Money and Debt
UK bodies that regulate the banks, building societies, credit unions, insurers and major investment firms:
The Prudential Regulation Authority (PRA)
The Financial Conduct Authority (FCA)
The Financial Ombudsman Service (FOS)
The Financial Services Compensation Scheme
The Money Advice Service offers free financial advice to members of the public.
- All
- Banking
- Borrowing
- Legal Help
- Managing Debt
- Money & Debt Advice
- Mortgages
- Savings
- All
- Banking
- Borrowing
- Legal Help
- Managing Debt
- Money & Debt Advice
- Mortgages
- Savings
CIVIL LEGAL ADVICE
Civil Legal Advice provides free and confidential advice services for residents of England and Wales.
PAYING OFF YOUR DEBTS
There are a number of government approved ways of paying off your debts depending on your personal circumstances together with many organisations and charities that can advise you on the best possible course of action if you fall into debt.
NATIONAL DEBTLINE
National Debtline provides free confidential and independent advice on debt problems. The charity runs a free helpline, and detailed articles and fact sheets on the topic of debt, there is also a downloadable self-help pack to help get you started.
AN INTRODUCTION TO MORTGAGES
A mortgage is a loan taken out from a bank or building society to help pay for a property or land. The loan is secured against the property so if you don’t repay the loan as agreed, the lender can take possession of the property and sell it to recoup …
BORROWING MONEY
Loans, overdrafts and buying on credit are all ways of borrowing money. Different methods of borrowing have different features, which make them more or less suited to types of situation and types of people. Before you choose a type of borrowing you must make sure you will be able to …
SAVINGS ACCOUNTS
A Savings Account allows you to put away money that you would like to save for a purchase or expense. This type of account usually has a specified level of accessibility, ranging from instant access to fixed notice access which require a certain amount of notification before you can withdraw …
DIFFERENT TYPES OF BANK
There are a number of different types of bank, and many banks incorporate several functions at the same time. Here we set out definitions of some of the most common types of bank including the useful key technical terms and explanations of the main variations between different types of bank.
BASIC BANK ACCOUNTS
A Basic Bank Account allows you to manage day-to-day money and will usually provide you with a bank card but will not let you become overdrawn. Your wages and benefits can be payed directly into it, and bills can be payed direct from your account.
LAW CENTRES NETWORK
Law Centres Network are non profit legal practises providing free legal advice and representation to disadvantaged people. The Federation has 56 Law Centres in the UK and specialises in social welfare law.
STEPCHANGE DEBT CHARITY
The Step Change Debt Charity provides free one-to-one debt counselling support to help you deal with your debts and manage your money.
THE MONEY ADVICE SERVICE
The Money Advice Service provides free money advice, information and tools to help you manage your financial and debt problems. They are an independent service, set up by government.
TYPES OF MORTGAGE
There are two main types of mortgage – Repayment mortgages and Interest-only mortgages. Within these two methods, there are a number of different options and products that can be used.
TYPES OF LOAN
There are many different types of loan available. It is important to check for repayment penalties such as late charges and understand the difference between secured and unsecured loans before you apply for one, as the potential ramifications can be severe.
NEW INDIVIDUAL SAVINGS ACCOUNTS
Individual Savings Accounts (or ISAs) are tax-free savings and investment accounts. An ISA will usually pay a higher interest than a normal deposit account, however before you open one you must familiarise yourself with any access restrictions that may apply. Many ISAs work on a fixed notice access system, where …
THE INSOLVENCY SERVICE
The Insolvency Service is for people who are struggling to pay their debts as they fall due. The service provides a series of downloadable documents, advisory leaflets and contact details of other information and advice providers.
CHOOSING A MORTGAGE
Choosing between different mortgage lenders and their products will largely depend on your personal and financial circumstances. There are many different factors you should take into account before deciding the way forward.
LOAN SHARKS
Loan Sharks are unlicensed moneylenders who charge very high interest rates and sometimes use threats and violence to frighten people who can’t pay back their loan. The Consumer Credit Register provides details on creditors and can help you check if your creditor does have a legal right to force you …
CREDIT UNIONS
A Credit Union is a mutual financial organisation, owned and run by its members. To use a credit union you must be a member, membership is reliant upon having a shared fellowship with the union – this could be belonging to the same trade union, or living or working in …
CURRENT ACCOUNTS
A Current Account helps you manage money going in and out on a day-to-day basis. This type of account usually offers an overdraft facility but will charge severe penalties if you fail to repay what you borrow, or go over your agreed overdraft allowance.