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Sources of advice and guidance in personal finance

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Finance

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Sources of advice and guidance in personal finance

Citizens Advice Bureau

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Independent financial advisers

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Price comparison websites

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Money advice service

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Debt counsellors

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Citizen Advice Bureau

Charitable trust (volunteers) that offers free advice on financial issues, in particular 'managing debts'

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7

Independent financial advisers

Professional advice on money matters for a fee

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8

Price comparison websites

Online service, websites compare different providers of financial services

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9

Money advice service

Government run advice services, can only be reached by phone or by writng to them

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10

Financial conduct authority (FCA)

is the Conduct regulator for 56,000 financial services firms and the financial market in the United Kingdom.

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11

Individual Voluntary Arrangements (IVAs)

The Individual Voluntary Arrangement is a formal debt solution to pay back debts over a period of time.

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12

Bankruptcy

Debtor or creditor can apply, you must owe at least £5,000.

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13

Will normally end after a year, Official Receiver will tell you when it is over.

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14

Most debts that haven't been paid will be written off although some debts like court fines and student loans can never be written off.

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15

Debt counsellors

Professional advice on debt management, charge for their service

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16

Financial ombudsman service (FOS)

is the UK office expert in sorting out problems with financial services, they settle the dispute between

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17

the consumers and financial institutes (banking, insurance), only get involved if the consumer and the bank cannot solve their problem

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18

Financial service compensation scheme (FSCS)

the United Kingdom compensation fund for customers of authorised financial services firms. Compensate for up to £85,000 against loss caused by a financial institution.

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19

Office of fair trade (OFT)

non profit government department which enforce both consumers protection and also competition/businesses law, now closed and replaced by FCA and CMA (Competition and Markets Authority)

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20

Legislation- consumer credit

is an act passed by government in 1974, improved the law relating to consumer credit within the UK

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21

Financial transactions

an agreement which is carried between buyer and a seller to exchange asset of payment. (it involves a change in the status of the financial of two or more businesses or individuals

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22

(HMRC) Her Majesty's Revenue and Customs

is a non-ministerial department of the UK government responsible for the collection of tax

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23

Fraud

Is a criminal deception intended to result in financial or personal gain

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24

Communication with banks

face-to-face in branch, by post, over the telephone, online

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25

Financial institutions

Bank of England

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26

Banks (e.g. Natwest)

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Building societies

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28

Credit unions

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29

National Savings and Investments

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30

Insurance companies

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31

Pension companies

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32

Pawnbrokers

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Payday loan companies

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34

Bank of England

Bank run by the Government, in charge of circulation of money, not open to the public

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35

Bank

High Street financial institution that offers a full range of financial services to the general public

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36

Building societies

Offer a range of financial services, owned by members, mainly used for long-term loan and saving schemes

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37

Credit unions

Offer a range of financial services to people in their area (Plymouth Credit Union), owned by members

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38

National Savings and Investments

Offer 'Premium Bonds' to the general public

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39

Insurance companies

Businesses that allow protection against loss or damage in exchange for a premium payment

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40

Pension companies

Offer long-term investment and savings schemes to increase income after retirement

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41

Pawnbrokers

Offer short-term loans in exchange for physical items, interest will be charged when 'buying back' the items

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42

Payday loan companies

Offer short-term loans with high interest rates to individuals regardless of their credit rating

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