Who are the Debt Advice Foundation?

- by Sarah Connelly
The 2020 Guide to Debt Management Companies – Chapter 13

Western Circle trading as Cashfloat is a leading UK lender dedicated to providing pay day loans responsibly. Our aim is to help as many people as possible. Whether its with our loans, or by giving them useful financial advice. In this article, we will discuss the debt help organisation, The Debt Advice Foundation.

the Debt Advice Foundation - Cashfloat.

Debt Advice And Education

There are several debt charities in the UK. One that is slightly different to the others is the Debt Advice Foundation. Formed in 2002, the Debt Advice Foundation began as the Debt Advice Trust. It then changed the name in 2007/2008, just as the financial crisis in the UK was taking hold.

The foundation has two main objectives. One is to support those people who are in debt and need advice and help. The other is to provide more education in the field of financial awareness and to explain how debt can arise and how it can be prevented. A free debt helpline was established in 2007.

the Debt Advice Foundation - cashfloat

The Money Diaries Project

In 2008 the charity formed a partnership with a high school in Lancashire when it launched the Money Diaries project. This project developed a series of guides that were aimed at schoolchildren. They were designed to introduce children to such concepts as affordability and the consequences of borrowing money.

The materials that are part of the MD project were designed to help schools introduce children to the idea of financial capability. The materials included videos, quizzes with multiple choice questions and a series of books. The books helped to explain some of the mysteries of finance in the modern world.

To contact the Debt Advice Foundation, use these details:

The Debt Advice Foundation
Contact Information
Telephone0800 043 40 50
Address1 Anchor Court, Commercial Road, Darwen, Blackburn, BB3 0DB

In 2009, the Debt Advice Foundation added an online tool. It allowed people to analyse their own personal debt. This application also provided those who used it with the ability to produce a statement of their personal financial affairs and a letter to creditors which could be of help in arranging a solution to debts.

The Office Of Fair Trading licensed the charity. The Financial Service Authority listed it as a good source to go to for help and advice. Having become a regulated service, the charity then opened a national debt helpline which was free to call.

A Debt Support Network

At the height of the financial crisis in 2010, the Debt Advice Foundation provided an innovative set of financial management lessons at Southlands High School in Chorley. It also became a part of the largest group of independent advice services, AdviceUK.

Following this, the charity became heavily involved in supporting a parliamentary group that was focused on providing financial education for young people. The Debt Advice Foundation was one of the first to recognise that education is one of the most important factors is assisting young people before they get into debt and not after.

the Debt Advice Foundation - Cashfloat

Financial Education Through The Debt Advice Foundation

Following an award for its pioneering work in financial education, the Debt Advice Foundation launched DebtAware. This is a term that it now used for its financial education service. The charity was instrumental in pushing for financial education to become part of the national curriculum in UK schools.

Like other debt charities, the organisation is currently listed by the Money Advice Service as an accredited provider of free advice and help with debt. Unfortunately, the last budget plans of the government announced that this service would be withdrawn. This leaves charities like the Debt Advice Foundation as the only free help for people who have financial difficulties.

In 2014, DebtAware was launched in schools across the UK. This was followed in 2015 by a website. It allows all schools to keep constantly in touch with the updated materials that the charity provides in its bid to deliver a dedicated financial educational programme for young people.

Debt Solutions From The Debt Advice Foundation

What Is The Best Solution?

The Debt Advice Foundation is a charity that gives free advice and help to those people who are in debt. However, it is concerned with finding a debt solution that is right for each individual. It is not juast concerned with making profits out of people who are in trouble.

Unlike many commercial operations that are just concerned with making as much profit as possible, the foundation will work with the consumer to achieve an answer that will result in a debt free life as soon as possible.

An advisor from the Debt Advice Foundation will help an individual to consider all the possible options. This involves doing some detailed research into income, outgoings, assets and, of course, debts. Using the whole of the information will allow the advisor to find the best possible and fastest solution to achieving debt free status. The advisor will also make sure that this is achieved without adding to the debt. i.e. no fees, charges or extra online loans taken on.

Personal Circumstances

The advisors at Debt Advice Foundation are fully aware that everyone has different personal circumstances and they adopt a role that involves many aspects of assistance. The advisor may recommend applying for benefits and will help with communication and negotiation with creditors. Additionally, if a more formal solution, such as bankruptcy, is deemed to be appropriate then the advisor will offer this solution. All advice is totally impartial.

One of the most important aspects of financial advice is to make sure that the consumer continues to pay priority debts. Priority debts cannot be included in any agreement that is arranged by the Debt Advice Foundation.

A Campaigner For Regulations

One aspect of the Debt Advice Foundation that makes it different to other debt charities is the determination of the charity to campaign for higher levels of scrutiny from the regulatory bodies and to ask for more protection for consumers.

Seeing the consequences of unregulated debts that have led many families to the point of despair has encouraged the charity to continue to promote financial education for everyone but especially for young people. The first hand experiences of the advisors at the foundation has allowed it to pass on the experiences of ordinary families in the UK. It regularly provides evidence to organisations like the FCA and the Insolvency Service.

What Comes Next?

The Debt Advice Foundation is one of the charities that has picked up the slack from some of the debt management companies that have closed down. Many people in the UK received bad advice from commercial businesses. These businesses were merely in the game for the high profits that were there for the taking.

The inconsistencies that became very apparent in the debt management industry are slowly being addressed. The Debt Advice Foundation is at the forefront in helping with the changes. Hopefully, the way is now clear for debt charities such as this one to go forward and provide the free impartial advice that people in debt sorely need.

Helping ordinary people to get onto the track of genuine financial freedom from debt and helping to prevent young people from falling into the trap of debt is the ethos at the heart of the Debt Advice Foundation. Long may it continue with the good work.

the Debt Advice Foundation - cashfloat
About The Author
Sarah Connelly
Sarah is an enthusiastic writer, blogger and an eager agent of change. After completing her degree in Computer Science in one of London’s esteemed universities, Sarah’s early career in programming left her creatively frustrated. Looked for a way to combine her creative and analytical side, Sarah’s search led her to Digital Marketing and now she writes content and code for Cashfloat. Sarah enjoys spreading awareness about common financial issues and the importance of money management. With her STEM background, Sarah believes strongly in ethical business management and consumer protection. in her free time, Sarah enjoys reading, watching movies and eating out. After all, #YOLO!
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