Financial Inclusion fund for England & Wales
Financial exclusion - proposals in three key priority areas
As part of the 2004 spending review, the government set out it’s commitment to tackle Financial exclusion and undertook to publish specific proposals in three key priority areas.
- Access to Banking Services
- Access to affordable credit
- Access to Money advice
The Financial Inclusion Fund of £120 million over three years will support initiatives to tackle financial exclusion.
The Government has recognised that the most financially excluded would benefit from face to face Money Advice. £45 million will be used for an increase in face-to-face money advice. This will be administered by the Department of Trade and Industry.
Financial exclusion includes all or some of the following: no assets, no savings, no insurance, no bank account, no affordable credit, no access to Money Advice.
Financial exclusion is most concentrated in certain geographical areas. Promoting Financial Inclusion seeks to concentrate at least initially on the geographical areas where financial exclusion is most concentrated.
- 68% of the most excluded live in 10% of the most financially excluded postcode districts;
- 25% live in 3% of the most financially excluded postcode districts.
The Government is seeking to work with potential providers to develop proposals for delivering a significant increase in the capacity of free face to face Money Advice targeted in areas of high financial exclusion.
If you wish to discuss any Financial Inclusion / Exclusion issues with our support team please telephone freephone 0800 074 6918.
Financial Inclusion Menu
- Aims of financial inclusion
- How the Government is supporting financial inclusion
- Promoting financial Inclusion
- Financial Inclusion Taskforce
- The reality of financial exclusion
- The implications of being financially excluded
- Toynbee Hall and SAFE: Services Against Financial Exclusion
- Asset-building and the Saving Gateway
- Financial education
- Basic bank accounts
- Financial Inclusion fund for England & Wales
- Conclusion
IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]