What We Do
We provide a full-service, individual, face-to-face, debt advice service. This includes comprehensive casework support for the most vulnerable, acting as their advocate, and intermediating with third parties on their behalf if necessary.
We provide money education and resources on budgeting and practical day-to-day money management through The Money Course programme of workshops, classes and one-to-one budget coaching.
We seek to go beyond advice and will support clients throughout their journey by providing ongoing mentoring, guidance, and referrals to help clients address the causes of their difficulties.
Why Debt Advice?
The need for debt advice has never been greater. Research from YouGov reports that 22% of households ‘constantly struggle’ to keep up with essential bills or were falling behind, with 11% of households already in ‘severe’ financial difficulty.
However, problem debt is about much more than finances. Financial difficulties can lead to relationships collapsing, and individuals and families becoming trapped in a downward spiral of debt and poverty.
Citizen’s Advice found 24% of debt clients reported difficulties in their relationships, 425 suffered physical detriment and 78% were stressed, depressed or anxious.
Debt is also one of the leading causes of mental illness with the Money Advice Service and the Royal College of Psychiatrists finding that 1 in 2 people seeking debt advice also have a diagnosed mental health condition.
Being ‘in debt’ often carries a stigma, the assumption being that an individual has overspent or been profligate.
That is not true for our clients, whose financial situation is mainly triggered by low income, long-term physical or mental health problems, and/or complex social and family issues. For many, My Financial Advise is their last hope.
Together with our partners and supporters, we have seen transformative and encouraging successes among the people, households, and families we have stood alongside.
However, what sets My Financial Advise apart is looking beyond the immediate challenges, and equipping clients for the future. That’s why we are so grateful for the long-term, generous support of our donors which makes a real and lasting impact.
In the last year alone, My Financial Advise:
Helped protect the homes of 80% of clients with rent arrears
…ensuring they are no longer facing the prospect of eviction.
Ran 32 money workshops
Helping guests learn the essential skills they need to become more resilient, with 95% of guests saying they felt ‘better equipped to manage their own finances’ after the course