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Government and Independent Sources for Financial Advice in the UK

Updated: Sep 19, 2023

When it comes to managing your finances, getting the right advice is crucial. With so many options available, it can be difficult to know where to turn for trustworthy and reliable financial advice. In the UK, there are a number of government and independent sources that can help you make informed decisions about your money.

Learn more by watching the video and reading the blog post below:

Citizens Advice

Citizens Advice is a UK-wide service that offers free, impartial advice on a wide range of issues, including debt, benefits, and consumer rights. They have a team of trained advisors who can provide support over the phone, via email, or in person at one of their local offices.

If you're struggling with debt or need help with managing your finances, Citizens Advice can provide you with practical advice and support. They can help you work out a budget, negotiate with creditors, and explore options for debt repayment.

Independent Financial Advisors

Independent financial advisors (IFAs) are professionals who can offer personalised advice on a range of financial products, such as pensions, investments, and insurance. They are regulated by the Financial Conduct Authority (FCA) and must meet strict requirements in terms of their qualifications and expertise.

IFAs can provide you with tailored advice based on your individual circumstances and financial goals. They can help you plan for the future, manage your investments, and ensure you have adequate protection in place.

Price Comparison Websites

Price comparison websites are online platforms that allow you to compare the costs and features of various financial products, such as insurance policies and savings accounts. They can be a useful tool for finding the best deals and saving money on your finances.

However, it's important to be aware that price comparison websites may not always show you the full range of products available, and they may receive commission from providers for any products you buy through their site. As such, it's important to do your own research and consider a range of options before making a decision.

Money Advice Service

The Money Advice Service is a UK government service that provides free, impartial advice on a range of financial issues. They offer information and guidance on topics such as budgeting, saving, and debt management, as well as tools and resources to help you manage your money.

The Money Advice Service is a good place to start if you're looking for general guidance on managing your finances, but it's worth noting that they don't offer personalised advice or recommendations on specific financial products.

Debt Counsellor

If you're struggling with debt, a debt counsellor can provide you with support and advice on how to manage your debts and improve your financial situation. They can help you explore options such as debt consolidation, debt management plans, and individual voluntary arrangements (IVAs).

Debt counsellors are typically non-profit organisations or charities that offer free or low-cost services to people in financial difficulty. They can provide you with practical support and advice, as well as emotional support during what can be a stressful and difficult time.

Individual Voluntary Arrangement

An individual voluntary arrangement (IVA) is a formal agreement between you and your creditors to repay your debts over a fixed period of time. It's a legally binding agreement, and once it's in place, your creditors cannot take any further action against you.

IVAs are typically arranged through a debt management company or insolvency practitioner. They can be a good option if you're struggling with unmanageable levels of debt and need a structured plan to repay what you owe.

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