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Money advice

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  1. Abstract.
  2. Introduction.
    1. The trend of people being subjected to financial difficulty.
  3. Subprime credit.
    1. The market for subprime credit.
    2. The subprime lending.
    3. evident growth in advertising by lenders.
  4. the market for subprime credit in America.
  5. The subprime crisis.
  6. Learning money matters.
  7. Consumer communications.
  8. Money advice as a measure.
  9. Entering into IVA.
  10. Regulatory bodies actively involved in regulating the organisations offering money advice services.
  11. Conclusion.

The trend of people being subjected to financial difficulty is increasing. The easy access to credit may provide convenience but it can also lead to overspending and consequently, overindebtedness. Some life-changing events such as loss of job and divorce can substantially add to debts. Being overindebted, people tend to resort to subprime credit given that their credit rating is poor and deficient. This report is aimed at evaluating the area of subprime credit and presenting alternatives where overindebted individuals can ask for money advice services which can provide them solutions in improving their financial status. Also, related initiatives that can contribute in improving financial literacy and capability will be explored. It is also concluded in this report that the government, regulatory bodies, banks, money advice agencies, individuals and their family, and other stakeholders have roles to execute towards achieving financial capability skills important in effective and efficient managing and controlling finances.

[...] It is best suited for those who have overwhelming debts and with little hope to clear or settle them. Often, significant assets such as home equity, etc. are used to settle debts. Restrictions are also imposed on the client's ability to obtain future credit, establish business, and hold public office (CCCS, n.d.). Another organisation offering free money advice services is Payplan. Payplan is based in Lincolnshire offering a national service helping 100,000 people every year. They offer free debt advice and debt solutions services to anyone struggling with financial difficulty. [...]


[...] Like the CCCS, Payplan also offer money advice services on IVA, DMP, and Bankruptcy. In addition, it also offers Trust Deed and Mortgage advice (Payplan, n.d.). In addition to the organisations offering money advice services, there are also companies offering software as a tool for money advice. The PGdebt software was developed by PG Computing, as requested by the Scottish Executive, in order to calculate the debt arrangement schemes (DAS). On the contrary, the Lisson Grove Program is designed to help money advisers in calculating housing and council tax benefits, among others. [...]


[...] their financial status. Also, related initiatives that can contribute in improving financial literacy and capability will be explored. Subprime credit is the term used for borrowings of loans or debt given to people with deficient credit histories and other problems such as CCJs, judgments, defaults, and bankruptcies. It includes subprime mortgages and subprime credit cards. Borrowers use subprime credit to purchase homes, cash out refinance, purchase a car, pay for living expenses, remodeling a home, or pay other credit card debt. [...]

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