Full list of ways to get free advice with your finances – from benefits to debt
AS we continue to struggle with the cost-of-living crisis, it can be tricky to know where to turn for reliable and affordable financial advice.
James Daley of campaign group Fairer Finance, warns that it’s easy to end up paying over the odds for help – or even fall victim to scammers.
He says: “There are dozens of websites that look like charity or government services but aren’t.
“Some make you pay for services that you can get for free.
“In the worst cases, they take your money and give you nothing in return.
Mel Hunter explains how to find the assistance you need.
DEBT ADVICE
SOARING living costs triggered a 78 per cent jump in the number of people seeking help from debt charity StepChange in December, compared to a year earlier.
You can get free advice from Stepchange.org (0800 138 1111), the National Debtline (nationaldebtline.org / 0808 808 4000) or your local Citizens Advice Bureau.
Watch out for debt firms that charge fees or appear high up in online searches.
BENEFITS AND GRANTS
UP to seven million people are missing out on benefits they could be entitled to, according to MoneySavingExpert founder Martin Lewis.
To find out if you are one of them, use the benefits calculator at Turn2us.org.uk. It also has a grants checker.
The Government’s Moneyhelper.org.uk website has lots of pages to help you with financial matters, including benefits, as well as a free helpline on 0800 138 1111, a webchat and a WhatsApp service.
ILLNESS
WHEN health problems turn your world upside down, charities can offer vital help — including with money matters.
Cancer charity Macmillan has a benefits calculator and advice on welfare rights and grants.
Visit Macmillan.org.uk or call 0808 808 0000.
Becoming a carer for a family member can also have big financial consequences and assistance is on offer at Carersuk.org.
HOUSING
ALMOST 2.5million tenants are either behind or struggle to pay rent — an increase of 45 per cent since April 2022, according to Shelter.
If this is a problem for you, visit shelter.org.uk, which will direct you to regional sites for England, Scotland, Wales or Northern Ireland.
For issues regarding the lease on a home you own, the Leasehold Advisory Service may be able to help.
Find out more at Lease-advice.org.
RETIREMENT
MORE than two million older people are living in poverty in the UK, official figures show.
Yet as many as 850,000 pensioner households are not claiming the Pension Credit they are entitled to.
The charity Independent Age provides advice on claiming benefits, cost-of-living help, care and staying safe from scams.
Call them on 0808 319 6789 or go to independentage.org
Age UK is also a mine of information for older people. See Ageuk.org.uk or phone 0800 678 1602.
Backed by the Government, the Money And Pensions Service gives impartial and free money and pension guidance on 0800 138 7777 or at moneyandpensionsservice.org.uk.
TAX KNOW-HOW
NAVIGATING taxes can feel like a minefield.
If you are struggling to pay your bill or need help to understand it, contact HMRC to start with. Find details at gov.uk/contact-hmrc.
For additional help, TaxAid (taxaid.org.uk) is a charity that assists people on low incomes with difficulties with income affairs.
CONSUMER ISSUES
KNOWING your rights is essential when taking care of your cash.
Citizens Advice is a great one-stop-shop for assistance.
There are pages of online advice at citizensadvice.org.uk, plus you can find out where to get face-to-face support on money and legal issues, as well as consumer matters.
MORTGAGES
IF you own your own home, it pays to get expert help when choosing a mortgage deal, as it’s probably the biggest financial commitment you’ll make.
Use the Mortgage Calculator at Moneyhelper.org.uk to work out your repayments and how much you can afford to borrow.
Then head to Unbiased.co.uk to find a mortgage broker close to you. You need to pick one that offers “whole of market” products.
Many offer fee-free advice, while some charge for it. Most take commission as well.
Avoid paying more than one per cent of the value of your home loan.
When you find a broker, make sure that they are on the Financial Services Register. See register.fca.org.uk.
MENTAL HEALTH
MONEY worries and mental health problems often go hand in hand as one can trigger the other.
Almost half of people in problem debt also struggle psychologically, according to the Money and Mental Health Policy Institute.
Advice and support is available at mentalhealthandmoneyadvice.org.
You can also call the Samaritans day or night for free on 116 123, even if you have no call credit.
Or contact someone online at Samaritans.org.
CHECK MORTGAGE HELP
MORE than 350,000 borrowers are expected to fall behind on mortgage payments by June 2024, new estimates suggest.
The latest figures from the Financial Conduct Authority predict that borrowers coming off fixed-rate mortgages are likely to see a payment jump of around £340 a month.
The regulator urged struggling borrowers to speak to their lender as early as possible to ask about the help on offer.
However, recent improvements in mortgage rates means the numbers are not as bad as previously forecast.
Mortgage rates shot up to a 14-year high last autumn following the disastrous mini-Budget and predictions that interest rates could rise as high as six per cent.
But they have come down slightly as the future outlook for interest rates has improved.
The average two-year fixed rate mortgage has come down from 5.84 per cent in December to 5.32 per cent this month, according to Moneyfacts, the comparison website.
But rates are still much higher than when many borrowers took out their last deal, as in December 2021 the average two-year fix was just 2.34 per cent.
If you are on Universal Credit, you might qualify for the Support for Mortgage Interest scheme.
Be aware that this is a loan that you will need to repay with interest when you sell your home.
LUCY ALDERSON
BOOTS POINT DEDUCTION
BOOTS is cutting the number of loyalty points shoppers can earn on every pound they spend.
But at the same time the high street chemist is boosting the number of items discounted for customers who have an Advantage Card.
Starting on a date in May, every £1 spent in store or online will earn three Advantage points instead of four. But each point will still be worth 1p.
Cardholders will soon be able to get ten per cent off 6,000 own-brand items, excluding medicines and No.7 cosmetics.
Boots is expanding cardholder discounts on branded products through its Price Advantage deals, as well as opportunities to boost points with special promotions in the app.
People can still earn eight points per £1 on baby items by joining Boots’ Parenting Club, while over-60s Rewards members can also earn eight points per £1 on own-brand products.
Students can get a ten per cent discount with valid ID and customers can get ten per cent off own-brand contact lens products with its rewards plan.
Pete Markey, chief marketing officer, said: “Customers want to be rewarded with on-the-spot lower prices. We’ve also noticed that Advantage Card members are now more frequently using their points to buy essentials instead of saving them up.”
SAMUEL WALKER