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.
When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
If you’re looking to save some money it’s a good idea to make a detailed budget that lets you see where your cash is currently being spent, and offers an overall view of your finances. You’ll need to collect together your income and expenditure details, including annual costs such as insurance, car expenses, birthdays and […]
A trust deed is a common debt repayment programme based around a voluntary arrangement made between you, your creditors and a qualified independent trustee who takes control of your debt repayments for a typical period of four years. If you’re having difficulty paying your debts and have assets or a regular income, you may qualify […]
If you have built up debt from gambling, you may be able to write off part or all of the debt via a formal Scottish insolvency route. Not all insolvency solutions allow debts to be written off, but you may be eligible for a trust deed if you meet certain criteria, with sequestration also being a possibility […]
Her Majesty’s Revenues and Customs (HMRC) is one of the biggest creditors in Scotland, and indeed across the rest of the UK. Millions of people make payments to the government through HMRC in the form of income taxes, National Insurance and VAT every year. For the majority of people in employment, this is done automatically […]
Council tax is a charge levied on residential property and payable to the local council. While some properties are exempt from paying council tax, most households must factor this bill into their monthly budget. Households will be given a yearly charge which can then be broken down into a series of monthly instalments throughout the […]