Government boosts funding for debt advice - Loans - News - Moneyfacts


Government boosts funding for debt advice

Government boosts funding for debt advice

Category: Loans

Updated: 16/03/2009
First Published: 13/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Funding is to be provided to help debt advice organisations provide help during the recession, it has been revealed.

Local government minister John Healey announced that £750,000 is being made available to organisations such as Citizens Advice, as well as credit unions, in five regions.

The money is intended to boost practical advice for holders of secured loans, who may be facing a risk of repossession due to the economic downturn.

It is being aimed at coalfield communities in the north-west, north-east, east Midlands, West Midlands and Yorkshire and Humber regions, with the move being welcomed by the Coalfields Regeneration Trust.

Chairman of the body Peter McNestry explained that hours of service could be extended to ensure a greater degree of help can be given, adding: "Demand for free debt advice and money management support is on the increase."

Borrowers were encouraged to take out secured loans and mortgages during the credit crunch, despite that not being the best option for them, the Consumer Credit Counselling Service recently stated.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Regulator to take closer look at high-cost credit

When used well, credit can be a viable way to help make ends meet and balance the books – but the problem comes when that credit is of the high-cost variety. The regulator has will be taking a closer look at the sector to see what else can be done.

The payday loan market is still broken

The payday loan market has been under fire a lot in recent years, and as a result, the financial regulator stepped in. But has it made a difference? Unfortunately, it looks as though there’s still a lot of work to be done.

Get a record low rate loan - if you qualify

Competition in the personal loans market is as hot as ever, so much so that one loan provider has slashed rates to the lowest on record – but only to those who fit the bill. The shopping bill, that is…