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.
The past five years have seen a “relentless” rise in the number of British parents being pushed into poverty despite being in employment. That’s according to a new report published by the Joseph Rowntree Foundation (JRF), which has highlighted the growing prevalence of in-work poverty among families across the country. Roughly one in five (22 […]
Amidst the flurry of social gatherings, last minute shopping, and getting in the supplies for hosting the big Christmas dinner, the festive season can end up being extremely expensive. While we all want to enjoy this time of year, it is important not to let your budget run away with you. If you are wondering […]
The Rental Exchange scheme is a new initiative which allows tenants to have their monthly rental payment recorded on their credit file. This is a huge step forward for tenants, who until now, were not rewarded for consistently paying their rent on time. This is in contrast to homeowners, whose monthly mortgage payment is recorded […]
The debt arrangement scheme, or DAS, is a government-backed procedure designed to offer residents of Scotland who are experiencing escalating debt the chance to fully repay their creditors rather than declare full insolvency. Every type of debt solution has its benefits and drawbacks, so let’s have a look at some of the pros and cons […]
Entering into a Scottish trust deed is an effective way to escape unmanageable debt, and allows for a fresh financial start once the trust deed term has come to an end. As with all official debt procedures, however, there are negative aspects that require consideration. One of these factors is the adverse effect a trust […]
Trust deeds are formal insolvency procedures that are available only in Scotland. They offer a viable alternative to bankruptcy if you’re struggling to repay unsecured debt, and generally last for three to four years. Trust deeds work by transferring your assets to the trustee, and making a single affordable monthly repayment that is then distributed […]