Independent, confidential and impartial money advice
Answers to frequently asked questions about using the Money Adviser Network to benefit from quick and easy, free money advice service, you can trust.
Improving your wellbeing
Money worries can take over your life and seriously affect your mental health and relationships.
Most people who have got advice tell us they feel less stressed or anxious and more in control of their life again.
Quick and easy help
We will connect you with a qualified and regulated money advice provider so you can get back on track.
Using the Money Adviser Network means we can cut your waiting time for getting the right help quickly. You also won’t need to pay for the advice you receive.
What is Money Adviser Network?
Money Adviser Network is a technology-focused pilot to simplify how people access and experience the debt advice journey while increasing efficiency to allow us to help more of those in need to receive free debt advice.
It is delivered in collaboration with the following partners and your information where necessary, will be shared and processed by the following;
- Citizens AdviceOpens in a new window
- Money Advice TrustOpens in a new window
- Greater Merseyside Money Advice PartnershipOpens in a new window
- East Midlands Money Advice PartnershipOpens in a new window
- Money WellnessOpens in a new window
- Debt Free AdviceOpens in a new window
- Debt Advice FoundationOpens in a new window.
Why is Money Adviser Network needed?
There are around 9 million over-indebted adults in the UK (17.2% of the adult population) – of them 5.3million need debt advice but only 32% have or are seeking it. The Independent Wyman Review put the gap between the supply and demand of debt advice at approximately 600,000 people per year.
In collaboration with the sector, we want to tackle this and better support the increasing number of people in the UK who struggle with problem debt by:
- Helping more people as early as possible through an efficient, effective client journey.
- Understanding impact and fostering improvement at all stages of the client journey.
- Developing and implementing a sustainable funding model that incentivises the best possible client outcomes and encourages collaboration across advice providers.
- Building improvements in quality, consistency and client experience into all aspects of advice agency and creditor practice.
- Building debt advice as an appealing, aspirational profession.
Frequently asked questions
What does debt advice involve?
You’ll have the chance to go over your situation with a debt advice provider to understand your options. Once you’ve provided your financial information as far as possible and we’ve worked out what your current circumstances are, we’ll help you identify what the right next steps for you are.
You’ll be in control every step of the way and, if you speak to an adviser at any point, they’ll always check that you understand what they’ve said and agree with you what will happen next.
What information will I have to provide?
You’ll need to explain your personal circumstances in some detail – although this can be uncomfortable we need to make sure our advice is right for you in the long term. There may be options on how you provide some of your financial information including through Open banking.
What debt solutions options will be open to me?
There are many debt solutions available so what is right for you will always depend on your personal circumstances. Whether you would benefit from a Debt Management Plan (DMP), a Debt Relief Order (DRO), Individual Voluntary Arrangement (IVA), Bankruptcy or another possibly less well known solution, our advisers will be able to identify the right help for you directly.
They can also refer you to an alternate solution provider who can help you take that final step towards becoming debt free.
Will debt advice affect my credit score?
Just getting debt advice won’t affect your credit score. Because some debt solutions can affect your credit score we will always tell you this clearly before you decide whether to go ahead.
I’ve been referred to you by someone I owe money to – are you really independent?
Yes, members of our network and their advisers are regulated by the Financial Conduct Authority which means that they must offer you full advice and act in your best interests at all times.
Could I lose my home or other possessions?
This can be a risk for some people but you could avoid this happening if you get debt advice.
A debt adviser can help you negotiate with the people you owe money to, can take into account what your aims are, and will always help you understand and enforce your rights in these difficult circumstances.
It is never too late to get debt advice but you will usually have more options to you the earlier you try to tackle the problem.
Will I have to pay for the service?
No, our advice will always be provided free of charge. If, later on, there are costs involved in the debt solution which you choose then these will be fully explained to you before you make the decision to go ahead.
Is it a quality service?
Yes, members of our network and their advisers are Financial Conduct Authority (FCA) regulated which means that they must offer you full advice and act in your interests at all times.
Advice and systems are subject to strict quality assurance which means you can have confidence in the advice given.
What if i’m afraid I will be judged?
A lot of people feel this way before they speak to a debt adviser. Over eight million people in the UK have financial difficulties and our debt advice services support many thousands of people each year. You can be confident that our debt advisers will never judge you or make you feel bad about your situation. They’ll always be happy to talk to you, however big or small your problem might be.
They can find ways to manage your debts even if you think you have no spare money. They’ll also be able to suggest ways to deal with debts that you might not already know about. Most people who have got debt advice tell us they feel less stressed or anxious and more in control of their life again.
I also need help with other issues (e.g. benefits, housing) – can they help with those?
No, but we can refer you straight to someone who can. In our client’s experience debt problems rarely come on their own. Often debt happens because of a change in circumstances and can also cause other issues the longer it goes on.
Our advisers are debt experts so if we can’t help through the debt advice process then we’ll often be able to direct you to other sources of information and support.
What if I don’t feel ready to tackle my debt problems just yet?
You can return to access online debt advice through the link on this page at any time in the future, day or night. Or, when you’re ready, you can look for details of free debt advice online – with lots of free advice services available across the UK, you can find help in a way that’s best for you.
Your data and privacy
Your privacy is extremely important to us. We don’t pass your details to anyone outside our network.