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
MoneyHelper offers free financial advice to members of the public.
Money & Debt categories
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- Banking
- Borrowing
- Legal Help
- Managing Debt
- Money & Debt Advice
- Mortgages
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- All
- Banking
- Borrowing
- Legal Help
- Managing Debt
- Money & Debt Advice
- Mortgages
- Savings
AN INTRODUCTION TO MORTGAGES
A mortgage is a loan taken out to buy property or land normally over a 25 year period but but the term can be shorter or longer. The loan is secured’ against the value of the property until it’s paid off.
BREATHING SPACE
Breathing Space, also called the Debt Respite Scheme, is a government scheme which is designed to help relieve some of the pressure and stress caused by being in debt.
CIVIL LEGAL ADVICE (LEGAL AID)
Civil Legal Advice is a government funded advice service offering free, confidential legal advice to people on low income or benefits.
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 is a free and confidential debt advice service helping people across the UK tackle their debts and manage their money with confidence.
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.
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 whichl 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.
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.
CREDIT UNIONS
A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis.
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.