MSE News: Budget 2016: Money Advice Service to be replaced

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MSE_Luke
MSE_Luke Posts: 295 MSE Staff
First Anniversary
edited 16 March 2016 at 4:35PM in Debt-free wannabe
The Money Advice Service is to be replaced by a new "slimmed down" guidance body...
Read the full story:
'Money Advice Service to be replaced'
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  • sourcrates
    sourcrates Posts: 28,993 Ambassador
    First Anniversary Name Dropper First Post Photogenic
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    Obviously wasnt working anyway judging by the large amount of people who are out of pocket due to compass going bust.

    People just arnt getting good advice it seems.

    Serious action is needed to inform people of free alternatives to fee charging debt management companies, that's where efforts need to be doubled.
    Needs to start with search engines promoting free charity advice services above commercial fee charging vultures.

    Also the law needs changing so that all fee charging DMC's have to tell you a free alternative exists, before attempting to sell you there so called service.

    Only then will the playing field be level.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • alicon
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    It absolutely was working! I am funded by this project to provide FREE debt advice to those who are in court, about to lose their homes. I am a Debt Advisor, have been working as one for years and know that this service is valuable.

    Many people don't realise that The Money Advice Service provides funding to various projects, like mine, Who are there to help people when they are stood in court, facing their lender/landlord, about to lose their home.

    The government have no regard for the hundreds of advisers, up and down the country, who are going to lose their jobs.

    Also, it is a requirement (In Scotland atleast) that Fee Charging 'Debt Management Firms' make every client aware of free providers. And they have to provide an information leaflet to every 'customer' to that effect.
  • fatbelly
    fatbelly Posts: 20,683 Forumite
    Name Dropper First Anniversary First Post Cashback Cashier
    edited 18 March 2016 at 9:48AM
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    Well, I agree with both of you!

    As a whole, MAS was appalling. It took a large sum from the finance industry and spent too-large a proportion on itself (directors, tv ads and an uninspiring website come to mind)

    It then gave half of the remainder to 'money advice' and I'm not really sure where that went. (To A4E in the early days, then it seems to have all got a bit blurred. I really dislike the separation of 'money' and 'debt' advice - I think pushing those terms set the advice world back a decade)

    The good part was that the other half of the remainder went to 'debt advice' and funded some useful work that, while there were still some issues, was pretty well managed. It sounds like Alicon, like me, is funded under that part

    It appears that last bit will be retained as part of a smaller, less self-serving, organisation.

    I would expect the present MAS initiatives to drag even more following this announcement. It's unlikely that the Peer Review scheme will ever be fully rolled out, at least in its present form, and no-one knows when the Standard Financial Statement will arrive or if the Common Initial Assessment will survive.
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