Debts & Loans

Even former bankers can get grants, we learn through one of these free organisations that help people with their savings, debts, legal problems, and other issues.

You can read on about every aspect of your finances: from debt to investing to buying stuff more cheaply. Most things are so simple that, if explained to you in plain English, you’re able to go off and research what you need yourself.

But sometimes people choose to seek extra help, and that’s OK too, and often it’s useful and appropriate. That’s why we're listing here 14 sources of free, individual guidance.

Money management

Credit Unions are about the friendliest place to save money and to get a loan. They even now offer current accounts. Credit unions attract people with a common bond, which might be where you live or your profession. If you need advice on your money, most of these will do their best to help you.

NatWest has just announced a partnership with the Consumer Credit Counselling Service (CCCS) to start from this Friday, the 12th. It offers free advice in branches. Anyone can use it, even non-customers and people with no existing bank account. The service is totally impartial (NatWest says!) with none of the CCCS-trained staff selling products to you.

From the way NatWest’s press release is written, I believe the advice will be generic, not specific to your situation, so it might be a bit like having pages from The Fool read out to you (except possibly without the jokes). Guidance they’ll offer is:

- Basic budgets and budgeting skills.
- Help with prioritising outgoings.
- Working on savings plans.
- General, impartial guidance on how financial products work.

Debt

Considering NatWest’s partnership with the CCCS, it makes sense to move on to them next. This service usually deals with people who have debts of any size, and who would like advice on reducing the debt or getting rid of it faster. It also helps people to budget better if they have debts or are concerned about potential debts.

Like many charities, it’s funded by industry (in this case, the banks). As it’s the banks that also lend us the money that got us in debt in the first place, we must be wary about whether these are truly impartial. However, the feedback on our Dealing with Debt discussion board has been mostly positive.

National Debtline England & Wales, and National Debtline Scotland would be my first point of call if I was in debt, due to the feedback it has received from Fool users. (My second point of call would be to the Dealing with Debt board to get ongoing guidance and to get a second opinion of the advice National Debtline had given me.)

Citizens Advice is also useful for debt advice. It’s had mixed reviews from Fools in debt, but mostly it’s positive.

The Money Advice Trust is a charity that helps people to find debt advice. I don’t know enough about this charity to make any recommendation. Please comment below if you’ve had any experiences with it, or any of the other organisations mentioned here.

Benefits

CCCS, Citizens Advice and National Debtline: all these charities should also help you to find out if you can get any grants or benefits. Other organisations mentioned in this article will also help you, where it’s appropriate.

Finding financial aid

Around 3,300 charities exist to give grants to people who need financial aid, says charity, Turn2us, which helps people find charities that can help. It even helped one lady who had been in banking for 20 years, to find the Bankers Benevolent Fund, which gave her £1,600 for vital house repairs and heating costs. Even former bankers can get grants!

For carers

The Princess Royal Trust for Carers is worth checking out if you spend part of your day looking after another person. It offers all sorts of advice that’d save you money and ensure you’re getting all your benefits.

For older people

Age Concern uses a large, existing, profit-making body of independent financial advisers to bring extra help to people aged 50 and over. Presumably the charity has done its research over the quality of advice given by this network. Even so, it pays to be cautious and double-check advice given. Advice is on inheritance-tax planning, long-term care, savings and investments. Advisers can visit you in your home, if you like.

All sorts

Citizens’ Advice is not just a good place to discuss your debts or check on benefits you may be entitled to. It offers advice on all sorts, so give it a go.

For people with low income

Community Legal Advice is for those on benefits or low income. It can provide you with free legal advice about debt, education, benefits, tax credits, employment and housing problems (such as eviction or repossession).

Legal advice

The College of Law offers free legal advice to train its postgraduate students...they are supervised!

Energy-saving advice

The Energy Saving Trust offers free, independent and local energy-saving advice.

Tax advice

Tax Help For Older People is for those aged 60 and over earning roughly £14,000 or less. This charity can help you with your tax affairs.

Investments and pretty much anything else

If you’ve got money, it’s harder to find an organisation that’s free which is specifically to help you. This is why independent financial advisers make so much money. IFAs don't actually have to compare the whole market, or anything like it, to be called independent. Still, it makes sense to choose one (or more) that is independent, to increase your chances.

You can get fee-free IFAs, but this just means they make money from secret commissions. If I ever felt I needed an IFA’s advice (which I won’t) I’d be more inclined to search for one that charges a fee, but refunds you all commission it earns. This way the IFA won’t pick products for you because it’ll pay greater commission.