What is a Money Adviser in Scotland?
September 13, 2017
When you’re in debt and don’t know which way to turn, obtaining reliable and up-to-date advice is crucial. As a resident of Scotland you have access to approved local authority money advisers, and reputable money charities, to guide you and help escape the debt spiral.
Approved money advisers in Scotland ensure you choose the best available debt relief option by carefully reviewing your finances, assessing your eligibility for each solution, and explaining their benefits and drawbacks.
They receive training and must pass accreditation prior to attaining ‘approved’ status, so you know that they’re legitimate and have the knowledge to help you deal effectively with your debt.
Free debt advice for Scottish residents
As part of legislation introduced in 2014 – the Bankruptcy and Debt Advice (Scotland) Bill – a new ‘Financial Health Service’ was established to guide people towards legitimate debt advisers.
A number of major debt advice charities in Scotland offer their services free-of-charge, including Citizens Advice Scotland, National Debtline, and the StepChange Debt Charity.
Qualifications and training are vital when providing debt advice, but as a consumer, it can be difficult to know who has the necessary qualifications and experience.
National money advice service
Money Advice Scotland is the national money advice service for Scotland, and can guide you to your nearest approved money adviser. They also provide education for money advisers, who undergo various levels of training in order to achieve the necessary qualifications.
The Accountant in Bankruptcy (AiB) also displays a list of approved money advisers on their website. You can find one close to your location by using their straightforward search tool whereby you simply type in your post code.
Money advisers and the Debt Arrangement Scheme (DAS)
When the Scottish government introduced the Debt Arrangement Scheme in 2004, they brought in a product which allowed people to deal with debt without having to use formal insolvency procedures.
Included in DAS was a requirement for potential applicants to obtain debt advice from an approved adviser, who would review their financial position and decide on eligibility. This aspect remains a crucial part of the process, and helps to address the problem of unregulated debt advice.
It’s important to be aware that, although there are many legitimate online firms offering debt advice and help in Scotland, an increasing number are merely lead generators. Some simply refer enquirers to unapproved advisers, who may or may not provide the reliable and impartial advice offered by an officially-recognised money advice agency.
Scotland Debt Solutions have been helping Scottish residents in debt since 1989, and can provide the professional and reliable advice you need to deal with this stressful situation. We’ll assess your financial position, and explain all the options open to you, so you’re confident that you understand how to proceed. Call one of the team for a free same-day meeting – we operate from four locations around Scotland.
If your credit score has been affected by problem debt, you may be looking for ways to start rebuilding it and getting on with your financial future. Whether you are still struggling with your debt or have entered into an official debt management or insolvency procedure such as a Debt Arrangement Scheme (DAS), Trust Deed […]
If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]
Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]