15th May 2015
The government-backed Money Advice Service (MAS) will receive £4 million of extra funding to help deliver debt advice to those in England and Wales.
The budget for MAS has increased to £35 million for 2015/16 to enable it to provide 336,000 free debt advice sessions, 52% more than 2014/15.
The advice is delivered through a number of partners; Citizens Advice, East Midlands Money Advice, Capitalise, Money Advice West and Greater Merseyside Money Advice.
The increased amount of advice being offered is helped by increased phone and web-based support as well as face-to-face services.
A survey showed the debt advice given by MAS is working, with 88% of those receiving advice acting on it and 76% succeeding in reducing their debt within six months.
Caroline Siarkiewicz, head of UK debt advice programme at MAS, said: ‘We know how effective free advice can be in helping people to escape form the spiral of debt. So we are really pleased to be able to commit an additional £4 million to advice in England and Wales, enabling 50% more people to benefit.
‘Only 17% of indebted people seek the advice they need so over the coming years we will continue to work collaboratively with partners, across the debt advice sector to review where services can be expanded to reach even more people.’