debt advice

This Debt Awareness Week, Craig Simmons, head of debt policy and strategy at the Money and Pensions Service (MaPS), provides an update on MaPS activity to drive forward better debt advice. On the verge of a new financial year, organisations across the UK are no doubt deep in thought about their budgets for the year ahead. While entirely true for the debt advice...

Money and Pensions Service reveals plans to launch a single offering for consumersMoneyHelper will replace legacy brands; Money Advice Service, The Pensions Advisory Service and Pension Wise People across the UK will be empowered to manage their financial wellbeing with greater confidence and clarity throughout their lifetimes, when a holistic new consumer brand is launched by...

In 2019/20, the Money and Pensions Service (MaPS) ran a collaborative improvement project working with supply chain partners to transform the way MaPS – funded debt relief order (DRO) units process DRO applications. In running this project, MaPS, alongside Citizens Advice and Citizens Advice County Durham, were able to: significantly improve customer satisfactionreduce the...

Following the publication of the Woolard Review: A review of change and innovation in the unsecured credit market, MaPS Chief Executive Caroline Siarkiewicz commented: “The proposals to bring Buy Now Pay Later under regulatory scrutiny would provide further protection for people to avoid the potentially harmful consequences of this form of borrowing which can result in people spiralling...

Influencing creditor support for people in financial difficulty We have an ongoing strategic objective to influence more consistent creditor support for those with debt problems. A supportive approach to debt recovery provides a range of benefits for any organisation collecting debts. Creditors that work in partnership with the debt advice sector tend to achieve fairer outcomes, better...

Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service said: “The Advertising Standards Authority’s (ASA) rulings on the practices of some commercial firms are a positive and welcome development for people struggling with debt, as well as the free debt advice sector which supports these customers. “Some of the practices deployed by...

Need for debt advice to rise when Covid-19 support measures end in coming months Money guidance helplines are preparing for a rise in people needing debt advice in early 2021 with a call about debt expected at least every four minutes throughout January1 at the Money and Pensions Service (MaPS), who are anticipating that debt advice demand will grow this year due to the continued impact of...

The Money and Pensions Service (MaPS) has responded to the launch of Energy UK’s Vulnerability Commitment. Craig Simmons, head of debt policy and strategy at the Money and Pensions Service said: “When people are struggling to keep up payments on their energy bills they may be experiencing financial difficulties in other areas too, which is why it’s important that people know they...

A guide to increasing take up of the savings option on the Standard Financial Statement or its equivalent The Money and Pensions Service (MaPS) has developed behavioural science ‘nudges’ to encourage debt advice clients to save or continue saving during their debt plan. These nudges can be used by debt advisers when establishing or reviewing solutions. While not everyone’s...

Craig Simmons is Head of Debt Policy and Strategy at the Money and Pensions Service (MaPS). The past few years have certainly signalled an increasingly higher profile of debt problems in the UK. While this growth in problem debt is a very significant cause for concern, there has been the positive and wider recognition that the debt advice sector is now receiving. Those who work in...

Debt advice budget update

Money and Pensions Service reveals plans for a single consumer destination driving financial wellbeing

Transforming debt relief order administration

Media comment: Buy Now Pay Later/Woolard Review

Working collaboratively with debt advice agencies: a strategic toolkit for creditors

Media comment: ASA ruling

Helplines forecast a call about debt every four minutes in January

Media comment: Energy UK Vulnerability Commitment

Encouraging debt advice clients to save using behavioural science

Update on debt advice projects driving forward our Better Debt Advice agenda for change

Managing money in uncertain times