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Jubilee Money Advice Service in Oswestry Registered Charity Number 1140544 Authorised and Regulated by The Financial Conduct Authority. Registration No.

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Presentation on theme: "Jubilee Money Advice Service in Oswestry Registered Charity Number 1140544 Authorised and Regulated by The Financial Conduct Authority. Registration No."— Presentation transcript:

1 Jubilee Money Advice Service in Oswestry Registered Charity Number Authorised and Regulated by The Financial Conduct Authority. Registration No

2 Jubilee Money Advice Service in Oswestry A member of Community Money Advice

3 CHANCE GO TO JAIL GO DIRECTLY TO JAIL DO NOT PASS “GO” DO NOT COLLECT £200 Uncontrolled debt is just as imprisoning as being in jail.

4 In some ways debt’s worse than prison – at least in jail the authorities feed you and keep you warm.

5 In debt you still have to feed yourself and your dependents – there probably won’t be enough left over to keep you properly warm in winter.

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9 If you have a poor credit rating then you will not be able to borrow money at reasonable rates.

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11 1. Mr & Mrs Average-Householder Mortgage debt £48,849 Debts other than mortgage £6,130 Total £54,979 National figures for July 2014, published in September2014 by ‘The Money Charity.

12 1. Mr & Mrs Average-Householder Mortgage debt £48,849 Debts other than mortgage £6,130 Total £54,979 Mr & Mrs Average-Householder have a good credit rating and can borrow from the cheapest of banks

13 1. Mr & Mrs Poor-Creditrating Mortgage debt £0 Debts other than mortgage £56 Total £56 Mr & Mrs Poor-Creditrating are not eligible for mainstream finance and have resorted to rolling over short-term loans charged at 4000% interest APR. Note; these figures might have overemphasised the amount that Mr & Mrs Poor-Creditrating are able to borrow because the £2245 does not include new arrangement fees every couple of months.

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16 Depression

17 The bedroom tax. (aka the spare room subsidy) If you have more bedrooms than the rules deem you to be eligible for, then you are expected to either move to housing with the correct number of rooms or pay the extra amount from your disposable income. Unfortunately no one seemed to notice that there was no great surplus of housing with one or two bedrooms. Therefore few people have been able to down-size and the majority are having to pay considerably more for their accommodation than hitherto.

18 Shared accommodation Bedroom Bedrooms Bedrooms Bedrooms Weekly Rent £ Housing benefit caps in Shropshire

19 Substance abuse can be both a cause of debt and a response to being in debt

20 job centre plus

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24 How do we go about advising clients?

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28 How hard depends on how early they have come to us.

29 The earlier they come, the less painful the treatment

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31 No matter how serious the debt problem, stage 1 is the preparation of a common financial statement.

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33 Weekly Monthly

34 Essential living expenses Servicing the debts

35 Essential living expenses are determined nationally by a set of confidential trigger figures.

36 What remains is available to service debts Debts are divided into priority and non-priority.

37 Priority debts are those debts where non-payment can result in the loss of: liberty home essential services essential goods on hire purchase.

38 All non-priority creditors have to be treated identically.

39 Once all details have been calculated our advisors approach all legal creditors to set out a repayment schedule based upon the clients ability to pay.

40 For many people following a debt relief plan is like an alcoholic going ‘cold turkey’

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42 As long as clients are willing to go on trying, JMAS will be there for them as long as it takes – sometimes for years

43 Jubilee Money Advice Service is staffed completely by volunteers but it still costs about £7000 a year to offer our services to the community. Registered Charity Number Authorised and Regulated by The Financial Conduct Authority. Registration No

44 If you can understand the impact that debt has How about using your experience to help others?

45 If you can understand the impact that debt has volunteers to train as advisors We need more to help others? How about using your experience


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