The reality of financial exclusion
Underpinning financial exclusion are problems of poverty, ignorance and environment:
- Poverty: being on a low income, especially out of work and on benefits.
- Ignorance: low levels of awareness and understanding of products caused by lack of appropriate marketing or low levels of financial literacy.
- Environment: lack of access to financial services caused by several factors, including:
- geographic access to bank branches or remote banking facilities;
- affordability of products such as insurance, where premiums often price out those living in the most deprived and risky areas;
- suitability of products like current accounts, which offer an overdraft and an easy route to debt;
- regulatory barriers, such as the money laundering guidelines requiring proof of identification which many people find difficult to provide;
- cultural and psychological barriers, such as language, perceived/actual racism and suspicion or fear of financial institutions.
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...]