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Major review of debt advice funding underway in the UK

Money Advice Service

A major independent review of the funding of debt advice has reached a key milestone with the launch of a ‘call for evidence’.

The review led by Peter Wyman, the chairman of the Care Quality Commission, was set up in response to a challenging and complex debt advice funding landscape.

It will make recommendations for an appropriate funding framework for the future and address issues that affect some of the most financially vulnerable people in society.

The independent review revealed that one in six adults were at risk of crisis debt, yet less than one in five seeks advice for their troubles.

It also revealed that 10% of the population could be suffering in silence with debt.

“There is a widespread view that funding arrangements for debt advice need reconsideration,” said Peter.

“I hope this call for evidence will encourage relevant parties to share ideas and data on how debt advice is currently funded and operated.

“This insight will help build a comprehensive picture of what is happening right now and what developments could be made in the future.”

Sheila Wheeler, director of debt advice at the Money Advice Service, added: “Over indebtedness in the UK has reached excessive societal proportions.

“A collaborative approach is needed to ensure we meet these issues head on.

“Debt and money worries are often seen as a taboo subject.

“It is time to get people talking about the size of this challenge and how more advice can best be offered to prevent unmanageable outcomes.”

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