Organisations that offer guidance & advice

Question 1

List all organisations that offer advice and guidance

Answer 1

• Money advice service
• Debt counselors
• Individual Voluntary Arrangements (IVAs) bankruptcy
• Independent Financial Advisor (IFA)
• Citizens Advice
• Price comparison websites

Question 2

Money advice service

Answer 2

Specialist agencies or individuals who provide financial advice to individuals struggling with debt

Question 3

Debt counselors

Answer 3

Organisation such as the charity National debt line provides debt advice and information on a wide variety of debt related topics such as council tax, loans and hire purchase.

Question 4

Individual Voluntary Arrangements (IVAs) bankruptcy

Answer 4

Government organisation that allows an individual to declare themselves bankrupt while agreeing to pay all or part of the money they owe to creditors through an insolvency practitioner

Question 5

Price Comparison Websites

Answer 5

Websites that collate prices for similar goods and services within an industry allowing consumers to select the best deals

Question 6

Citizens Advice

Answer 6

Charitable organisation which provides “free, confidential and impartial advice”

Question 7

Independent Financial Advisor (IFA)

Answer 7

Professional individuals who give independent advice and guidance on a range of financial products, such as mortgages, pensions and investments

Question 8

Ad of Citizens Advice

Answer 8

• Particularly helpful for low-income citizens and a useful first point of call
• Advice can be accessed online and via email/telephone in addition to visiting a branch

Question 9

Dis of Citizens Advice

Answer 9

• Trained volunteers are not professionals in financial issues so may not be able to deal with complex financial problems.
• May have to wait a long time to be seen by an advisor, which can be stressful in difficult circumstances

Question 10

Ad of Independent Financial Advisor (IFA)

Answer 10

• Advice is offered by professionals in the field

- Services offered are regulated by the Financial Conduct Authority (FCA) and Financial Ombudsmen Service (FOS)

Question 11

Dis of Independent Financial Advisor (IFA)

Answer 11

• Consumers pay a fee for the advice

- Advice offered is not guaranteed to be 100% up to date or unbiased

Question 12

Ad of Price comparison websites

Answer 12

• Easy to access 24/7, Free Service

- Allows consumers to choose the product best suited to their needs and budget.

Question 13

Dis of Price comparison websites

Answer 13

• Will not cover all of the available options on the market

- Potential for bias

Question 14

Ad of Money advice service

Answer 14

• Government funded therefore advice is free and impartial

- Covers a wide range of financial matters that individuals may need support with

Question 15

Dis of Money advice service

Answer 15

• Advice is only available online or over the telephone-no face to face communication
• Advice can be generic rather than geared to personal circumstances

Question 16

Ad of Debt counselors

Answer 16

• Personalised advice on budgeting and dealing with creditors.
• Services are regulated by the FCA and FOS

Question 17

Dis of Debt counselors

Answer 17

• Some individual debt counsellors charge a fee for their service
• Advice will focus on debt management rather than the whole package of financial concerns

Question 18

Ad of Individual Voluntary Arrangements (IVAs) bankruptcy

Answer 18

• Helps manage debt repayment with regular payments making budgeting easier
• Independent advice without bias

Question 19

Dis of Individual Voluntary Arrangements (IVAs) bankruptcy

Answer 19

• Set up and handling fee charged for the service

- Will impact on future credit ratings