the service

Question 6

bankruptcy

Answer 6

a legal process used in case of acreditornot being able to repay their loans
advantage
all debts are cleared, debts usually get written off
disadvantage lose the property that you have, stays on record for 7 to 10 years