Free service
Offers face-to-face as well as online and telephone advice
Wide range of areas covered
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Disadvantages of Citizens Advice
Trained volunteers aren't necessarily professionals in financial issues and therefore knowledge may be limited
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Advantages of Independent Financial Advisor (IFA)
Advice is offered by professionals in the field
Services offered are regulated by the FCA and FOS
Advisers will take time to understand an individual's full financial situation
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Disadvantages of Independent Financial Advisor (IFA)
Services will be charged for
Advice offered isn't guaranteed to be 100% up to date or unbiased
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Advantages of Price Comparison Websites
Easy to access 24/7
Free service
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Disadvantages of Price Comparison Websites
Not guaranteed to be 100% up to date, accurate or unbiased.
Don't always cover all of the available options
Potential for bias
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Advantages of Money Advice Service
Government-funded therefore advice is free and impartial
Covers a wide range of financial matters
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Disadvantages of Money Advice Service
Advice is only available online or over the telephone
Can take time to find and understand the exact advice that is being searched for
Advice can be generic rather than personal
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Advantages of Debt Counsellors
Advice is offered by a professional who specialises in debt management
Services offered are regulated by the FCA and FOS
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Disadvantages of Debt Counsellors
Services will be charged for
Advice will focus just on debt management rather than the whole package of financial concerns
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Advantages of Individual Voluntary Arrangements (IVAs) Bankruptcy
Helps manage debt repayment with regular payments making budgeting easier
Independent advice, without bias
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Disadvantages of Individual Voluntary Arrangements (IVAs) Bankruptcy
Set up and handling fees are charged for the service
Will affect future credit ratings
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Other cards in this set
Card 2
Front
Disadvantages of Citizens Advice
Back
Trained volunteers aren't necessarily professionals in financial issues and therefore knowledge may be limited
Card 3
Front
Advantages of Independent Financial Advisor (IFA)
Back
Card 4
Front
Disadvantages of Independent Financial Advisor (IFA)
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