Why Do Northerners Need Financial Guidance?
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The government has launched an “impartial financial advice service” in the North East and North West of England through a website or via a telephone helpline on 0300 500 5000.
The service cost £12million to establish and aims to reach up to 750,000 people by spring 2010.It’s delivered by the Financial Services Authority (FSA) in partnership with HM Treasury. The Thoresen Review was set up by HM Treasury to look at how Generic Financial Advice (GFA) can be provided and tests GFA delivery across three channels - the telephone, the web and face-to-face. The service provides guidance or information, not regulated advice, but does features a range of tools such as calculators and comparison tables on the website.
The stated aims of moneymadeclear and the GFA initiatives is to help people tackle their money worries, such as paying off personal debt, and make informed financial decisions. People who are facing money concerns need to know that good, practical help is at hand. This new service does give good overall advice and some commonsense approaches to avoiding debt in the first place and possible routes to managing your finances, but not in any great detail or depth. Given the track record of the FSA in regulating the financial sector recently, canny Northerners may want to take whatever guidance is issued with a pinch of salt!
More immediate and practical advice as well as positive action is available through Credit Issues. Not only will they give effective advice, they will also seek to challenge credit card and personal loan debt. Key changes to the Consumer Credit Act 1974 means that the total balance on some credit cards and unsecured loans issued before 6th April 2007 could be cleared completely. Credit Issues’ central strategy and approach of challenging enforceability through scrutiny of “true copies” of agreements has been proven.Several recent, successful, court cases against well-known lenders have concluded with District Judges consistently ruling that the debts were disputed on substantial grounds and that the agreements were indeed unenforceable.Most recently, this approach successfully removed one client’s liability to credit card debt, despite it being assigned to a debt collection agency and he was able to clear the entire balance of £16,029.50.
Irrespective of who the credit card or unsecured loan provider is (even if that debt has been “sold” to a debt collection company), so long as the balance is over £2,000 Credit Issues could help challenge or reduce the balance of your credit card or unsecured loan and also reclaim any mis-sold payment protection insurance or accident sickness cover together with interest.
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