Independent debt advice funding review: What it means for you

The Money Advice Service (MAS) is running an independent debt advice funding review to see what issues those with money worries are facing. This will look at how much debt advice is needed as well as what could change in the future.

The review is now calling for evidence to support its research. This should mean companies can share ideas about the current picture of the debt advice sector. And hopefully, it will also mean more funding and support for those struggling with debt.

Let’s take a look at how this independent debt advice funding review can help those with money issues.

What is the debt advice funding review?

The independent review is necessary because the current debt advice sector is coming under pressure. MAS wants to ensure that those who need help can receive it – and it gets the proper funding.

It will look at:

  • how much debt advice is currently needed and what will be needed in the future, what it will cost,
  • how the debt advice sector should receive funding and where this help should come from,
  • the current debt advice funding model and what could change, and
  • how the debt advice sector should implement any necessary changes.

This new call for evidence means that anyone who has insight into how debt advice is currently provided can share what they know. This should make for a collaborative piece of work – and means that the right people get a say on what needs to change.

The report and any recommendations from it will be present by July 2018.

What could this mean for people in debt?

Hopefully, this review mean that the debt advice sector gets the funding it needs to support all people in debt. Looking at relevant evidence should also mean that the facts back up any suggestions for changes.

The debt advice funding review comes after MAS found that one in six in the UK is at risk of crisis debt, but less than one in five actually seeks advice. This shows it’s important that the review also considers any barriers to getting help for money issues.

It’s important that no one with debt issues suffers in silence and that the debt advice sector receives enough funding to deal with this. This should mean that everyone can get help who needs it – and that financially vulnerable people don’t have to struggle alone.

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