Even former bankers can get grants, we learn through one of these free organisations that help people with their savings, debts, legal problems, and other issues.
You can read on The Fool about every aspect of your finances: from debt to investing to buying stuff more cheaply. Most things are so simple that, if explained to you in plain English, you're able to go off and research what you need yourself.
But sometimes people choose to seek extra help, and that's OK too, and often it's useful and appropriate. That's why I'm listing here 14 sources of free, individual guidance.
Money management
Credit Unions (#1/14) are about the friendliest place to save money and to get a loan. They even now offer current accounts. Credit unions attract people with a common bond, which might be where you live or your profession. If you need advice on your money, most of these will do their best to help you.
NatWest (#2/14) has just announced a partnership with the Consumer Credit Counselling Service (CCCS) to start from this Friday, the 12th. It offers free advice in branches. Anyone can use it, even non-customers and people with no existing bank account. The service is totally impartial (NatWest says!) with none of the CCCS-trained staff selling products to you.
From the way NatWest's press release is written, I believe the advice will be generic, not specific to your situation, so it might be a bit like having pages from The Fool read out to you (except possibly without the jokes). Guidance they'll offer is:
- Basic budgets and budgeting skills.
- Help with prioritising outgoings.
- Working on savings plans.
- General, impartial guidance on how financial products work.
Debt
Considering NatWest's partnership with the CCCS (#3/14), it makes sense to move on to them next. This service usually deals with people who have debts of any size, and who would like advice on reducing the debt or getting rid of it faster. It also helps people to budget better if they have debts or are concerned about potential debts.
Like many charities, it's funded by industry (in this case, the banks). As it's the banks that also lend us the money that got us in debt in the first place, we must be wary about whether these are truly impartial. However, the feedback on our Dealing with Debt discussion board has been mostly positive.
National Debtline England & Wales, and National Debtline Scotland (#4/14) would be my first point of call if I was in debt, due to the feedback it has received from Fool users. (My second point of call would be to the Dealing with Debt board to get ongoing guidance and to get a second opinion of the advice National Debtline had given me.)
Citizens Advice (#5/14) is also useful for debt advice. It's had mixed reviews from Fools in debt, but mostly it's positive.
The Money Advice Trust (#6/14) is a charity that helps people to find debt advice. I don't know enough about this charity to make any recommendation. Please comment below if you've had any experiences with it, or any of the other organisations mentioned here.
When reading the comments below, remember that people are much more likely to post messages when they've had a bad experience than a good one. Don't dismiss any of these organisations on the basis of just one or two negative posts (or positive ones). Instead, do your research. The best defence is to use more than one source to get a second opinion.
Benefits
CCCS, Citizens Advice and National Debtline: all these charities should also help you to find out if you can get any grants or benefits. Other organisations mentioned in this article will also help you, where it's appropriate.
Finding financial aid
Around 3,300 charities exist to give grants to people who need financial aid, says charity, Turn2us (#7/14), which helps people find charities that can help. It even helped one lady who had been in banking for 20 years, to find the Bankers Benevolent Fund, which gave her £1,600 for vital house repairs and heating costs. Even former bankers can get grants!
For carers
The Princess Royal Trust for Carers (#8/14) is worth checking out if you spend part of your day looking after another person. It offers all sorts of advice that'd save you money and ensure you're getting all your benefits.
For older people
Age Concern (#9/14) uses a large, existing, profit-making body of independent financial advisers to bring extra help to people aged 50 and over. Presumably the charity has done its research over the quality of advice given by this network. Even so, it pays to be cautious and double-check advice given. Advice is on inheritance-tax planning, long-term care, savings and investments. Advisers can visit you in your home, if you like.
All sorts
Citizens' Advice is not just a good place to discuss your debts or check on benefits you may be entitled to. It offers advice on all sorts, so give it a go.
For people with low income
Community Legal Advice (#10/14) is for those on benefits or low income. It can provide you with free legal advice about debt, education, benefits, tax credits, employment and housing problems (such as eviction or repossession).
Legal advice
The College of Law (#11/14) offers free legal advice to train its postgraduate students...they are supervised!
Energy-saving advice
The Energy Saving Trust (#12/14) offers free, independent and local energy-saving advice.
Tax advice
Tax Help For Older People (13/14) is for those aged 60 and over earning roughly £14,000 or less. This charity can help you with your tax affairs.
TaxAid (14/14) is a charity that helps anyone on low incomes.
Investments and pretty much anything else
If you've got money, you might consider Independent Financial Advisers (IFAs.)
Think about the payment structure though. Traditionally, most IFAs have offered 'free' advice. The IFAs then make their money by receiving commission from the product providers. So it's possible that an IFA might choose the product with the highest commission rather than the product that is best for you.
That said, you can pay the IFA a fee for the advice instead, and then he/she should refund any commission to you. Of course, that means you're no longer receiving free advice, and that's why I've not included IFAs in my 14 sources of free financial advice.
If you're going to use a financial advisor, make sure that he/she is truly independent and offers whole-of-market advice.
I've never used Unbiased, but I guess it's an obvious place to start your search.
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