Y o u r M o n e y
Hangover from Christmas? Joe Walsh of the Financial Services Authority offers some advice
Do You Still Have a
the doormat, many people may still be counting the financial cost of Christmas. Debt is a serious matter but there is help available if you know where to look.
W
Available to download is a CD and booklet from the Financial Services Authority (FSA) website. The FSA is the UK’s financial watchdog and the information is written in plain English. The FSA’s theme is ‘no selling, no jargon, just the facts’ and both CD and booklet have been designed to help everyone improve their own financial situation. The material covers a wide range of issues including mortgages, pensions and insurance.
In this day and age, the information we need
ith Spring upon us and the credit card bills landing on
to make informed decisions about our financial futures can be daunting. The CD and booklet will help you to take control of your income and expenditure, plan ahead, manage your borrowing and save & invest wisely.
The CD also refers to the FSA’s consumer website,
www.moneymadeclear.fsa.
gov.uk and on-line tools. There are some really helpful tools on here, for example the budget calculator, the financial health check or the debt test could give you some ideas on how you can make the most of your money. Use the FSA’s impartial comparative tables of products such as savings accounts, mortgages and investment bonds to compare similar financial products from different companies. All you need to do is answer a few questions so they can tailor the results to your circumstances. You’ll get a table of
products which will help you to find what you’re looking for.
We are always interested in your views and as an added incentive there is the chance to win £500 of Marks and Spencer shopping vouchers. When you have watched the CD please take a few minutes to complete the evaluation form and tell us what you think. Everyone returning a form before the end of March will be entered into a draw for the vouchers. There is a Freepost address so it won’t cost you to send the form off. Your views on this material are extremely valuable so please help us out here.
The FSA Booklet and CD can be downloaded at:
http://www.fsa.gov.uk/financial_ capability/tools/mmoym/
index.html.
Somewhere to Turn H
ere are some frightening statistics provided by the Consumer Credit Counselling Service (CCCS). If after reading them you would like to talk to them regarding your own situation they will show you how you
can help yourself to get out of debt and get on with your life again. As a charity they do not charge for their services.
The average levels of consumer debt among CCCS clients who are in the Armed Forces is £30,395. (The average CCCS client owes around £33,000).
They owe this amount to an average of 7.9 creditors. (The average CCCS client owes money to 11 creditors).
The average monthly income of CCCS clients who are in the Armed Forces is £1,685.
69% of Armed Forces clients are married, and 32% are single. (Overall, 49% of CCCS cllients are in a couple and 51% are single).
How to contact the Consumer Credit Counselling Service: Freephone 0800 138 111.
Spring 2008
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