Debt

Money Advice Service: Support for Single Debt Tool

The Money Advice Service (MAS) have released the results of an industry consultation looking into the implementation of a ‘Standard Financial Statement’.

According to MAS the feedback from the consultation launched in November has been broadly supportive of the tool.

Head of the UK Debt Advice Programme for the Money Advice Service, Caroline Siarkiewicz, comments:

“It’s great news to hear that there is such widespread support for a Standard Financial Statement. This is another step towards our vision of high quality and consistent debt advice which will help indebted people across the UK.

“We recognise that implementation will require system changes in both creditor and advice organisations and we have allowed a period of 12 months to ensure these can be incorporated.

“I’m pleased that so many respondents supported the idea of including a savings category within the statement. This will help people to become more financially resilient and deal with unexpected financial shocks. We’ll now work with creditors and debt advice organisations to explore how to incorporate this in the tool, in a way that works well both for industry and indebted people.

“We would like to thank all of the respondents who provided feedback on the consultation process so far and we look forward to launching the tool later this year.”

You can find more information on the consultation here.

Image Credit: Images Money

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